The document provides an overview of trends in the global insurance industry in 2015. Key opportunities and challenges are discussed for different world regions. Major trends include increased use of big data analytics to improve underwriting and risk management, greater focus on digital technologies and mobile solutions to enhance customer experience, and evolving regulatory standards requiring improvements in areas like capital management and risk oversight. Global characteristics of the insurance industry discussed include risk transfer and pooling, underwriting practices, and guarantees providing long-term stability.

1. PROJECT REPORT ON
INSURANCE PRODUCT FOR ECONOMICALLY WEAKER
CLASS

2. CHAPTER-1
INTRODUCTION TO INSURANCE INDUSTRY
DEFINITION OF 'INSURANCE'
A contract (policy) in which an individual or entity receives financial protection or
reimbursement against losses from an insurance company. The company pools clients' risks to
make payments more affordable for the insured.
HISTORY OF INSURANCE
The history of insurance describes the development of the modern business of insurance against
risks, especially regarding cargo, property, death, automobile accidents, and medical treatment.
The industry helps to eliminate risks (as when fire insurance companies demand the
implementation of safe practices and the installation of hydrants), spreads risks from the
individual to the larger community, and provides an important source of long-term finance for
both the public and private sectors. The insurance industry is generally profitable and provides
attractive employment opportunities for white collar workers.
ANCIENT WORLD
In some sense, we can say that insurance dates back to early human society. We know of two
types of economies in human societies: natural or non-monetary economies (using
barter and trade with no centralized nor standardized set of financial instruments) and monetary
economies (with markets, currency, financial instruments and so on). Insurance in the former
case entails agreements of mutual aid. If one family's house gets destroyed, the neighbours are
committed to help rebuild it. Granaries embodied another early form of insurance to indemnify
against famines. These types of insurance have survived to the present day in countries or areas
where a modern money economy with its financial instruments is not widespread.
The first methods of transferring or distributing risk in a monetary economy, were practiced
by Chinese and Babylonian traders in the 3rd and 2nd millennia BC, respectively. Chinese
merchants travelling treacherous river rapids would redistribute their wares across many vessels
to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which
was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he
would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan
should the shipment be stolen or lost at sea.

3. Achaemenian monarchs in Ancient Persia were presented with annual gifts from the various
ethnic groups under their control. This would function as an early form of political insurance,
and officially bound the Persian monarch to protect the group from harm.
At some point in the 1st millennium BC, the inhabitants of Rhodes created the 'general average'.
This allowed groups of merchants to pay to insure their goods being shipped together. The
collected premiums would be used to reimburse any merchant whose goods were jettisoned
during transport, whether to storm or sinkage.
The ancient Athenian "maritime loan" advanced money for voyages with repayment being
cancelled if the ship was lost. In the 4th century BC, rates for the loans differed according to safe
or dangerous times of year, implying an intuitive pricing of risk with an effect similar to
insurance.
The Greeks and Romans introduced the origins of health and life insurance c. 600 BC when they
created guilds called "benevolent societies" which cared for the families of deceased members,
as well as paying funeral expenses of members. Guilds in the Ages served a similar purpose. The
Jewish Talmud also deals with several aspects of insuring goods. Before insurance was
established in the late 17th century, "friendly societies" existed in England, in which people
donated amounts of money to a general sum that could be used for emergencies.
MEDIEVAL ERA
Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of
contracts) were invented in Genoa in the 14th century, as were insurance pools backed by
pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in
the next century maritime insurance developed widely and premiums were intuitively varied with
risks.
These new insurance contracts allowed insurance to be separated from investment, a separation
of roles that first proved useful in marine insurance. The first printed book on insurance was the
legal treatise On Insurance and Merchants' Bets by Pedro de Santarém (Santerna), written in
1488 and published in 1552.
MODERN INSURANCE
Insurance became more sophisticated in Enlightenment era Europe, and specialized varieties
developed. Some forms of insurance developed in London in the early decades of the 17th
century. For example, the will of the English colonist Robert Hayman mentioned two "policies
of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of

4. £100 each, one related to the safe arrival of Hayman's ship in Guyana and the other was in regard
to "one hundred pounds assured by the said Doctor Arthur Ducke on my life".

