This document discusses LIC's Jeevan Mangal micro insurance product in India, specifically focusing on its performance in the south zone. It provides statistics on the number and sum assured of policyholders in the south zone divisions from 2010-2014. Some key findings are that the number of policyholders increased from 103,870 in 2010-2011 to over 220,000 in 2012-2013, with the Kozhikode division consistently having the highest number. The total sum assured distributed also increased over the period, from over Rs. 1.1 billion to over Rs. 2.2 billion in 2011-2012, with Kozhikode division again often having the highest amounts distributed. The document also outlines some of the
86 jeevan madhur micro insurance in south zone a birds eye view studychelliah paramasivan
This document discusses the performance of LIC's Jeevan Madhur micro insurance plan in South India from 2009-2014. Some key points:
- Jeevan Madhur is a simple life insurance plan launched in 2006 aimed at low-income individuals. Premiums can be paid weekly, monthly, etc.
- The number of Jeevan Madhur policyholders in South India declined significantly from 244,154 in 2009-2010 to 15,232 in 2013-2014 as awareness remained low.
- Sum assured (death benefit amount) also decreased substantially over this period from Rs. 3,536 crores to Rs. 222 crores, reflecting fewer policyholders.
- First premium income is
Jeevan Madhur Micro Insurance in South Zone - A Birds Eye View StudyRaja Ram
Micro Insurance is a special kind of insurance, which help to attract and meet the needs of the
unreached people with an affordable cost LIC introduced a micro insurance policy in the
name of Jeevan Madhur a simple savings related life insurance plan for low-income persons
was launched in 2006. On surviving to the date of maturity, sum assured is paid along with
vested bonus if any. On death of the policyholder, death benefit amount equal to the total
premiums payable during the entire term of the policy will be paid along with vested bonus if
any micro insurance products easily reach to rural poor people. This paper attempted to
discuss the performance of Jeevan Madhur micro insurance in south zone in India.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
This document provides an overview of the micro insurance industry in India. It discusses the region-wise distribution of life insurance offices according to data from the IRDA annual report from 2010-2011. The largest percentages of offices were in semi-urban and other areas. It also presents two tables, one showing the market share and regional breakdown of various life insurance companies, and another listing individual microinsurance products launched by different companies and their launch dates. The objective of the paper is to examine an overview of the micro insurance industries in India through analysis of secondary data sources such as IRDA reports.
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
This document discusses the impact of the global financial crisis on the Indian insurance industry. It provides background on the history and development of insurance in India. It then describes the current state of the Indian insurance market, which includes both public and private sector players. Finally, it discusses the global financial crisis that began in 2007-2008 and its effects on financial institutions worldwide. In 3 sentences:
The document provides context on the history and development of the Indian insurance industry. It then outlines the present scenario of the industry, which includes both public and private players competing in the large and growing Indian market. Finally, it introduces the global financial crisis that began in 2007 and may have impacted the Indian insurance sector.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
86 jeevan madhur micro insurance in south zone a birds eye view studychelliah paramasivan
This document discusses the performance of LIC's Jeevan Madhur micro insurance plan in South India from 2009-2014. Some key points:
- Jeevan Madhur is a simple life insurance plan launched in 2006 aimed at low-income individuals. Premiums can be paid weekly, monthly, etc.
- The number of Jeevan Madhur policyholders in South India declined significantly from 244,154 in 2009-2010 to 15,232 in 2013-2014 as awareness remained low.
- Sum assured (death benefit amount) also decreased substantially over this period from Rs. 3,536 crores to Rs. 222 crores, reflecting fewer policyholders.
- First premium income is
Jeevan Madhur Micro Insurance in South Zone - A Birds Eye View StudyRaja Ram
Micro Insurance is a special kind of insurance, which help to attract and meet the needs of the
unreached people with an affordable cost LIC introduced a micro insurance policy in the
name of Jeevan Madhur a simple savings related life insurance plan for low-income persons
was launched in 2006. On surviving to the date of maturity, sum assured is paid along with
vested bonus if any. On death of the policyholder, death benefit amount equal to the total
premiums payable during the entire term of the policy will be paid along with vested bonus if
any micro insurance products easily reach to rural poor people. This paper attempted to
discuss the performance of Jeevan Madhur micro insurance in south zone in India.
