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Study on Social security and welfare schemes of LIC and SBI

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  • 1. A PROJECT OnStudy on social security and welfare scheme in Life Insurance Corporation and State Bank of India Submitted for the partial fulfillment of the Requirement of degree of Masters of Business Administration Submitted By Ankit Michael Samuel Under the Guidance of Amit Banerjee Department of Management Studies Maulana Azad National Institute of Technology Bhopal(MP) 2012 1
  • 2. DeclarationI Ankit Michael Samuel student of 4th Sem from Department of ManagementStudies of Maulana Azad National Institute of Technology, Bhopal. Here by declarethat I did my major project on " Study on Social Security & Welfare Schemes"under the guidance of Amit Banerjee. Yours Sincerely Ankit Michael Samuel Scholar Number: 102103107 4th Sem MANIT (DOMS), Bhopal CertificateThis is to certify that Mr. Ankit Michael Samuel student of M.B.A. of MANIT, Bhopalhas successfully completed his major project as a part of professional studies onproject "Social Security and Welfare Schemes".This project work has been carried out under the supervision and is of sufficientlyhigh standard to warrant is presentation for the examination leading to degree ofM.B.A. of MANIT university of Bhopal.This is to certify that the above statement made by the candidate is true to the bestof my knowledge.I wish them a successful professional career. Shri Amit Banerjee (Associate Professor Management Studies Department, MANIT,Bhopal) Counter Signature HOD (Signature) 2
  • 3. AcknowledgementI thank my guide Amit Banerjee for his guidance from time to time and cooperationand the encouragement that he provided.I thank my friends for their innovative ideas and suggestions that helped me to gaina better insight of the social security scheme and to depict a clear picture of thescenario.I thank our department HOD Mr. Gahlot Sir for his valuable comments andsuggestions that he suggested during the presentations and discussion meetings.I encourage the feeling of guidance and optimist approaches to find a bettersolution and ways for better understanding and analysis of the schemes and policesof social security and welfare. 3
  • 4. PrefaceThis project describes the social security schemes and acts as directed by thegovernment legislation of the country and the personal schemes and policies thatare governed to support the concept of social security and welfare schemes of theLife insurance Corporation and State Bank of India.The Literature review phases deals with analysis of the social security researchcases and to extract the parameters of analysis for the survey.This phases helps in getting a better insight about the policies of the State Bank ofIndia and Life Insurance Corporation.The Survey helps in getting the clear picture about the Awareness, Security,Satisfaction and welfare parameters analysis. 4
  • 5. Table of Contents1.IntroductionSocial Security Acts and Rights of the Government1.1 What is Social Security ? ......................................................................................71.2 Right to social security..........................................................................................71.3 Universal Declaration of Human Rights.................................................................71.4 International Covenant on Economic, Social and Cultural Rights.........................81.5 Employee Provident fund Scheme.........................................................................91.6 Employee State Insurance Scheme......................................................................122.1 Social security legislation in India........................................................................132.2 Why do we need social security ?........................................................................142.3 Synopsis of Social Security Laws..........................................................................142.4 New Initiative in Social Security...........................................................................152.Review of literatureLife Insurance Corporation of India ..........................................................................161.1 Group Insurance Scheme....................................................................................16 1.1.1 Nature of the Scheme 1.1.2 Premium rates 1.1.3 Benefits 1.1.4 Different types of Group Insurance Cover 1.1.5 Non Employer - Employer Groups 1.1.6 General features of Group Insurance Scheme2.2 Jana Shri Bima Yojna ..........................................................................................192.3 Siksha Sahyog Yojna............................................................................................202.4 Aam Admi Bima Yojna.........................................................................................20State Bank of India ..................................................................................................222.1 SBI Life - Flexi Smart Insurance...........................................................................232.1.1 Introduction2.1.2 Key Features 5
  • 6. 2.1.3 Product Snapshot2.1.4 Benefits2.2 SBI Life - Hospital Cash ........................................................................................252.2.1 Introduction2.2.2 What is SBI Life - Hospital Cash2.2.3 Key Features2.2.4 Eligibility2.2.5 Scale of Benefit2.3 SBI Life Smart Performer.....................................................................................272.3.1 Introduction2.3.2 Key Features2.3.3 Product Snapshot2.3.4 Benefits2.4 SBI Life Swadhan (Group)....................................................................................302.4.1 Introduction2.4.2 Key Features2.4.3 Exclusion3.Research Methodology1.1 Questionnaire .....................................................................................................324.Analysis and Interpretation1.1 Survey Results......................................................................................................395.Findings............................................................................................................426.Limitations.......................................................................................................437Suggestion........................................................................................................448.Conclusion.......................................................................................................45Bibliography.......................................................................................................46 6
  • 7. IntroductionSocial Security Acts and Rights of the Government1.1 What is Social Security?Social security is primarily a social insurance program providing social protection orprotection against socially recognized conditions, including poverty, old age,disability, unemployment and others. Social security may refer to: social insurance, where people receive benefits or services in recognition of contributions to an insurance program. These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance. income maintenance, mainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work and even industrial relations. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessities—things such as food, clothing, housing, education, money, and medical care.The right to social security is recognized in the Universal Declaration of HumanRights and the International Covenant on Economic, Social and Cultural Rights.1.2 Right to social securityThe right to social security is recognized as a human right and establishes the rightto social security assistance for those unable to work due to sickness, disability,maternity, employment injury, unemployment or old age. Social security systemsprovided for by states consist of social insurance programs, which provide earnedbenefits for workers and their families by employment contributions, and/or socialassistance programs which provide non-contributory benefits designed to provideminimum levels of social security to persons unable to access social insurance.1.3 Universal Declaration of Human RightsThe Universal Declaration of Human Rights recognizes the right to social security inarticles 22, which states that:"Everyone, as a member of society, has the right to social security and is entitled torealization, through national effort and international co-operation and in 7