5. CHAPTER-2
RESEARCH METHODOLOGY
OBJECTIVE OF THE STUDY
 To study the Insurance product offered by Insurance Company for Economically Weaker Class.
RESEARCH DESIGN
 exploratery
DATA COLLECTION&SOURCES
 Secondary Data has been collected. Sources of data is
Wikipedia,Investopedia and company website.

6. CHAPTER-3
STUDY OF WORLD MARKET
The challenges and opportunities by region
Asia-Pacific
• Although insurers in Asia-Pacific are likely
to confront deteriorating economic conditions
in 2015, growth prospects remain solid for life
and non-life insurance products, with GDP
projected to be 5.5%.
• Rising real estate and financial asset values
are enabling insurers throughout the region to
produce higher premium volume from the
increased protection levels.
• The growth of the middle class and high net
worth population in Asia-Pacific presents the
opportunity for insurers to increase their sales
of personal lines insurance products, as well
as health insurance.
• Commercial lines insurance prospects
remain strong, given the region’s elevated
catastrophe risk, the rise in infrastructure and
home building across much of AsiaPacific,
and a low insurance penetration rate.
• Insurers are challenged to invest in data
analytics and modeling capabilities, as well as
Internet and mobile digital sales, distribution
customer service solutions, given an
increasingly technologically
sophisticated population.
• Regulations addressing insurer solvency,
capital and risk management are moving to the
front burner, in addition to consumer
protections in the areas of data privacy and
security
Canadian property and casualty
• Profit margins for property-casualty insurance
companies in 2015 are challenged by continuing
low-interest rates and GDP growth, the volatile
investment climate and expense increases from
needed infrastructure improvements.
• A major competitive opportunity for insurers is to
strengthen their relationships with customers,
effectively putting them in focus across all product
classifications and geographies, while digitally
empowering them to better shop for and compare
insurance products.
• A key challenge in 2015 for Canadian property-
casualty insurers is to improve the industry’s low
level of consumer trust by integrating distribution
and communication channels and providing more
transparent information.
• Opportunities to improve both commercial and
personal lines sales and optimize growth are
available to insurers that invest in technologies,
such as cloud computing, mobile solutions and
business collaboration software. • Building an
enterprise data excellence infrastructure via more
robust data analytics and predictive modeling will
help insurers pinpoint new growth opportunities,
optimize claims outcomes, reduce the incidence of
claims fraud and mitigate bottom line risks.
• Regulatory pressures in 2015 include demands
on property-casualty insurers to become more
disciplined in their risk management, capital
planning and operational oversight, while
producing demonstrable evidence in these areas.

7. Canadian life
• Although providers of life insurance and
annuities in Canada have endured several years of
constrained growth, opportunities exist to improve
competitive standing by providing products to
underserved consumer markets.
• A key challenge for insurers in 2015 is the need
to develop more robust mobile digital
technologies, data analytics and social media
strategies to address growing consumer
expectations of more refined product sales and
distribution.
• To boost sales revenue, providers of life
insurance and annuities in Canada must make their
products easier to understand and compare, in
addition to streamlining the transaction process.
• To enhance customer experience and enable
self-service features, life insurers must consider
the value of a digital platform enabling the sharing
of information with and among intermediaries and
consumers.
• A key opportunity in 2015 for life insurers is to
develop solutions absorbing the longevity risks of
pension plan de-risking actions, which are driven
by improvements in life expectancy and the low-
interest rate environment.
• Regulatory pressures continue to intensify,
putting the onus on life insurers to improve their
compliance and control functions, implementing
more robust governance programs to address key
business risks.
Europe
• European insurers will continue to be challenged
on both sides of the balance sheet in 2015, as
economic recovery throughout the region is
overshadowed by low business investment rates,
slower global growth and heightened competition
in many classes of business. • There is a greater
responsibility for insurance companies to interact
with the customer, provide a range of digital
communication channels, encourage loyalty and
brand awareness, and tailor products and services
to individual needs.
• A growing number of insurers are scaling up
their analytical capabilities to be in a better
position to use data in a more connected way,
drawing meaningful insights at virtually every
stage of the insurance life cycle from customer
targeting to product design and pricing,
underwriting, claims and reporting.
• Regulatory initiatives will require greater
transparency regarding the information provided
to customers, revisions to relationships with
distributors and greater governance and oversight
over new and existing products.
• Finance is under pressure to show it can be a
better business partner in planning, budgeting and
forecasting, adding more value while also
responding to regulatory requirements and tax
challenges.