Micro Insurance Portfolio of public and private sector insurance companiesRaja Ram
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
This document provides an overview of the micro insurance industry in India. It discusses the region-wise distribution of life insurance offices according to data from the IRDA annual report from 2010-2011. The largest percentages of offices were in semi-urban and other areas. It also presents two tables, one showing the market share and regional breakdown of various life insurance companies, and another listing individual microinsurance products launched by different companies and their launch dates. The objective of the paper is to examine an overview of the micro insurance industries in India through analysis of secondary data sources such as IRDA reports.
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
Indian insurance sector has seen significant growth post liberalization. There are now 52 insurance companies of which 45 are private. The sector is estimated to need $8 billion in capital to improve solvency and increase penetration. Life insurance premium grew 11.84% in 2015-16 while non-life premium grew 12%. Growing incomes and changing demographics present opportunities for growth. ICICI Prudential Life is the largest private life insurer in India with a 24.2% market share in the private sector.
This document discusses the impact of the global financial crisis on the Indian insurance industry. It provides background on the history and development of insurance in India. It then describes the current state of the Indian insurance market, which includes both public and private sector players. Finally, it discusses the global financial crisis that began in 2007-2008 and its effects on financial institutions worldwide. In 3 sentences:
The document provides context on the history and development of the Indian insurance industry. It then outlines the present scenario of the industry, which includes both public and private players competing in the large and growing Indian market. Finally, it introduces the global financial crisis that began in 2007 and may have impacted the Indian insurance sector.
Penetration Of Life Insurance and General Insurance In IndiaSudipta Das
The document summarizes the evolution of the life insurance and general insurance industries in India. It discusses how the industries were previously dominated by state-owned entities but have since opened up to private and foreign competition following deregulation in the late 1990s and early 2000s. This has led to rapid growth in the industries, with the market share of private insurers increasing each year. The document also examines trends in various insurance sub-sectors like health and motor insurance, and discusses some of the opportunities and challenges for further developing the insurance industry in India.
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
The document analyzes the financial performance of Agriculture Insurance Company of India Limited from 2009-2015. Some key findings:
- Gross direct premium growth rate increased in 2011 but decreased significantly in 2015.
- Net retention ratio decreased over the years, dropping below 50% in 2011-2012 but increasing again to over 50% in later years.
- Expenses of management as a ratio of gross direct premium increased each year peaking in 2014-2015.
- Underwriting balance was positive from 2010-2011 to 2012-2013 but nearly broke even in 2013-2014 and was negative in 2014-2015.
So while some metrics like net retention ratio and underwriting balance fluctuated over time, expenses
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
A presentation on Financial performance analysis on Agriculture Insurance Company of India(AIC).
The full Presentation describes about the financial performance During the rabi and kariff Seasons.
This document provides an overview of the life insurance sector in India. It discusses the history and development of life insurance in India, including the establishment of the Life Insurance Corporation of India (LIC) in 1956 and the entry of private players after reforms allowed it in 2000. It summarizes some of the major life insurance companies in India, both public sector (LIC) and private sector (SBI Life Insurance, Tata AIG Life Insurance, Bajaj Allianz Life Insurance). It also discusses the role of the Insurance Regulatory and Development Authority established in 1999 to regulate the insurance industry.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
This is a ppt based on the new India assurance company.I tried to explain some broad aspects only. This made for part of my MBA program. the datas all collected from different sites. so the reliability and accuracy may be subjected to the source only. the credit also shared with my colleagues Mr.Amata and Mr.Vasam Vijay
This document provides an overview and analysis of the Indian insurance sector presented by group B9. It discusses the key players in the life and non-life insurance markets. It also analyzes the industry through tools like SWOT analysis, PESTEL analysis, Porter's five forces, and BCG matrix. The life insurance market is dominated by LIC, while the non-life market shares are more diversified among companies like New India Assurance and ICICI Lombard. The industry has grown significantly in recent years and is forecast to continue expanding due to factors like rising incomes and increased awareness.