  • 8. accordance with the organization and resources of each State, of the economic,social and cultural rights indispensable for his dignity and the free development ofhis personality."And article 25, which enshrines the right to an adequate standard of living, statingthat:"(1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medicalcare and necessary social services, and the right to security in the event ofunemployment, sickness, disability, widowhood, old age or other lack of livelihoodin circumstances beyond his control. (2) Motherhood and childhood are entitled tospecial care and assistance. All children, whether born in or out of wedlock, shallenjoy the same social protection."1.4 International Covenant on Economic, Social and Cultural RightsArticle 9 of the International Covenant on Economic, Social and Cultural Rights(ICESCR) recognizes "the right of everyone to social security, including socialinsurance." The right to social security is furthermore recognized in Article 10,which states that "special protection should be accorded to mothers during areasonable period before and after childbirth. During such period working mothersshould be accorded paid leave or leave with adequate social security benefits."[4]State parties to the ICESCR have the obligation to respect, protect and fulfill theright to social security. In the General Comment no 19 (2007) On the Right to SocialSecurity the UN Committee on Economic, Social and Cultural Rights clarified thatthe right to social security as enshrined in the ICESCR encompasses:"the right to access and maintain benefits, whether in cash or in kind, from (a) lackof work-related income caused by sickness, disability, maternity, employmentinjury, unemployment, old age, or death of a family member; (b) unaffordableaccess to health care; (c) insufficient family support, particularly children and adultdependents"Social security is understood to encompass the following nine branches: adequatehealth service, disability benefits, old age benefits, unemployment benefits,employment injury insurance, family and child support, maternity benefits,disability protections, and provisions for survivors and orphans. State parties to theICESCR have the obligation to fulfill the right to social security by adopting "thenecessary measures, including the implementation of a social security scheme".State parties must ensure that "the social security system will be adequate,accessible for everyone and will cover social risks and contingencies". State partiesalso have an obligation to facilitate the right to social security by sufficiently"recognizing this right within the national political and legal systems, preferably by 8
  • 9. way of legislative implementation" and "adopting a national social securitystrategy".1.5 Employee Provident Fund Scheme, 1952Employee Definition:"Employee" as defined in Section 2(f) of the Act means any person who is employeefor wages in any kind of work manual or otherwise, in or in connection with thework of an establishment and who gets wages directly or indirectly from theemployer and includes any person employed by or through a contractor in or inconnection with the work of the establishment.Membership:All the employees (including casual, part time, Daily wage contract etc.) other thenan excluded employee are required to be enrolled as members of the fund the day,the Act comes into force in such establishment.Basic Wages:"Basic Wages" means all emoluments which are earned by employee while on dutyor on leave or holiday with wages in either case in accordance with the terms of thecontract of employment and witch are paid or payable in cash, but dose not include a. The cash value of any food concession; b. Any dearness allowance (that is to say, all cash payment by whatever name called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment. c. Any present made by the employer.Excluded Employee:"Exclude Employee" as defined under pare 2(f) of the Employees Provident FundScheme means an employee who having been a member of the fund has withdrawthe full amount of accumulation in the fund on retirement from service afterattaining the age of 55 years; Or An employee, whose pay exceeds Rs. FiveThousand per month at the time, otherwise entitled to become a member of thefund.Explanation:Pay includes basic wages with dearness allowance, retaining allowance, (if any)and cash value of food concessions admissible thereon. 9
  • 10. Employee Provident Fund Scheme:Employees Provident Fund Scheme takes care of following needs of the members:(i) Retirement (ii) Medical Care (iii) Housing(iv) Family obligation (v) Education of Children(vi) Financing of Insurance PolicesHow the Employees Provident Fund Scheme works:As per amendment-dated 22.9.1997 in the Act, both the employees and employercontribute to the fund at the rate of 12% of the basic wages, dearness allowanceand retaining allowance, if any, payable to employees per month. The rate ofcontribution is 10% in the case of following establishments: Any covered establishment with less then 20 employees, for establishments cover prior to 22.9.97. Any sick industrial company as defined in clause (O) of Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction, Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth and Any establishment engaged in manufacturing of (a) jute (b) Breed (d) coir and (e) Guar gum Industries/ Factories. The contribution under the Employees Provident Fund Scheme by the employee and employer will be as under with effect from 22.9.1997.Employees Provident Fund Interest rate:The rate of interest is fixed by the Central Government in consultation with theCentral Board of trustees, Employees Provident Fund every year duringMarch/April. The interest is credited to the members account on monthly runningbalance with effect from the last day in each year. The rate of interest for the year1998-99 has been notified as 12%. The rate of interest for 99-2000 w.e.f. 1.7.99was 11% on monthly balances. 2000-2001 CBT recommended 10.25% to be notifiedby the Government.Benefits:A) A member of the provident fund can withdraw full amount at the credit in thefund on retirement from service after attaining the age of 55 year. Full amount inprovident fund can also be withdraw by the member under the followingcircumstance: A member who has not attained the age of 55 year at the time of termination of service. A member is retired on account of permanent and total disablement due to bodily or mental infirmity. 10