8. Latin America
• Insurer growth prospects are generally favorable,
although market demand for property-casualty and
life insurance products is evolving at different
rates, given disparate economic factors across the
region.
• The expansion in Latin America’s middle class
and high net worth populations, as well as the
region’s technologically savvy younger
generations, create opportunities for providers of
automobile insurance and mobile technology
warranties.
• As more homes and office buildings are built
throughout the region, the need to insure these
structures from the damaging effects of natural
disasters is a positive trend for commercial
property and homeowners insurers.
• A key challenge for many insurers in 2015 is the
need to modernize their operations and distribution
models to adapt to rising business and consumer
expectations of digital, mobile and Internet
interactions, particularly for commercial lines of
insurance where intermediaries retain control.
• On the regulatory front, regions are addressing
global standards on capital solvency and risk
management on different timetables, putting the
onus on insurers to continually monitor and
evaluate these developments to exploit a
competitive advantage.
• As competition throughout Latin America
intensifies in 2015, insurers that best leverage data
analytics and predictive modeling techniques to
improve their underwriting and management of
risks have the opportunity to make more profitable
business decisions
US life-annuity
• Growth prospects are promising for US providers of life
insurance and annuities, as the overall economy improves,
consumer wealth increases and interest rates creep higher.
• Key challenges in 2015 include growing competition,
especially from new capital entrants seeking to disrupt
traditional market positions with new models and market
approaches aligning with rising customer expectations.
• To succeed in this environment, providers of life insurance
and annuities must expand their digital capabilities with new
Internet, social media and mobile tools that empower
customers and distributors with self-service features, while
also making insurance products easier to understand,
compare and buy.
• A major opportunity to widen margins exists for insurers
that leverage big data and the cloud to transform back offices
systems and processes, albeit these decisions must be
weighed against the cyber security risks and regulatory
issues they present.
• As many consumers turn to online banking and investment
services to manage their finances, they will seek similar
opportunities from providers of life insurance and annuities,
presenting opportunities for insurers that develop online
advice and transactional models.
• A continuing challenge in 2015 is the ability of providers
to navigate the wide array of complex capital solvency and
risk management regulations enacted in the aftermath of the
financial crisis and overseen by competing regulatory
authorities with different demands.

9. US property-casualty
• Despite slow-to-rebound interest rates and inflationary medical and
food costs, strong performance for US property-casualty insurers is
expected, with combined ratios returning to pre-financial crisis
years.
• A key challenge includes slow premium growth, which continues
to be inhibited by rising competition, an overabundance of capital,
and inexpensive reinsurance, the latter a consequence of low insured
catastrophe losses the last two years.
• The soft pricing conditions is constraining profit margins,
compelling insurers to focus on expense management and
operational efficiency, reducing costs through technology upgrades,
process optimization, selective offshoring and enhanced risk
management.
• The use of data analytics and modeling techniques to improve
underwriting and back office processes remains a potent opportunity
for US property-casualty insurers to bolster their competitive
standing.
• On the distribution front, insurers will optimize the channel mix,
adding distribution outlets and expanding aggregator and direct-to-
consumer models, while providing consumers with enhanced
product price transparency and real-time support and service.
• To address the evolving array of capital solvency and risk
management regulations, and achieve compliance with different US
regulatory authorities, property-casualty insurers will need to invest
in more skilled management and data analytics resources in 2015.