Microinsurance provides insurance protection to low-income individuals in India against risks such as death, illness, asset damage, and natural disasters. It began in India through non-profit organizations and hospitals but has expanded due to regulations requiring insurers to offer rural and social policies. While uptake is still limited, the potential market size is large as 90% of Indians lack insurance. Common microinsurance products in India include life, health, property, crop and disaster policies. These are offered through various models including partner-agent, full-service, provider-driven and community-based. Recently, IRDA proposed expanding microinsurance by allowing more agent types and diversifying products with savings and health features to better serve low-income communities.
The document provides an overview of the insurance industry in India. It discusses the history and development of the insurance sector in India, including the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA). It also outlines the major types of insurance available in India, key players in the life and non-life insurance sectors, as well as growth factors and challenges facing the industry. The insurance sector is poised for further growth given India's large population and increasing incomes.
C.PARAMASIVAN ,PERIYAR EVR COLLEGE , TIRUCHIRAPPALLI indian consumer demeano...chelliah paramasivan
This document summarizes a study on factors influencing Indian consumers' decisions to invest in life insurance. It finds that the most important factors are:
1) Demographic factors like education, income, family size, and employment have a major influence, with more educated, higher income, and larger families more likely to invest.
2) Tax benefits are ranked as the most important reason for consumers to invest in life insurance.
3) Reputation of the insurance company is the most important attribute looked for by consumers when choosing a policy.
The Report is a brief overview of Healthcare Insurance Market in India. It covers Market Size and Forecasts, Competitive Structure, Growth Analysis, Impact Analysis and Recommendations.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
The insurance sector in India is governed by various acts and regulations. It has grown significantly in recent decades but penetration remains low, with over 80% of the population lacking life or health insurance. Reforms including allowing private companies and 26% foreign ownership have increased competition and improved products. The regulatory framework continues developing to promote growth while protecting policyholders.
Jeevan madhur micro insurance in south zone a birds eye view studyRAVICHANDIRANG
Micro Insurance is a special kind of insurance, which help to attract and meet the needs of the
unreached people with an affordable cost LIC introduced a micro insurance policy in the
name of Jeevan Madhur a simple savings related life insurance plan for low-income persons
was launched in 2006. On surviving to the date of maturity, sum assured is paid along with
vested bonus if any. On death of the policyholder, death benefit amount equal to the total
premiums payable during the entire term of the policy will be paid along with vested bonus if
any micro insurance products easily reach to rural poor people. This paper attempted to
discuss the performance of Jeevan Madhur micro insurance in south zone in India.
Micro insurance portfolio of public and private sector insurance companiesRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
MICRO INSURANCE PORTFOLIO OF PUBLIC AND PRIVATE SECTOR INSURANCE COMPANIESRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
89 micro insurance portfolio of public and private sector insurance companieschelliah paramasivan
This document discusses the micro insurance portfolios of public and private sector insurance companies in India from 2009-2014. It provides data on the number of policies, premium amounts, and number of lives covered for both individual and group micro insurance products. For public insurers, it shows that over 150 million policies were sold individually, generating over Rs. 56,000 crores in premiums. For groups, over 267,000 schemes were implemented, insuring over 400 million lives and generating Rs. 27,500 crores in premiums. Private insurers saw around 3.7 million individual policies sold, generating Rs. 4,486 crores, and over 467 group schemes implemented, insuring over 51 million lives and premiums
This document discusses microinsurance as a tool for uplifting rural India. It begins by defining microinsurance as low-premium, low-coverage insurance designed for low-income individuals. The development of microinsurance in India is then outlined, noting its historical roots in NGO programs and current regulatory framework established by IRDA. Several studies on microinsurance are reviewed showing positive impacts on poverty reduction. The objectives and need for the study are stated as understanding microinsurance's importance for rural poor and initiatives by private and public insurers. Key features of IRDA's microinsurance regulations are described. Data is presented showing growth in microinsurance agents, with LIC leading private insurers. Overall, the document analyzes microinsurance's potential role
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
Death Claim Under Micro Insurance PortfolioRaja Ram
This document discusses death claims under micro insurance policies in India. It provides data on death claim amounts and numbers of policies from 2010-2011 for individual and group categories under private insurers and LIC. For individual policies, most claims were booked, paid and pending with LIC. For group policies, most claims amounts and numbers were with LIC. It also examines the duration of settlement, with most claims under both individual and group categories settled within 1 month by LIC according to regulations. Micro insurance aims to provide social security to low income populations in India.