  • 11. On migration from India for permanent settlement abroad or for taking employment abroad. In the case of mass or individual retrenchment.B) In the case of the following contingencies, the payment of provident fund bemade after complementing a continuous period of not less than two monthsimmediately preceding the date on which the application for withdrawal is made bythe member: Where employees of close establishment are transferred to other establishment, which is not covered under the Act: Where a member is discharged and is given retrenchment compensation under the Industrial Dispute Act, 1947.Withdrawal before retirement:A member can withdraw upto 90% of the amount of provident fund at credit afterattaining the age of 54 years or within one year before actual retirement onsuperannuation whichever is later. Claim application in form 19 may be submittedto the concerned Provident Fund Office.Accumulations of a deceased member:Amount of Provident Fund at the credit of the deceased member is payable tonominees/ legal heirs. Claim application in form 20 may be submitted to theconcerned Provident Fund Office.Transfer of Provident Fund account:Transfer of Provident Fund account from one region to other, from ExemptedProvident Fund Trust to Unexampled Fund in a region and vice-versa can be done asper Scheme. Transfer Application in form 13 may be submitted to the concernedProvident Fund Office.Nomination:The member of Provident Fund shall make a declaration in Form 2, a nominationconferring the right to receive the amount that may stand to the credit in the fundin the event of death. The member may furnish the particulars concerning himselfand his family. These particulars furnished by the member of Provident Fund inForm 2 will help the Organization in the building up the data bank for use in eventof death of the member.Annual Statement of account:As soon as possible and after the close of each period of currency of contribution,annual statements of accounts will de sent to each member through of the factoryor other establishment where the member was last employed. The statement ofaccounts in the fund will show the opening balance at the beginning of the period, 11
  • 12. amount contribution during the year, the total amount of interest credited at theend of the period or any withdrawal during the period and the closing balance atthe end of the period. Member should satisfy themselves as to the correctness f theannual statement of accounts and any error should be brought through employer tothe notice of the correctness Provident Fund Office within 6 months of the receiptof the statement.1.6 Employee State Insurance SchemeEmployees State Insurance scheme (ESI, Hindi: )is a self-financing social security and health insurance scheme for Indian workers.For all regular employees earning less than 15,000 per month salary, theemployers and employees contribute a fixed percentage of the salary. This fund ismanaged by the ESI Corporation, which oversees the provision of medical and otherbenefits to the employees, through its large network of dispensaries and hospitalsthroughout India.ESI was started in India in 1948, initially for factory workers. It now provides socialsecurity to employees from all industries, covering 12.5 million employees workingwith about 400,000 employers. Total beneficiaries as of 2008-09 are above 50million. The employees registered under the scheme are entitled to medicaltreatment for themselves and their dependants, unemployment cash benefit incertain contingencies, and maternity benefit in case of women employees. In caseof employment-related disablement or death, there is provision for a disablementbenefit and a family pension, respectively.Outpatient medical facilities are available in 1398 ESI dispensaries, and through1678 empanelled private medical practitioners. Inpatient care is available in 145 ESIHospitals and 42 Hospital annexes; a total of 19387 beds. In addition, several stategovernment hospitals also have beds for exclusive use of ESI Beneficiaries. Cashbenefits can be availed in any of 783 ESI centres located throughout India.Recent years have seen increasing role of information technology in ESI, with theintroduction of Pehchan smart cards in Project Panchdeep, Indias largest e-governance project. In addition to insured workers, poor families eligible under theRashtriya Swasthya Bima Yojana can also avail facilities in ESI hospitals anddispensaries. There are plans to open medical, nursing and paramedical schools inESI hospitals. Director General - Shri C.S. Kedar, IAS Financial Commissioner - ShriRajiv Dutt, IRAS Medical Commissioner - Dr. J. N. Mahanty Insurance Commissioner- Shri Bimal Kumar Sahu 12
  • 13. 2.1 Social security legislations in IndiaSocial Security for employees is a concept which over time has gained importance inthe industrialized countries. Broadly, it can be defined as measures providingprotection to working class against contingencies like retirement, resignation,retrenchment, maternity, old age, unemployment, death, disablement and othersimilar conditions.With reference to India, the Constitution levies responsibility on the State toprovide social security to citizens of the country. The State, here, discharges duty asan agent of the society in order to help those who are in adverse situations orotherwise needs protection owing to above mentioned contingencies. Article 41, 42and 43 of the Constitution do talk about the same. Also, the Concurrent List of theConstitution of India mentions issues like- Social Security and insurance, employment and unemployment. Welfare of Labour including conditions of work, provident funds, employers liability, workmens compensation, invalidity and old age pension and maternity benefits.Drawing from the Constitution of India and ILO Convention on Social Security1(ratified by India in 1964), some of the legislations that have been enacted for socialsecurity are Employees’ State Insurance Act, 1948, Workmen’s Compensation Act,1923, Employees’ Provident Fund and Miscellaneous Provisions Act, 1952,Maternity Benefit Act, 1961, Payment of Gratuity Act, 1972, etc. A social securitydivision has also been set up under the Ministry of Labour and Employment whichmainly focuses on framing policies for social security for the workers of organizedsector.Apart from above mentioned enactments, since the last decade the governmenthas initialized efforts to extend the benefits to the unorganized sector too.Legislative enactments like the National Rural Employment Guarantee Act, 2005,Unorganized Sector Workers’ Social Security Act, 2008 and the Domestic Workers(Registration, social security and welfare) Act, 2008 are examples of the same. 13
  • 14. The National Rural Employment Guarantee Act, 2005 aim at curbing unemploymentor unproductive employment in rural areas. It focuses on enhancing livelihoodsecurity to rural people, as it guarantees productive wage employment for at least100 days in a year. The Fiscal budget, this year, has also hiked the allocation to itsjob guarantee scheme NREGA by 144% and also the beneficiaries under the schemewould, henceforth, be entitled for a minimum wage of Rs. 100 per day.2Also, there is Unorganized Workers’ Social Security Act, 2008, which targets atextending social security measures to unorganized sector workers. The law therebyaims at extending to workers in informal sector status and benefits similar to that offormal sector workers.On the same lines, Domestic Workers Act, 2008 has also been enacted. Thelegislation aims at regulating payment and working conditions of domestic workersand entitles every registered domestic worker to receive pension, maternitybenefits and paid leave that is a paid weekly off.These legislations for organized and unorganized sector workers need to bebestowed attention because this will help improve their productivity and industrialrelations and thus ensure development of the country.2.2 Why do we need social security ? Social Security protects