10. CHARACTERISTICS OF INSURANCE INDUSTRY AT GLOBAL
 Risk Transfer
 Loss Sharing (pooling)
 Discrimination via underwriting
 Risk is transferred – Uncertainty with respect to the timing and size of the benefits to be
provided.
 The willingness or ability of the party responsible for the payment of premiums or
continuation of the contract.
 Guarantees of a long-term nature, including guaranteed insurability.
 A bundle of real and financial options that can be quite complicated and difficult to
separate.
 Entry and re-entry restrictions.
 A continuous option to terminate.
 pooling of resources;
 accumulation of funds;
 distribution of funds to those who have losses;
 transfer of ri sk from one person to the group; and
 spread of risk among all members of the group.
PEST ANALYSIS OF INSURANCE INDUSTRY IN WORLD
MARKET
 POLITICAL FACTOR AFFECTING INSURANCE INDUSTRY
 Insurance business in rural/social sector
 Capital Requirement
 Renewal Registration
 Requirement as to Capital
 Investment of funds outside India
 Power to Investigate or Inspection

11.  Tax policy and Insurance sector
 Legislation
 EONOMICAL FACTORS AFFECTING INSURANCE INDUSTRY
 Adequacy of Capital
 Increased in Economical Activity
 Increased in Rates
 Increased in Inflation Rates
 Market related Factors
 Customer Satisfaction
 SOCIO-CULTURE FACTORS AFFECTING INSURANCE INDUSTRY
 Population
 Life Style
 Education level
 Level of Earning
 Social Benefits
 Greater concern for Ethic
 TECHNOLOGICAL FACTORS AFFECTING INSURANCE INDUSTRY
 Marinating The Data-Base
 E-business Insurance in India.
 GLOBAL TRENDS IN INSURANCE
The Insurance Industry in 2015:Trends and Innovation
New technologies and innovations have permeated the insurance industry and upped-the-ante in
quality and efficiency for products, claims and business practices. Though insurance has been
historically viewed as a slow-moving industry, recent technology integrations and evolving
customer needs have created a significant shift; and next year will only continue to change the
game.
Insurance trends in 2015 will revolve around increased data intelligence, improved accuracy in
underwriting, and an emphasis on customer-center services and processes.

12. 4 Important Insurance Trends for 2015
Growing connectivity between the real and digital worlds will determine major and innovative
trends in 2015. Insurance companies will continue to invest in digital tools needed to enhance
products and services delivered to policyholders, increase operations efficiencies, and better
connect networks of partners and providers.
Below are four technologies insurance companies should strive to integrate in 2015. If these
aren’t already on your radar, they should be.
1. Big Data Analysis
Analysis based programs can help insurers improve their efficiency in a variety of ways, such as
assessing fraudulent claims or improving the rate at which your business changes to meet
changing client needs and expectations. The evolving data dashboard, which compiles metrics
from multiple locations into a visualized platform, will provide insurance professionals with
more comprehensive insights into business performance and changes over the next year.
2. Mobile
Thanks to advancements in mobile and wearable technology, digitizing life activities became the
new standard in 2014. Across platforms, from tablets to mobile phones and the up-and-coming
smart watches, consumers are looking for ways to further mobilize their spending and
management practices in nearly every aspect of life.
Most major insurance companies already offer mobile apps for easy access to accounts,
insurance quotes, claims support or even roadside assistance. The key in 2015 will be to further
connect policyholders to the insured in order to more quickly exchange information and expedite
the claim report and response process.
3. Re-Engineering Underwriting
Assessing income risk is more thorough than ever. Using spatial data, such as information from
Google Maps to public statistics on crime, education, income and health care, will help insurers
assess in new and sophisticated ways in the coming year.
4. Cloud/Client Computing
About half of insurance carriers today are “in the cloud,” and this tech trend should continue to
grow this year. Cloud computing is a tech term for the practice of sharing a network of remote
Internet servers to store, manage and process information. Operating in the cloud enables