Death claim under micro insurance portfolioRAVICHANDIRANG
Micro insurance is of supreme
importance for protecting poor lives against accidents, threats and other types of risks. This paper
highlights the importance of micro insurance for the upliftment of rural poor focuses on the
initiatives taken by private and public insurance companies in the growth of rural India and also
helps to understand how micro insurance is helpful in alleviation of poverty
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
The document analyzes the financial performance of Agriculture Insurance Company of India Limited from 2009-2015. Some key findings:
- Gross direct premium growth rate increased in 2011 but decreased significantly in 2015.
- Net retention ratio decreased over the years, dropping below 50% in 2011-2012 but increasing again to over 50% in later years.
- Expenses of management as a ratio of gross direct premium increased each year peaking in 2014-2015.
- Underwriting balance was positive from 2010-2011 to 2012-2013 but nearly broke even in 2013-2014 and was negative in 2014-2015.
So while some metrics like net retention ratio and underwriting balance fluctuated over time, expenses
FINANCIAL PERFORMANCE ANALYSIS ON AGRICULTURE INSURANCE COMPANY OF INDIA LIMI...Karteek Chedadeepu
A presentation on Financial performance analysis on Agriculture Insurance Company of India(AIC).
The full Presentation describes about the financial performance During the rabi and kariff Seasons.
This document provides an overview of the life insurance sector in India. It discusses the history and development of life insurance in India, including the establishment of the Life Insurance Corporation of India (LIC) in 1956 and the entry of private players after reforms allowed it in 2000. It summarizes some of the major life insurance companies in India, both public sector (LIC) and private sector (SBI Life Insurance, Tata AIG Life Insurance, Bajaj Allianz Life Insurance). It also discusses the role of the Insurance Regulatory and Development Authority established in 1999 to regulate the insurance industry.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
Changing marketing trend of reliance life insurance (1)vaibhav003
The document provides information on the insurance industry in India and Reliance Life Insurance Company. It discusses the importance of insurance for the economy, the history and development of the insurance industry including key milestones and regulations. It also provides details on the present scenario, opportunities and challenges in the industry. Specifically for Reliance Life Insurance, it gives an overview of the company including its ownership and vision to offer integrated financial services.
This is a ppt based on the new India assurance company.I tried to explain some broad aspects only. This made for part of my MBA program. the datas all collected from different sites. so the reliability and accuracy may be subjected to the source only. the credit also shared with my colleagues Mr.Amata and Mr.Vasam Vijay
This document provides an overview and analysis of the Indian insurance sector presented by group B9. It discusses the key players in the life and non-life insurance markets. It also analyzes the industry through tools like SWOT analysis, PESTEL analysis, Porter's five forces, and BCG matrix. The life insurance market is dominated by LIC, while the non-life market shares are more diversified among companies like New India Assurance and ICICI Lombard. The industry has grown significantly in recent years and is forecast to continue expanding due to factors like rising incomes and increased awareness.
Microinsurance provides insurance protection to low-income individuals in India against risks such as death, illness, asset damage, and natural disasters. It began in India through non-profit organizations and hospitals but has expanded due to regulations requiring insurers to offer rural and social policies. While uptake is still limited, the potential market size is large as 90% of Indians lack insurance. Common microinsurance products in India include life, health, property, crop and disaster policies. These are offered through various models including partner-agent, full-service, provider-driven and community-based. Recently, IRDA proposed expanding microinsurance by allowing more agent types and diversifying products with savings and health features to better serve low-income communities.
The document provides an overview of the insurance industry in India. It discusses the history and development of the insurance sector in India, including the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA). It also outlines the major types of insurance available in India, key players in the life and non-life insurance sectors, as well as growth factors and challenges facing the industry. The insurance sector is poised for further growth given India's large population and increasing incomes.
