submitted by madhavi kulkarni guided by mr.rajendra chandorkar presentation on "insurance...
TRANSCRIPT
InsuranceInsurance is actually a contract between
2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
Insurance is a federal subject in India.Life and general insurance in India is still
a nascent sector with huge potential for various global players.
2
History of InsuranceInsurance in India has its history dating back till
1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community.
The oldest existing insurance company in India is National Insurance Company Ltd, which was founded in 1906 and is doing business even today.
Insurance industry, earlier comprised of only two state insurer.Life Insurance Corporation of India (LIC)General Insurance Corporation of India (GIC).
3
Contd….In the recent years when the Govt. of
India in 1999 opened up the insurance sector by allowing private insurance companies to work in the market by depositing 100 crores rupees in the reserve of government and allowing FDI up to 26%.
This has encouraged many overseas insurance companies, having a required amount in their reserve, to open their branch in our country.
4
Why Insurance?
5
To provide securityOld age pensionsAs an investment/ or saving
mechanismAs a collateral for loans For tax benefits
Why Insurance Sector is privatized?
7
To give individual & corporate consumers a competitive environment that can deliver products & services in tune with their requirements.
Industry to benefit from technology transfer & capital from global insurance players.
India is a signatory to WTO committed to open insurance & banking.
Life Insurers: Private sectorBajaj Allianz Life Insurance Company
LimitedBirla Sun Life Insurance Co. LtdHDFC Standard life Insurance Co. LtdICICI Prudential Life Insurance Co. Ltd.ING Vysya Life Insurance Company Ltd.Met Life India Insurance Company Ltd.Max New York Life Insurance Co. LtdTata AIG Life Insurance Company Limited
11
Contd….Kotak Mahindra Old Mutual Life Insurance
LimitedSBI Life Insurance Co. LtdReliance Life Insurance Company Limited.Aviva Life Insurance Co. India Pvt. Ltd.Shriram Life Insurance Co, Ltd.Sahara India Life Insurance Co, Ltd.Bharti AXA Life Insurance Company Ltd.Future Generali Life Insurance Company
Ltd.
12
Contd….IDBI Fortis Life Insurance Company Ltd.Canara HSBC Oriental Bank of Commerce
Life Insurance Co. LtdAEGON Religare Life Insurance Company
Limited.DLF Pramerica Life Insurance Co. Ltd.Star Union Dai-ichi Life Insurance Comp.
Ltd.And many more companies are in
the Queue!
13
General Insurers: Public Sector
Public SectorNational Insurance Company Limited New India Assurance Company LimitedOriental Insurance Company LimitedUnited India Insurance Company Limited
14
General Insurers: Private SectorBajaj Allianz General Insurance Co. LimitedICICI Lombard General Insurance Co. Ltd.IFFCO-Tokyo General Insurance Co. Ltd.Reliance General Insurance Co. LimitedRoyal Sundaram Alliance Insurance Co. Ltd.TATA AIG General Insurance Co. LimitedCholamandalam General Insurance Co. Ltd.Export Credit Guarantee CorporationHDFC Chubb General Insurance Co. Ltd.
15
ReinsuranceBased on the same principle as insurance
itself, reinsurance is a mechanism to provide for a further sharing of the risk so as to help insurance companies meet their obligations to policyholders.
General Insurance Corporation of India is the Reinsurance Company in India.
16
Laws & Regulations
Insurance Act, 1938Life Insurance Corporation Act,1956Insurance Regulatory Development
Authority Act, 1999Consumer Protection Act, 1986
17
Stages in Insurance sales
18
ListSuspectsProspectsContactDemoObjection HandlingClosingCollecting Premium money