13. organizations to optimize IT and will prepare businesses for everything from product growth to
potential data loss disasters.
Technology in 2015 will require insurers to be agile, think connectively, and be prepared to
assess and utilize data in new unprecedented ways. More importantly, failure to adapt could
bring new risks to your business, including anything from data loss to consumer dissatisfaction
with delivery of products and services.
Standards in business, customer service and insurance continuously evolve, and it is the
responsibility of our industry to meet these changing needs. If insurance businesses recognize
tech trends, evaluate the opportunities they present, and actively incorporate relevant processes
and programs into their business model, they will find themselves outpacing and outperforming
the competition.
INGUARD is no exception; our team strives to adapt to changing technologies year-over-year.
Our firm is entirely paperless and invested in embracing new technologies to improve
operational efficiencies and services delivered to clients.
Interested in learning more about working at an agile, tech and performance-focused firm?
Contact us to learn more about the career opportunities available to you at INGUARD.

14. CHAPTER-4
INSURANCE IN INDAIAN MARKET
HISTORY OF INSURANCE IN INDIA
The business of life insurance in India in its existing form started in India in the year1818 with
the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important
milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.b
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the
centralgovernment and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,
1956,with a capital contribution of Rs. 5 crore from the Government of India. The
Generalinsurance business in India, on the other hand, can trace its roots to the Triton
InsuranceCompany Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact allclasses of
general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames acode of
conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvencymargins
and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalized thegeneral
insurance business in India with effect from 1st January 1973. 107 insurersamalgamated and
grouped into four companies’ viz. the National Insurance CompanyLtd., the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd. andthe United India Insurance
Company Ltd. GIC incorporated as a company.

15. GROWTH AND EVOLUTION OF INSURANCE INDUSTRY IN
INDIA
EVOLUTION OF THE INDIAN INSURANCE SECTOR
Before 1956
 The life insurance sector was made up of 154 domestic life insurers, 16 foreign life
insurers and 75 provident funds.
1956–72
 All life insurance companies were nationalized to form LIC in 1956 to increase
penetration and protect policy holders from mismanagement.
 The non-life insurance business was nationalized to form GIC in 1972.
1993–99
 Malhotra Committee recommended opening up the insurance sector to private players .
 IRDA, LIC and GIC Acts were passed in 1999, making IRDA the statutory regulatory
body for insurance and ending the monopoly of LIC and GIC.
2000-14
 Post liberalisation, the insurance industry recorded significant growth; the number of
private players increased to 44 in 2012.
 The industry has been spurred by product innovation, vibrant distribution channels,
coupled with targeted publicity and promotional campaigns by the insurers.
 In December 2014, Government approved the ordinance increasing FDI limit in
Insurance sector from 26 per cent to 49 per cent. This would likely to attract investment
of USD7-8 billion.

16. 2015
In 2015 Government introduced Pradhan Mantri Suraksha Bima Yojna and Pradhan Mantri
Jeevan Jyoti Bima Yojana.

17. CHAPTER-7
PLAYERS IN THE INDUSTRY
Public Sector
Non-Life Insurers
National Insurance
Company
New India Assurance
Company
Oriental Insurance
Company
United Insurance
Company
Agricultural Insurance
Company
Life Insurance
Corporation of India
Private Sector
Non-Life Insurers
Bajaj Allianz
General Insurance
Co.
ICICI Lombard
General Insurance
IFFCO Tokio
General Insurance
Reliance General
Insurance Co
Royal
Sundaram
Alliance
InsuranceCholamandalam
General Insurance
TATA AIG
General Insurance
Co.
HDFC Chubb
General Insurance
AMP
Life Insurers
Allianz Bajaj Life
Insurance Co.
Birla Sun Insurance
Company
HDFC Standard Life
Insurance Co.
ICICI Prudential Life
Insurance Co.
NG Vysya Life
Insurance Company
Max New York Life
Insurance Co.
Metlife India Insurance
Company
SBI Life Insurance
Company
OM Kotak Mahindra
Life Insurance
TATA AIG Life
Insurance Company
AMP Sanmar
Assurance Company
AVIVA Life
Insurance Company