C.PARAMASIVAN ,PERIYAR EVR COLLEGE , TIRUCHIRAPPALLI indian consumer demeano...chelliah paramasivan
This document summarizes a study on factors influencing Indian consumers' decisions to invest in life insurance. It finds that the most important factors are:
1) Demographic factors like education, income, family size, and employment have a major influence, with more educated, higher income, and larger families more likely to invest.
2) Tax benefits are ranked as the most important reason for consumers to invest in life insurance.
3) Reputation of the insurance company is the most important attribute looked for by consumers when choosing a policy.
The Report is a brief overview of Healthcare Insurance Market in India. It covers Market Size and Forecasts, Competitive Structure, Growth Analysis, Impact Analysis and Recommendations.
The document provides an overview of the insurance industry in India. Some key points:
- India's insurance market has been growing rapidly, with the life insurance premium market expanding at a CAGR of 15.3% from 2004-2014, and the non-life insurance premium market rising at a CAGR of 16.3% over the same period.
- The share of private sector players has increased significantly over time, with their share of life insurance premiums growing from 4.7% in 2004 to 24.6% in 2014.
- Emerging segments like health, crop, and motor insurance are expected to drive future growth in the industry. The crop insurance market is now the largest in the world
The insurance sector in India is governed by various acts and regulations. It has grown significantly in recent decades but penetration remains low, with over 80% of the population lacking life or health insurance. Reforms including allowing private companies and 26% foreign ownership have increased competition and improved products. The regulatory framework continues developing to promote growth while protecting policyholders.
Jeevan madhur micro insurance in south zone a birds eye view studyRAVICHANDIRANG
Micro Insurance is a special kind of insurance, which help to attract and meet the needs of the
unreached people with an affordable cost LIC introduced a micro insurance policy in the
name of Jeevan Madhur a simple savings related life insurance plan for low-income persons
was launched in 2006. On surviving to the date of maturity, sum assured is paid along with
vested bonus if any. On death of the policyholder, death benefit amount equal to the total
premiums payable during the entire term of the policy will be paid along with vested bonus if
any micro insurance products easily reach to rural poor people. This paper attempted to
discuss the performance of Jeevan Madhur micro insurance in south zone in India.
Micro insurance portfolio of public and private sector insurance companiesRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
MICRO INSURANCE PORTFOLIO OF PUBLIC AND PRIVATE SECTOR INSURANCE COMPANIESRAVICHANDIRANG
Insurance is one of the emerging and growing sectors in India. The micro-insurance portfolio has made steady progress. More life insurers have commenced their micro-insurance operations and many new products are being introduced every year. Micro-insurance business was procured largely under the group portfolio. Life Insurance Corporation of India contributed the most both in terms of policies sold and number of micro-insurance agents. Insurance companies are now offering already approved products as micro-insurance products with the approval of the authority, if the sum assured for the product is within the range prescribed for micro-insurance. With this aspect the present paper made an attempt to discuss about micro insurance portfolio of individual as well as group by public and private sectors insurance companies.
89 micro insurance portfolio of public and private sector insurance companieschelliah paramasivan
This document discusses the micro insurance portfolios of public and private sector insurance companies in India from 2009-2014. It provides data on the number of policies, premium amounts, and number of lives covered for both individual and group micro insurance products. For public insurers, it shows that over 150 million policies were sold individually, generating over Rs. 56,000 crores in premiums. For groups, over 267,000 schemes were implemented, insuring over 400 million lives and generating Rs. 27,500 crores in premiums. Private insurers saw around 3.7 million individual policies sold, generating Rs. 4,486 crores, and over 467 group schemes implemented, insuring over 51 million lives and premiums
This document discusses microinsurance as a tool for uplifting rural India. It begins by defining microinsurance as low-premium, low-coverage insurance designed for low-income individuals. The development of microinsurance in India is then outlined, noting its historical roots in NGO programs and current regulatory framework established by IRDA. Several studies on microinsurance are reviewed showing positive impacts on poverty reduction. The objectives and need for the study are stated as understanding microinsurance's importance for rural poor and initiatives by private and public insurers. Key features of IRDA's microinsurance regulations are described. Data is presented showing growth in microinsurance agents, with LIC leading private insurers. Overall, the document analyzes microinsurance's potential role
Insurance is one of the emerging concepts in the recent period which involves huge investments in
Socio economic developments. The term "Micro insurance" first appeared as a new financial
service within microfinance and then developed into a sector of its own. Hence this paper discusses
the concepts of micro insurance in general.