not just the subscriber but also his/her entire familyby giving benefit packages in financial security and health care. Social Securityschemes are designed to guarantee at least long-term sustenance to families whenthe earning member retires, dies or suffers a disability. Thus the main strength ofthe Social Security system is that it acts as a facilitator - it helps people to plan theirown future through insurance and assistance. The success of Social Securityschemes however requires the active support and involvement of employees andemployers. As a worker/employee, you are a source of Social Security protection foryourself and your family. As an employer you are responsible for providingadequate social security coverage to all your workers.2.3 Synopsis of Social Security LawsThe principal social security laws enacted in India are the following:(i) The Employees’ State Insurance Act, 1948 (ESI Act) which covers factories andestablishments with 10 or more employees and provides for comprehensivemedical care to the employees and their families as well as cash benefits duringsickness and maternity, and monthly payments in case of death or disablement. 14
  • 15. (ii) The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF & MP Act) which applies to specific scheduled factories and establishments employing 20 or more employees and ensures terminal benefits to provident fund, superannuation pension, and family pension in case of death during service. Separate laws exist for similar benefits for the workers in the coal mines and tea plantations. (iii) The Workmen’s Compensation Act, 1923 (WC Act), which requires payment of compensation to the workman or his family in cases of employment related injuries resulting in death or disability. (iv) The Maternity Benefit Act, 1961 (M.B. Act), which provides for 12 weeks wages during maternity as well as paid leave in certain other related contingencies. (v) The Payment of Gratuity Act, 1972 (P.G. Act), which provides 15 days wages for each year of service to employees who have worked for five years or more in establishments having a minimum of 10 workers.2.4 New Initiative in Social SecurityVarishtha Pension Bima Yojana (VPBY): This scheme proposed inthe 2003-04 budget by the Ministry of Finance is to be administered by the LifeInsurance Corporation of India (LIC). Its main featues are summarized below: Under VPBY, any citizen above 55 years of age, could pay a lump-sum, and get a monthly pensions are pegged at Rs. 250 and Rs. 2000 per month respectively. These amounts are not indexed to inflation. There is a guaranteed return of 9 percent per annum for this scheme. The difference between the actual yield earned by the LIC under this scheme and the 9 percent will be made up by the Central Government. THE EPF & MP ACT IS PROPOSED TO BE AMENDED SUITABLY TO ALLOW EPF SUBSCRIBERS TO INVEST IN THE VBPY. 15
  • 16. Review of literatureLife Insurance Corporation of India (LIC) (Hindi: ) is thelargest state-owned insurance group in India, and also the countrys largestinvestor. It is fully owned by the Government of India. It also funds close to 24.6%of the Indian Governments expenses. It has assets estimated of 13.25 trillion(US$264.34 billion). It was founded in 1956 with the merger of 243 insurancecompanies and provident societies.Headquartered in Mumbai, financial and commercial capital of India, the LifeInsurance Corporation of India currently has 8 zonal Offices and 113 divisionaloffices located in different parts of India, around 3500 servicing offices including2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number ofSatellite Offices located in different cities and towns of India and has a network of13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokersand 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.The slogan of LIC is "Yogakshemam Vahamyaham" - Your welfare is ourresponsibility.2.1 Group Insurance SchemeLIC presents Group Insurance Scheme for employer-employee as well as non-employer-employee Groups for covering the life risk in case of unfortunate deathof these earning members.2.1.1 Nature of the Scheme :Group (Term) Insurance Scheme provides life insurance protection to members ofvarious groups. Underwriting and Administration of the scheme is on group basis;hence the cost is very low. The sum assured is allowed up to a certain limit withoutany medical evidence subject to some simple insurability conditions. The sumassured beyond that limit is provided subject to satisfactory medical andother reports. Minimum and maximum age limit for eligibility of Group cover is 18years & 65 years. 16
  • 17. 2.1.2 Premium rates:The premium rates depend on group size, age distribution, occupation andnature of work of the members of the group. In some schemes, subsequent years’premium may be reduced by profit sharing if claims experience is favorable.The premium rates shall be reviewed on the basis of actual claim experience andrevised by experience rating adjustment. If the claim experience is favorable,premium rates may come down and if the mortality experience is unfavorable,premium rates may go up.2.1.3 Benefits : In case of death of a member covered under the scheme, the sum assured is payable to the nominee. If double accident benefit option is exercised, additional sum assured is payable in case of death due to accident Similarly critical illness cover also may be availed to receive lumpsum benefit in case of some major illness2.1.4 Different Types of Group Insurance CoversEmployer - Employee GroupsUniform or Graded cover The simple form of group insurance scheme wherein a uniform insurance is provided to all the employees of the group. Similarly different levels of insurance is offered to different categories of employees based on their designation, salary etc. Group Insurance in lieu of PF-EDLI is another type of group insurance scheme which is also a uniform or graded cover. Group insurance is also used as a credit shield to cover the outstanding loans of their employees, like housing, vehicle loans or some other benefits like life cover to supplement pension or PF benefits in case of death.2.1.5 Non Employer - Employee Groups Banks may provide the group insurance to all its savings bank account holders as an additional feature. A group insurance scheme may be introduced to provide maturity amounts for all recurring deposit-holders 17
  • 18. Financial institutions and reputed housing societies may provide insurance cover to all the loanees to ensure recovery of loans in case of unfortunate death of the borrowers Professional bodies and other welfare associations of reputed organizations can insure their members Micro finance institutions can cover their borrowers to the extent of the loans availed by them either for a definite sum or diminishing amounts Students of professional colleges can be insured for a uniform or graded coverThe group insurance is a very effective indemnifying tool that every financialinstrument should be complemented with to ensure the financial planning ofindividuals or institutions can withstand the unforeseen events on account ofdeath.The groups should not be formed for the purpose of group insurance and entry in tothe group shall not be for sole purpose of securing insurance2.1.6 General Features of Group Insurance Scheme :- The premium under the scheme may be wholly paid by the employer / Nodal Agency (in case of non-employer-employee scheme). The scheme may be contributory i.e. the members may also contribute. The premium paid by the employer is allowed as business expenses and not treated as income in the hands of the employees The premiums paid by the members are eligible for income-tax rebate. The death benefit paid under the scheme is tax free. The premium rates are reviewed from time to time depending on actual death claim experience.Prompt settlement of claims is the critical requirement of group insurancescheme - LIC the most trusted brand has an excellent record in claim settlement 18