18. CHAPTER-8
DISTRIBUTION CHANNEL IN THE INDUSTRY
Different distribution channels in India for Insurance Products
A multi-channel strategy is better suited for the Indian market. Indian insurance market is a
combination of multiple markets. Each of the markets requires a different approach.
Apart from geographical spread the socio-cultural and economic segmentation of the market is
very wide, exhibiting different traits and needs. Different multi-distribution channels in India are
as follows:
Agents: Agents are the primary channel for distribution of insurance. The public and private
sector insurance companies have their branches in almost all parts of the country and have
attracted local people to become their agents.
Today's insurance agent has to know which product will appeal to the customer, and also know
his competitor's products to be an effective salesman who can sell his company, the product, and
himself to the customer.
To the average customer, every new company is the same. Perceptions about the public sector
companies are also cemented in his mind. So an insurance agent can play an important role to
create a good image of company.
Banks: Banks in India are all pervasive, especially the public sector banks. Many insurance
companies are selling their products through banks. Companies which are bank owned, they are
selling their products through their parent bank.
The public sector banks, with their vast branch networks, are helpful to insurance companies.
This channel of selling insurance is known as Bank assurance.
Brokers: Now a day’s different financial institution are selling insurance. These financial
institutions are known as brokers.
They are taking some underwriting charges from the insurance companies to sell their insurance
products.
Internet: In this technological world internet is also a channel of selling insurance. This can be
as direct marketing.
Corporate agents: Corporate agency is a cross selling type of channel. Insurance companies’
tie-up with business houses in other industries to sell insurance either to their employees or their
customers. Insurance industry, during the past 2 years has witnessed a number of such strategic

19. tie-ups and alliances. Corporate agents have become a major force to reckon with in distributing
insurance products.

20. CHAPTER-12
PRODUCT PROFILE
INSURANCE PRODUCTS PROVIDED BY INSURANCE
COMPANIES
PUBLIC INSURANCE COMPANIES
1. Life Insurance Corporation of India
1. Janashree Bima Yojana Life – Disability – Education
2. Krishi Shramik Samajik Suraksha Life – Disability – Pension
2. National Insurance Company
1. Raja Rajeshwari Mahila Kalyan*- Accidental Death
2. Bhagyashree Child Welfare* -Accidental Death
3. Plantation Insurance* -Crops
4. Kissan Agriculture Pumpset Ins.* Assets
5. Cattle Insurance Policy*- Livestock
6. Janata Personal Accident Policy* -Accidental Death – Disability
7. Universal Health Insur. Scheme* Health Care – Accidental Death – Loss of Income
8. Farmers’ Package Policy* Assets – Accidental Death – Disability
9. Amartya Siksha Yojana Policy- Accidental Death – Disability – Accident Expenses –
Education
* Products sold together with the other public sector general insurance companies (GIC)
3. New India Assurance Company
1. Raja Rajeshwari Mahila Kalyan*- Accidental Death
2. Bhagyashree Child Welfare* -Accidental Death
3. Rasta Apatti Kavach Scheme- Accident Expenses
4. Kissan Agriculture Pumpset Ins.*- Assets