Death Claim Under Micro Insurance PortfolioRaja Ram
This document discusses death claims under micro insurance policies in India. It provides data on death claim amounts and numbers of policies from 2010-2011 for individual and group categories under private insurers and LIC. For individual policies, most claims were booked, paid and pending with LIC. For group policies, most claims amounts and numbers were with LIC. It also examines the duration of settlement, with most claims under both individual and group categories settled within 1 month by LIC according to regulations. Micro insurance aims to provide social security to low income populations in India.
Death claim under micro insurance portfolioRAVICHANDIRANG
Micro insurance is of supreme
importance for protecting poor lives against accidents, threats and other types of risks. This paper
highlights the importance of micro insurance for the upliftment of rural poor focuses on the
initiatives taken by private and public insurance companies in the growth of rural India and also
helps to understand how micro insurance is helpful in alleviation of poverty
This document discusses death claims under micro insurance policies in India. It provides data on death claim amounts and numbers of policies from 2010-2011 for individual and group categories under private insurers and LIC. For individual policies, most claims were booked, paid and pending with LIC. For group policies, most claims amounts and numbers were with LIC. It also examines the duration of settlement, with most claims under both individual and group categories settled within 1 month, as required by regulations. In conclusion, micro insurance can provide social security to low income populations in India.
Micro Insurance in India: A Gizmo to Vehicle Economic Development & Alleviate...iosrjce
The conditions for growth and the degree of inequality are two key factors that determine the extent of
poverty reduction from per capita economic growth. The lower the inequality levels the more positive effect
economic growth has on poverty levels. The link between economic development and human development is
dependent on the effectiveness of countries to convert income into better lives for all their citizens (UNDP
2000). The international development target of halving the proportion of people living in extreme poverty by
2015 can be attained by low-inequality countries without any change in their growth pattern and with lower
growth rates. However, high-inequality countries will only reach the target if growth is pro-poor and
significantly higher than in the past (twice that of low-inequality countries). If all countries belonged to the lowinequality
group then a forecasted growth of four per cent per annum would realize the target as early as 2005
(Hanmer et al 2000). So, this paper explores the idea of development and reduction of poverty, vulnerability and
inequality by micro insurance in India.
An overview of micro insurance industries in indiaRAVICHANDIRANG
Micro insurance is one of the unique and important segments of
insurance which provides financial assistance to the poor people in the
country. Reaching the micro insurance to all is also a part of financial
inclusion. The IRDA on 30th November 2005 regulation act micro
insurance products was implemented in India. The salient feature of
the life insurance, Health insurance, Crop insurance, Lives stock
insurance or cattle insurance and Asset insurance is product offer to
low income people. According to IRDA the term micro insurance
comprises two words “Micro” which means “Affordable to the poor”
and Insurance means “Risk Pooling to compensate to individual and
group”. Micro insurance is a key element in the financial services
package for mass people, particularly for economically weaker section of
people. The poor people face more risks than the well off, but more
importantly they are more vulnerable to the same risk. With this view
the present paper tries to discuss the distribution of micro insurance in
India.
This document summarizes a research paper on microinsurance in India. It begins by defining microinsurance as insurance for low-income individuals involving modest premiums and benefits. It then discusses the development of microinsurance in India, noting that some programs were started by NGOs and more have emerged due to microfinance activity and regulations requiring insurance companies to serve rural and social sectors. Key points covered include IRDA's 2005 microinsurance regulations, the definition of rural and social sectors, and insurance companies' strategies of partnering with civil society organizations to reach the poor. Supply of microinsurance products is also summarized, finding that most cover life or accident risks with limited health coverage and contract durations of 3-20 years.