  • 19. 2.2 Jana Shri Bima YojnaFeaturesThe objective of the scheme is to provide life insurance protection to the rural andurban poor persons below poverty line and marginally above the poverty line.Eligibility:A person who is*Aged between 18 and 59 years.*Below or marginally above poverty line*A member of any of the approved vocation/occupation groupsNodal agency:A State Government Department which is concerned with the welfare of any suchvocation/occupation group, a Welfare Fund/ Society, Village Panchayat, NGO,Self-Help Group, etc.Minimum membership size:Twenty five.Forms of Jana Bima Yojna:1. Claim form & discharge receipt under JBY ( Annexure A )2. Application for scholarship under Shiksha Sahayog Yojana ( Proforma A )3. List of students eligible for scholarship under Shiksha Sahayog Yojana ( ProformaB)4. Certificate of utilisation ( Proforma C ) 19
  • 20. 2.3 Siksha Sahyog YojnaFeatures:This is a scholarship scheme launched on 31.12.2001 for the benefit of children ofmembers of Janashree Bima Yojana.Eligibility:Students studying in ix to xii standards, whose parents are covered under JanashreeBima Yojana.If a student fails and is detained in the same standard, he will not beeligible for scholarship for the next year in the same standard.Benefit:Scholarship of Rs 300/- per quarter per child will be paid for maximum period of 4years.The benefit is restricted to two children per member(family) only.Premium:No premium is charged for the scholarshipHow to claim scholarship:The Nodal Agency will identify the students.The member of Janashree Bima Yojanawhose child is eligible for scholarship has to fill up an application form (availablewith Nodal Agency) and submit to the Nodal Agency.The applications duly filled upand certified will be sent alongwith the list of the beneficiary students by the NodalAgency to the concerned LIC, P&GS Unit for disbursement of scholarship/s.Thescholarship/s will be disbursed to the beneficiary students through the concernedNodal Agency.As only a limited number of beneficiaries will be provided scholarship under thescheme, the selection for eligible students will be made on the basis of poorest ofthe poor.The scheme will be administered through Pension and Group Schemes Departmentof LIC of India.Application for scholarship under Shiksha Sahayog Yojana ( Proforma A )2.4 Aam Admi Bima YognaIn a rural landless household, when everyday living is a struggle, it is difficult to facelife with a smile. And it becomes even more difficult when the future of your family 20
  • 21. is uncertain.AAM ADMI BIMA YOJANA, a prestigious scheme of the Central and State / UnionTerritory Governments and administered by LIC brings a ray of hope and smile tothese households.Nodal AgencyThe Nodal Agency shall mean the State / Union Territory Government appointed toadminister the scheme.The Nodal Agency shall act for and on behalf of the insured members in all mattersrelating to the Scheme.Identification of BeneficiariesThe State / Union Territory Government in consultation with the Panchayats willidentify the persons to be covered under the scheme. All the members will beprovided with an identity card by LIC with an unique identity number.EligibilityThe member should be aged between I 8 and 59 yearsThe member should be the head of the family or one earning member in the familyof rural landless household.Age Proof Ration Card Extract from Birth Certificate Extract from School Certificate. Voters list Identity CardIn case of doubt, a certificate from Primary Health Centre can be accepted asauthentic proof of age. 21
  • 22. State Bank of India State Bank of India (SBI) (NSE: SBIN, BSE: 500112, LSE: SBID) is thelargest banking and financial services company in India by revenue, assets andmarket capitalization. Its a state-owned corporation with its headquarters inMumbai, Maharashtra. As of March 2011, it had assets of US$ 370 billion with over13,000 outlets including 150 overseas branches and agents globally. The banktraces its ancestry to British India, through the Imperial Bank of India, to thefounding in 1806 of the Bank of Calcutta, making it the oldest commercial bank inthe Indian Subcontinent. Bank of Madras merged into the other two presidencybanks, Bank of Calcutta and Bank of Bombay to form Imperial Bank of India, whichin turn became State Bank of India. The government of India nationalized theImperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake,and renamed it the State Bank of India. In 2008, the government took over thestake held by the Reserve Bank of India. SBI is ranked #292 globally in FortuneGlobal 500 list in 2011.SBI provides a range of banking products through its vast network of branches inIndia and overseas, including products aimed at non-resident Indians (NRIs). TheState Bank Group, with over 16,000 branches, has the largest banking branchnetwork in India. SBI has 14 Local Head Offices situated at Chandigarh, Delhi,Lucknow, Patna, Kolkata, Guwahati (North East Circle), Bhuwaneshwar, Hyderabad,Chennai, Trivandram, Banglore, Mumbai, Bhopal & Ahmedabad and 57 ZonalOffices that are located at important cities throughout the country. It also hasaround 130 branches overseas.SBI is a regional banking behemoth and is one of the largest financial institutions inthe world. It has a market share among Indian commercial banks of about 20% indeposits and loans. The State Bank of India is the 29th most reputed company inthe world according to Forbes. Also SBI is the only bank featured in the coveted"top 10 brands of India" list in an annual survey conducted by Brand Finance andThe Economic Times in 2010.The State Bank of India is the largest of the Big Four banks of India, along with ICICIBank, Punjab National Bank and HDFC Bank—its main competitors. 22
  • 23. 2.1 SBI Life - Flexi Smart Insurance2.1.1 Introduction:SBI Life – Flexi Smart Insurance, an Individual, Non-Participating traditional lifeinsurance cum savings plan, which helps you in fulfilling all your dreams. It givesyou flexibility to adapt to your ever-changing needs, while assuring guaranteedbenefits to take care of your savings.2.1.2 Key Features: • Guaranteed Interest Rate: Guaranteed interest rate of 2.50% p.a., will be guaranteed for the entire policy term. • Interim Interest Rate: An interim interest rate will be declared at the beginning of every financial year, which will be equal to or more than Guaranteed Interest Rate and will be guaranteed for that year. • Additional Interest Rate: An additional interest rate may also be declared, as on 31st March, every year, based on the performance of the Company. • Your policy account will be credited with interim interest rate and additional interest rate, if any • Superior Flexibilities: • Flexibility in premium frequency -> Yearly, Half Yearly, Quarterly and Monthly. • Option of premium holiday during the policy term. • Enjoy complete flexibility to increase or decrease your Sum Assured. • Option to choose sum assured multiplier factor (SAMF). • Option to boost your investments through Top-ups. • Triple Plan Benefit of guaranteed interest rate, additional interest rate and superior flexibilities.2.1.3 Product Snapshot:Age^ at Min: 8 years Max: 60 yearsEntryAge^ at Max: 70 yearsMaturitySum Min: Annualized Premium × Max: Annualized Premium × 20Assured 10Policy Term 10 to 20 years (both inclusive)Premium Same as policy term 23