21. 5. Cattle Insurance Policy*- Livestock
6. Plantation Insurance* -Crops
7. Gram Arogya Yojana Health Care – Accidental Death
8. Janata Personal Accident Policy* -Accidental Death – Disability
9. Animal Driven Car /Tonga Policy* Assets - Accidental death - Disability
10. Universal Health Insur. Scheme* Health Care – Accidental Death – Loss of Income
11. Farmers’s Package Policy* Assets – Accidental Death – Disability
12. Package Insurance for Credit S. Assets – Accidental Death – Disability – Health Care
* Products sold together with the other public sector general insurance companies (GIC)
4. Oriental Insurance Company
1. Raja Rajeshwari Mahila Kalyan * Accidental Death
2. Bhagyashree Child Welfare* Accidental Death
3. Plantation Insurance* Crops
4. Kissan Agriculture Pumpset Ins.* Assets
5. Cattle Insurance Policy* Livestock
6. Janata Personal Accident Policy* Accidental Death – Disability
7. Universal Health Insur. Scheme* Health Care – Accidental Death – Loss of Income
8. Farmers’ Package Policy* Assets – Accidental Death – Disability
* Products sold together with the other public sector general insurance companies (GIC)
5. United India Insurance Company
1. Raja Rajeshwari Mahila Kalyan*- Accidental Death
2. Bhagyashree Child Welfare* -Accidental Death
3. Kissan Agriculture Pumpset Ins.*- Assets
4. Cattle insurance Policy* -Livestock
5. Hut Insurance Policy Housing

22. 6. Plantation Insurance* -Crops
7. Janata Personal Accident Policy* Accidental Death – Disability
8. Universal Health Insur. Scheme* Health Care – Accidental death – Los of Income
9. Farmers’s Package Policy* Assets – Accidental Death – Disability
10. Grameen Accident Policy Accidental Death – Disability – Accident Expenses
11. Animal Driven Cart/Tonga Policy Assets – Accidental Death – Disability
12. Mother Theresa Women & Child. Accidental Death – Disability – Assets – Legal Fees –
Health Care
* Products sold together with the other public sector general insurance companies (GIC)
6. Agriculture Insurance Company
1. National Agricultural Ins. Scheme Crop
2. Farm Income Insurance Scheme Crop
3. Seed Crop Insurance Seed
PRIVATE INSURANCE COMPANIES
1. Allianz Bajaj Life Insurance Company
1. Group Credit Care Plan I Life – Disability
2. Group Credit Care Plan II Life – Disability
3. Group Term Life Plan I Life – Disability
4. Group Term Life Plan II Life – Disability
2. AMP Sanmar Assurance Company
1. Jaya Shree Life
2. Group Life Policy Life
3. AVIVA Life Insurance Company
1. Jana Suraksha Life
2. Amar Suraksha Life

23. 3. Anmol Suraksha Life
4. Credit Plus Life
5. Group Shield Life
6. Easy Life Plus Life – Disability
4. Bajaj Allianz General Insurance Company
1. Critical Illness Insurance Health Care
2. Personal Guard Insurance Accidental Death – Disability – Accident Expenses – Loss of
Income – Education
5. Birla Sun Life Insurance Company
1. Bima Kavach Yojana Life
2. Social Development Plan Lie – Disability
6. Cholamandalam MS General Insurance Company
1. Health Insurance Policy Health Care
2. Accident Insurance Policy Accidental Death - Disability – Accident Expenses
7. HDFC Standard Life Insurance Company
1. Development Assurance Plan Life
2. Single Premium Whole Life Ins. Life
3. Loan Cover Term Assurance Pl. Life
4. Personal Pension Plan Life – Pension
5. Term Assurance Plan Life – Critical Illness
6. Endowment Assurance Plan Life – Disability- Critical Illness 7. Money Back Plan Life –
Disability – Critical Illness
8. HDFC Chubb General Insurance Company
1. Group Personal Accident Policy Accidental Death – Disability – Education
2. Pariver Suraksha Accidental Death – Disability – Education – Child Girl Wedding – Health
Care