  • 24. PayingTermPremium Yearly / Half-yearly / Quarterly / Monthly***FrequencyPremium Min MaxAmounts Rs 15,000 (X No limit Yearly - 100)* No limit Rs 8,500 (X No limit Half-yearly - 100)* No limit Rs 4,500 (X Quarterly - 50)* Rs 1,500 (X Monthly - 50)* *In case of mode change it may be in multiples of Re 1Top-up Rs.2,000 (X 100) At any point of time during thePremium policy term, the total top-up premium paid shall not exceed the sum total of regular premiums paid at that point of time ^All the references to age are age as on last birthday. *** For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI- EFT2.1.4 Benefits: • On Death • Death benefit is payable only when your policy is inforce. In case of death of the life assured during the policy term, death benefit will be sum of : • Balance of Policy Account at the time of death intimation. • Sum Assured. • In case of death of life assured, when policy is in premium holiday mode, death benefit will be sum of : • Balance of Policy Account at the time of death intimation. • Sum Assured MINUS unpaid risk premium component along with applicable taxes. • In case of minor life assured, if the proposer dies, no benefit will be paid. For the policy to be in force, guardian of the life assured should continue paying premiums. 24
  • 25. • On Maturity • At maturity we would be declaring terminal interest rate, which will be attached to your balance policy account and will be paid to you as on the date of maturity in lump sum. Tax Benefits** • U/s 80C of the Income Tax Act 1961 on your premiums. • U/s 10(10D) of the Income Tax Act 1961 on your maturity / death / surrender proceeds under the policy.* Interim Interest rate will be declared at the beginning of every Financial Year.Additional Interest Rate may also be declared, as on 31st March, every year. Theguarantee is applicable to policies which are inforce and within the revival period.**Subject to changes in tax laws. Please consult your Tax Advisor for details.2.2 SBI Life - Hospital Cash2.2.1 IntroductionGood health is the most valuable asset that we have, but nowadays withincreasing levels of stress, negligible physical activity and changing lifestyle ourvulnerability to diseases is increasing at an alarming pace.The cost of healthcare is rising everyday and more than the cost of yourtreatment, indirect costs like - hospital room rent, nursing expenses, postdischarge expenses, recuperating expenses, ambulatory charges etc account for amajor part of the overall cost incurred. Lack of sufficient savings or a suitablehealth policy may force you to compromise on the quality of medical treatment.We feel you certainly deserve better.SBI Life - Hospital Cash is a comprehensive plan that covers not onlyhospitalization expenses but also other incidental costs. This plan offers youcomplete freedom from worries.2.2.2 What is SBI Life - Hospital Cash:This plan helps you keep your savings untouched in case of medical emergenciesby paying you a fixed Daily Hospitalization Cash Benefit and an ICU benefit that istwice of daily cash benefit, irrespective of your hospital bill. This amount helps topay for any kind of expenses incurred before, during or post hospitalization.We care for you and your loved ones! To aid your family in crisis we provide youwith Family Care Benefit feature and family discount benefit. 25
  • 26. 2.2.3 Key Features: • 100% payout from day one of hospitalization without any deductible • Coverage of Pre-existing diseases after 2 years • Guaranteed coverage up to 75 years • Premium guarantee for 3 years • Enhanced sum assured and increased payouts on each policy anniversary in case of No claim • Tax benefit on premium paid under sec 80 D of IT Act^.2.2.4 Eligibility:This policy can be taken for Self /Spouse/Parents/ Parents in-law and dependentchildren.For children between age of 1 year-17 years to be covered at least one ofthe parents has to be insured under the same policy. Minimum age at entry for the proposer on last 18 years birthday For Dependant Child 1 year Minimum age at entry For Adult 18 years For Dependant Child 24 years 65 years for a new policy Maximum age at entry For Adult 72 years for a renewed policy For Dependant Child 27 years Max age at maturity For Adult 75 years Fixed Policy Term 3 years Premium modes - Yearly/ Half Yearly/ QuarterlyNote: All ages are as on Last BirthdayDefinition of Hospital:"Hospital is an institution in India established for indoor care, offering allopathictreatment only for sickness and injuries and which is registered as a hospital ornursing home with the appropriate authorities and is under the supervision of aregistered and qualified physician, and provides all the following facilities: 26
  • 27. - at least 10 inpatient beds- a fully equipped operation theatre of its own where surgical operations arecarried out, and- fully qualified nursing staff under its employment 24 hours per day, and- fully qualified physicians in supervision 24 hours per day, and- maintains a daily medical record for each of its patients.For the purpose of this policy, the term hospital shall not include any institutionwhich is primarily a rest home or convalescent facility, a place for custodial care, afacility for the aged or alcoholic or drug addicts or for the treatment of psychiatricor mental disorders; even if the institution has been registered as a hospital ornursing home with the appropriate authorities."2.2.5 Scale of Benefits:BENEFITSSum Assured per Annum(Rs) 2 Lakhs 3 Lakhs 4 Lakhs 5 LakhsDaily Hospitalization Cash Rs 2000 Rs 3000 Rs 4000 Rs 5000Benefit(Rs/day)Daily ICU Benefit(Rs/day) Rs 4000 Rs 6000 Rs 8000 Rs 10,000Family Care Benefit(Rs) Rs 10,000 - Lump sum per policy yearWaiting Period:Hospitalization due to any illness within the first 30 days from the date ofcommencement of the cover or date of joining for a new member in the familypolicy is not covered except for those arising out of accident(s) which occur duringthe policy period.^Tax benefits are subject to change in tax laws.Please consult your tax advisor fordetails.For more details on risk factors, terms and conditions please read the salesbrochure carefully before concluding a sale.2.3 SBI Life Smart Performer2.3.1 Introduction:The equity market may have its ups and downs, but you now have a protectiveshield that will safeguard your investments, while providing upside potential. SBILife brings you ’Smart Performer’, a unique Unit Linked, Non Participating 27
  • 28. insurance product that offers you the twin benefits of ’Higher than the Highest’ ofthe daily NAV Guarantee and the prospect of market upside. What’s more, it alsoallows you to protect your gains through Automatic Rebalancing facility and offersyou a choice of Single and Limited Premium Payment options.2.3.2 Key Features: • Guarantee at maturity based on ’5% Higher than Highest Guaranteed NAV’ during the first seven years or prevailing NAV at Maturity, whichever is higher, subject to conditions#. • Enjoy the best of both worlds - Guarantee only or Guarantee and Market Upside through our unique Plan offerings - ‘Secure Plan’ and ‘Secure N Grow Plan’ respectively • ‘Automatic Rebalancing’ to Lock-in your gains • Convenience through single premium (SP) or 5 year Premium Paying Term (PPT) • Life Insurance coverage with minimum Sum Assured of 10 times or 7 times of your Annualised Premium (AP), based on your age. • Liquidity through Partial Withdrawal(s) • Option to customize the product with Accidental Death Benefit • Attractive Tax benefits under the Income Tax Act, 1961, subject to conditions **2.3.3 Product SnapshotAge at Entry* Min: 9 years Max: 65yearsAge at Maturity Max: 75 yearsPremium Payment SP or 5 yearsTermMinimum Limited Yearly Rs 50,000Premium Amounts (X Half-yearly Rs 44,000100) Quarterly Rs 36,000 Monthly Rs 20,000 Rs 60,000Minimum Single No limitsPremium (X 100)MaximumLimited/SinglePremium AmountsPolicy Term 10 years from the start of the subscription period.Premium Modes Single / Yearly / Half-yearly / Quarterly / Monthly*** 28
  • 29. Sum Assured Age/PPT For 5 yr PPT For SP Minimum Maximum Minimum Maximum Below 10 * AP 20*AP 1.25*SP 5*SP 45 Yrs Between 7 * AP 20*AP 1.25*SP 5*SP 45yrs & 60yrs 61 yrs 7 * AP 7 * AP 1.25*SP 1.25*SP and abovePlan Options 2 Plan Options: 1. Secure Plan - All your funds would be invested in the Daily Protect Fund 2. Secure N Grow Plan - 80% of your funds would be invested in the Daily Protect Fund and 20% would be invested in the Index Fund* All the references to age are age as on last birthday.*** For monthly mode, 3 months premium to be paid in advance and renewalpremium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT2.3.4 Benefits: • Maturity Benefit: On completion of Policy Term, Maturity Value will be paid. Maturity value for the Daily Protect Fund will be calculated based on NAV which is higher of: • Prevailing NAV as on date of Maturity OR • Higher than Highest Guaranteed NAV: There will be an increment of 5% to the Highest NAV achieved during the first seven years under the ‘Daily Protect Fund’. • In addition, if there are any units in the Index Fund, the Fund value of such units, calculated at the Prevailing NAV would also be added, in order to arrive at the Maturity Value • Death Benefit: Higher of the Fund Value or Sum Assured## is payable; subject to a minimum of 105% of the total premiums paid## at the time of death. The death benefit is payable only for inforce policies. • Accidental Death Benefit Option: Accidental Death Benefit: Provides additional death benefit if the death occurs as a result of an accident.Note:Daily Protect Fund - III (SFIN : ULIF020010911DLYPRO3FND111)Index Fund (SFIN : ULIF015070110INDEXULFND111) 29
  • 30. # The Guaranteed NAV is applicable onlyin respect of the Daily Protect Fund (andthe applicable series of the fund) andshall be available only at maturity, and shallbe further subject to thePolicy being in force till the maturity date. Guaranteecharge of 0.50%p.a. of Daily Protect Fund (applicable series) value, wouldberecovered from the fund (through cancellation of units) to provide theNAVguarantee.## Net of partial withdrawals** Tax benefits are subject to change in tax laws. Please consult your tax advisorfor details.For more details on risk factors, terms and conditions please read the salesbrochure carefully before concluding a sale.2.4 SBI Life Swadhan (Group)2.4.1 Introduction:Swadhan (Group) is a Non Participating Group Term Insurance Plan with Return ofPremium. It is a simple and easy solution which offers dual benefits of life coverprotection in the event of death and refund of premium in case of survival up to theend of the cover term.2.4.2 Key Features: • Eminently affordable premium rates • Complete protection during cover term • Refund of part/full basic premiums paid, depending on the Term of insurance Cover • Choice with regard to Term of Insurance Cover and Sum Assured • Flexibility to choose appropriate premium payment modes • Simple and convenient joining process • Hassle free and efficient claims settlementRevival facility is made available within 2 years from the first unpaid premium duedate.*Certain features may differ for different Master Policies. 30
  • 31. 2.4.3 Exclusions:• Death due to natural causes within the first 45 days from cover start date• Death due to suicide within one year from cover start dateFor more details please dial 1800 22 9090 (Toll Free) or email at info@sbilife.co.inSection 41 of Insurance Act 1938 states: No person shall allow or offer to allow,either directly or indirectly, as an inducement to any person to take out or renew orcontinue an insurance in respect of any kind of risk relating to lives or property inIndia, any rebate of the whole or part of the commission payable or any rebate ofthe premium shown on the policy, nor shall any person taking out or renewing orcontinuing a policy accept any rebate, except such rebates as may be allowed inaccordance with the published prospectuses or tables of the insurerSection 45 of Insurance Act, 1938: "No policy of life insurance effected before thecommencement of this Act shall after the expiry of two years from the date ofcommencement of this Act and no policy of life insurance effected after the cominginto force of this Act shall, after the expiry of two years from the date on which itwas effected be called in question by an insurer on the ground that statementmade in the proposal or in any report of a medical officer, or referee, or friend ofthe insured, or in any other document leading to the issue of the policy, wasinaccurate or false, unless the insurer shows that such statement was on a materialmatter or suppressed facts which it was material to disclose and that it wasfraudulently made by the policy-holder and that the policy-holder knew at the timeof making it that the statement was false or that it suppressed facts which it wasmaterial to disclose:Provided that nothing in this section shall prevent the insurer from calling for proofof age at any time if he is entitled to do so, and no policy shall be deemed to becalled in question merely because the terms of the policy are adjusted onsubsequent proof that the age of the life insured was incorrectly stated in theproposal". 31
  • 32. Research MethodologyQuestionnaire for Life Insurance Corporation of IndiaParameters: Awareness1. Do you know about the benefits of the Group Insurance Scheme ? Up to date Knows a little bit Not updated2. Do you know the premium rates of the Group Insurance Scheme ? Up to date Knows a little bit Not updated3. Do you know the process to claim scholarship of the Siksha Sahyog Yojna ? Up to date Knows a little bit Not updated4. Do you know about the Eligibility criteria of the Jana Shri Bima Yojna ? Up to date Knows a little bit Not updated5. Do you know about the Employee Provident Fund Scheme? Up to date Knows a little bit Not updated6. Do you know about the Employee State Insurance Scheme? Up to date Knows a little bit Not updated 32
  • 33. Satisfaction7. Are you satisfied with the Group insurance scheme? Highly Satisfied. Satisfied Average Low8. How satisfied are you with the Employee State Insurance Scheme ? Highly Satisfied. Satisfied Average Low9. How satisfied are you with the scholarship scheme of the Siksha Sahyog Yojna? Highly Satisfied. Satisfied Average Low10. How satisfied are you with the eligibility criteria of the Jana Shri Bima Yojna ? Highly Satisfied. Satisfied Average Low Welfare11. The welfare provided by the Employee State Insurance Scheme on accidents? Highly Satisfied. Satisfied Average Low 33
  • 34. 12. The welfare provided by the Employee Provident fund scheme on retirement? Highly Satisfied. Satisfied Average Low Security13. The economic security provided by the Group Insurance Scheme? Highly Satisfied. Satisfied Average Low14. The Security of Scholarship thats being provided in Siksha Sahyog Yojna? Highly Satisfied. Satisfied Average Low15. The Security provided with the AAM Admi Bima Yojana? Highly Satisfied. Satisfied Average Low16. The security provided by the Jana Shri Bima Yojna ? Highly Satisfied. Satisfied Average Low 34