24. 9. ICICI Prudential Life Insurance Company
1. Pru Suraksha Regular Term Life Life
2. Pru Suraksha Single Term Life Life
3. Salam Zindagy Policy Life
4. ICICI Pru Mitr Life
10. ICICI Lombard General Insurance Company
1. Home Insurance Housing
2. Weather Insurance Crop
3. Advanced Medical Insurance Health Care
4. Merchant Insurance Housing - Assets
5. Personal Accident Insurance Accidental Death – Disability
6. Tractor Insurance Assets – Accident Expenses – Legal Fees
11. IFFCO Tokio General Insurance Company
1. Sankat Haran Group Ins. Policy Accidental Death – Disability
12. ING Vysya Life Insurance Company
1. Securing Life/Endowment Plan Life
2. Surakshit Jivaan Life
3. Group Social Sector Insurance Life
13. OM Kotar Mahindra Life Insurance Company
1. Kotak Gramin Bima Yojana Life
14. Max New York Life Insurance Company
1. Easy term Product Life
2. Group Product Life
15. Metlife India Insurance Company
1. Group Policy for Social Sector Life

25. 16. Reliance General Insurance Company
1. Individual Mediclaim Insurance Health Care
2. Agricultural Pumpset Insurance Assets
3. Cattle Insurance Livestock
4. Janata Personal Accident Ins. Accidental Death – Disability 5. Farmers’ Package Policy
Assets – Accidental Death – Disability
17. Royal Sundaram Alliance Insurance Company
1. Shakthi Health Scheme Health Care
2. Rural Micro-Enterprise Shield Assets
3. Janata Personal Accident Policy Accidental Death – Disability
4. Shakthi Security Shield Accidental Death – Accident Exp – Assets – Loss of Income
18. SBI Life Insurance Company
1. Swadhan Life
2. Super Suraksha Life – Disability
3. Lifelong Pension Plan Pension – Life 4. Scholar Plan Life – Disability – Education 5.
Sudarshan Endowment Policy Life – Disability – Health Care
19. TATA AIG Life Insurance Company
1. Kalyan Yojana Life
2. Karuna Yojana Life
3. Jana Suraksha Yojana Life

27. CHAPTER-14
MICHEL PORTER’S FIVE FORCE MODEL
1. Threat of New Entrants. The average entrepreneur can't come along and start a large
insurance company. The threat of new entrants lies within the insurance industry itself.
Some companies have carved out niche areas in which they underwrite insurance. These
insurance companies are fearful of being squeezed out by the big players. Another threat
for many insurance companies is other financial services companies entering the market.
What would it take for a bank or investment bank to start offering insurance products? In
some countries, only regulations that prevent banks and other financial firms from
entering the industry. If those barriers were ever broken down, like they were in the U.S.
with the Gramm-Leach-Bliley Act of 1999, you can be sure that the floodgates will open.
2. Power of Suppliers. The suppliers of capital might not pose a big threat, but the threat of
suppliers luring away human capital does. If a talented insurance underwriter is working
for a smaller insurance company (or one in a niche industry), there is the chance that
person will be enticed away by larger companies looking to move into a particular
market.
3. Power of Buyers. The individual doesn't pose much of a threat to the insurance industry.
Large corporate clients have a lot more bargaining power with insurance companies.
Large corporate clients like airlines and pharmaceutical companies pay millions of
dollars a year in premiums. Insurance companies try extremely hard to get high-margin
corporate clients.
4. Availability of Substitutes. This one is pretty straight forward, for there are plenty of
substitutes in the insurance industry. Most large insurance companies offer similar suites
of services. Whether it is auto, home, commercial, health or life insurance, chances are
there are competitors that can offer similar services. In some areas of insurance, however,
the availability of substitutes are few and far between. Companies focusing on niche
areas usually have a competitive advantage, but this advantage depends entirely on the
size of the niche and on whether there are any barriers preventing other firms from
entering.
5. Competitive Rivalry. The insurance industry is becoming highly competitive. The
difference between one insurance company and another is usually not that great. As a
result, insurance has become more like a commodity - an area in which the insurance
company with the low cost structure, greater efficiency and better customer service will
beat out competitors. Insurance companies also use higher investment returns and a
variety of insurance investment products to try to lure in customers. In the long run, we're
likely to see more consolidation in the insurance industry. Larger companies prefer to
take over or merge with other companies rather than spend the money to market and
advertise to people.