  • 35. Questionnaire for State Bank of IndiaParameters:Awareness1. Do you know about the Benefits of the SBI Life -Flexi Smart Insurance scheme? Up to date Knows a little bit. Not updated2. Do you know about the Key Features of SBI Life - Hospital Cash Scheme ? Up to date Knows a little bit. Not updated3. Do you know about the eligibility criteria of the SBI Life - Hospital Cash Scheme? Up to date Knows a little bit. Not updated4. Do you know about the Key features of the SBI Life Smart Performer scheme? Up to date Knows a little bit. Not updated5. Do you know the benefits of the SBI Life Smart Performer Scheme ? Up to date Knows a little bit. Not updated6. Do you know about the key features of the SBI Life Swadhan Scheme ? Up to date Knows a little bit. Not updated 35
  • 36. Satisfaction:7. How satisfied are you with the Employee State Insurance Scheme ? Highly Satisfied. Satisfied Average Low8. How Satisfied are you with the SBI Life - Flexi Smart Insurance Scheme? Highly Satisfied. Satisfied Average Low9. How Satisfied are you the SBI Life - Hospital Cash Scheme ? Highly Satisfied. Satisfied Average Low10. How satisfied are you with the Key Features of the SBI Life - Flexi Smart Insurance scheme ? Highly Satisfied. Satisfied Average Low11. How satisfied are you with the eligibility criteria of the SBI Life - Hospital Cash scheme ? Highly Satisfied. Satisfied Average Low12. How satisfied are you with the SBI Life Smart performer scheme? Highly Satisfied. Satisfied Average Low 36
  • 37. 13. How satisfied are you with the SBI Life Swadhan Scheme ? Highly Satisfied. Satisfied Average LowWelfare14. The welfare provided by the Employee State Insurance Scheme on accidents? Highly Satisfied. Satisfied Average Low15. The welfare provided by the Employee Provident fund scheme on retirement? Highly Satisfied. Satisfied Average LowSecurity16. The health security provided by the SBI Life - Hospital Cash scheme ? Highly Satisfied. Satisfied Average Low17. The economic security provided by the SBI Life Swadhan Scheme ? Highly Satisfied. Satisfied Average Low 37
  • 38. 18. The insurance security provided on injury or dealth by the SBI Life -Flexi SamrtInsurance Scheme? Highly Satisfied. Satisfied Average Low19. The investment security provided by the SBI Life Smart Performer scheme ? Highly Satisfied. Satisfied Average Low 38
  • 39. Analysis and Interpretation:Analysis:The Responses of the Questions were collected and the frequency of each optionwas calculated and a percentage of each option out of 100 was represented ininterpretation.Interpretation:For representations of the responses the Pie chart are used to show the distributionof the responses of each option out of 100 percentage.Life insurance Corporation of India Awareness Up to Date Knows a little bit Not Updated 17% 25% 58% Satisfaction Highly Satisfied Satisfied Average Low 6% 6% 38% 50% 39
  • 40. Welfare Highly Satisfied Satisfied Average Low 5% 12% 25% 58% Security Highly Satisfied Satisfied Average Low 6% 19% 25% 50%State Bank of India Awareness Up to Date Knows a little bit Not Updated 25% 33% 42% 40
  • 41. SatisfactionHighly Satisfied Satisfied Average Low 14% 9% 22% 55% WelfareHighly Satisfied Satisfied Average Low 3% 5% 10% 82% SecurityHighly Satisfied Satisfied Average Low 5% 13% 37% 45% 41
  • 42. FindingThe analysis of the Social Security and welfare paradigm under the parameters ofAwareness, Satisfaction, Welfare and Security of the firms of Life InsuranceCorporation of India and State Bank of India gives a vivid picture of the firms statusof the social security schemes and the welfare program organized by theGovernment.The depicted picture of the analysis are represented in the pie chart graphicalformat that gives a clear picture of the employees satisfaction level about the socialsecurity and welfare schemes of the firms. 42
  • 43. Limitation The source of collecting information was secondary data that includes research papers and email communications and social networking sites. Being stick with the tight schedule of the college few visits to the offices and most of the work was done through email coordination and with the help of social networking sites like Facebook and Google+. The appointment with executives of the companies was a bit difficult but thanks to softwares like Skype and Yahoo Web Cam for interactive sessions. Thanks to software like Webex for discussing the Powerpoint Presentations with executives as to take time from executives in the time slot we want was a bit difficult. 43
  • 44. Suggestions Better to use survey sites to do the research survey data collection, as it is always not feasible to collect data that easily without a chain of formalities and permissions. Better to extract parameters of research from the research papers of the subject. Take regular feedback from your guide , it will always give you a new direction. 44
  • 45. ConclusionFrom the study of the project on social security and welfare schemes of life InsuranceCorporation and State Bank of India and analysis of the social security awareness ,satisfaction, security and welfare parameters. And depicting their various percentages foreach organization considered for study. And , thus from the survey it was found that peopleare updated and know the schemes. 45
  • 46. BibliographyModigliani, Franco. Rethinking pension reform / Franco Modigliani, ArunMuralidhar. Cambridge, UK ; New York : Cambridge University Press, 2004.Muralidhar, Arun S. Innovations in pension fund management / Arun S.Muralidhar. Stanford, Calif.; [Great Britain] : Stanford Economics + Finance,c2001."The Three Pillars of Wisdom? A Reader on Globalization, World BankPension Models and Welfare Society" (Arno Tausch, Editor). Nova ScienceHauppauge, New York, 2003Amazon.com, "When the Public Works: Generating Employment and SocialProtection in Ethiopia" Peter Middlebrook, Lambert Academic Publishing.2009. ISBN 978-3838306728Reforming European Pension Systems (Arun Muralidhar and SergeAllegreza (eds.)), Amsterdam, NL and West Lafayette, Indiana, USA: DutchUniversity Press, Rozenberg Publishers and Purdue University Press^ 2 de la Vega, David S (2007). International human rights law: anintroduction. University of Pennsylvania Press. pp. 130. ISBN9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.^ 2 de la Vega, David S (2007). International human rights law: anintroduction. University of Pennsylvania Press. pp. 130. ISBN9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.^ 2 de la Vega, David S (2007). International human rights law: anintroduction. University of Pennsylvania Press. pp. 130. ISBN9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.^ "International Covenant on Economic, Social and Cultural Rights". Office ofthe United Nations High Commissioner for Human Rights. 1966.http://www2.ohchr.org/english/law/cescr.htm.^ Franklin D. Roosevelt, “"The Economic Bill of Rights” Excerpt from 11January 1944 message to Congress on the State of the Union.^ Office of the UN High Commissioner for Human Rights on The Right toWater, September 2007^ The resolution laments the fact that 884 million people lack access to safedrinking water and that more 2.6 billion do not have access to basicsanitation http://www.france24.com/en/20100728-un-declares-access-clean-water-human-right.^ Hausmann, Ute, Globalising economic and social human rights bystrenghtening extraterritorial state obligations (Brot für die Welt, FIAN andCEED, october 2006), available at: 46
  • 47. http://fian.org/resources/documents/others/germanys-extraterritorial-human-rights-obligations-in-multilateral-development-banks/pdf^ "International Covenant on Economic, Social and Cultural Rights". Office ofthe United Nations High Commissioner for Human Rights. 1966.http://www2.ohchr.org/english/law/cescr.htm.^ Revolutions of 1848: A Social History by Priscilla Robertson, 1952,Princeton University Press 47