Micro insurance aims to protect low-income populations from risks through affordable premiums and limited coverage. However, penetration remains low due to challenges including high costs, lack of data, and unappealing products. Innovation is needed in products, distribution channels, and technology to better meet customer needs and drive growth. Examples from other countries demonstrate innovative approaches like bundling insurance with goods or mobile payments. For micro insurance to succeed, products must balance social and financial objectives through community involvement and simple claims processes.
This study will help analyze the Recitation of the two types of insurance companies
and to take remedial measures in the sphere of their insurance products. Today, in this
liberalized world, in order to sustain good Recitation, the insurance companies have to ensure
quality products at a competitive price. Companies can lower the price of the product by
reducing the cost. Their survival depends upon their policyholder policyholder’s recitation of
public and private sector general insurance industry in Structural Equation Model (SEM)
approach in the chosen study area. The study has to evaluate the policyholder’s perception
towards non-life insurance industry.
This study will help analyze the Recitation of the two types of insurance companies
and to take remedial measures in the sphere of their insurance products. Today, in this
liberalized world, in order to sustain good Recitation, the insurance companies have to ensure
quality products at a competitive price. Companies can lower the price of the product by
reducing the cost. Their survival depends upon their policyholder policyholder’s recitation of
public and private sector general insurance industry in Structural Equation Model (SEM)
approach in the chosen study area. The study has to evaluate the policyholder’s perception
towards non-life insurance industry.
A STUDY ON POLICY - HOLDERS SATISFACTION OF LIFE INSURANCE CORPORATION OF IND...IAEME Publication
This study examined the satisfaction levels of 599 life insurance policy holders of the Life Insurance Corporation of India in Sirkali Town. The researchers collected data on the policy holders' socio-economic characteristics and their perceptions and satisfaction with LIC's policies. Chi-square tests found that age, marital status, and occupation had a significant relationship with satisfaction levels, while gender, education, family income, residence, and family size did not. Most respondents were satisfied with LIC's loan and premium payment facilities. The researchers concluded that LIC must continue studying customers' evolving needs to improve insurance products and better serve society.
The document discusses the service sector in India. Some key points:
1) The service sector now accounts for over half (51.16%) of India's GDP, growing from agriculture and industry. This marks a shift to a more developed economy model.
2) Within services, trade and transportation have seen increasing shares of GDP while construction has remained steady.
3) Some economists caution that unchecked service sector growth without corresponding industrial growth could distort the economy.
4) Strong customer satisfaction is vital in the service industry where intangibles are sold. Insurance companies must focus on both sales and customer service.
This document discusses life insurance trends in India in 2023, with a focus on Tier 2 and Tier 3 cities. Key points include:
- Life insurance penetration remains around 3.2% as growth opportunities exist in semi-rural and untraditional markets.
- Customers in Tier 2/3 cities prefer affordable premiums and flexible payment options over investment features.
- Family financial stability is a major trigger for purchasing policies, as customers seek protection for goals like education and homeownership.
- Insurers should explore expanding into high-growth states and diversifying sales channels and products to attract new customer segments.
1) Microinsurance in India has grown rapidly in recent years but over 90% of the population remains uninsured. Key developments include the 2005 microinsurance regulation by IRDA and growth of government schemes like RSBY.
2) Life insurance, especially credit-life, dominates the microinsurance sector in India. New products like Max Vijay are emerging but savings-linked microinsurance remains underdeveloped. Health and crop insurance have also grown but face challenges around implementation and basis risk.
3) Innovations include index-based crop insurance partnerships and programs to expand micro-pensions to informal sectors. However, most microinsurance remains supply-driven and seeks subsidies over designing sustainable customer-centric products. Strategic perspectives and
Microinsurance provides affordable insurance policies to low-income and vulnerable populations in India. It is regulated by IRDAI and policies have a maximum sum assured of Rs. 50,000. There are general microinsurance policies that cover health, accidents, and property, as well as life microinsurance policies that are term or endowment plans. Microinsurance gives these populations an opportunity to manage financial risks from events like illness, death, or property damage. It can help safeguard their savings and provide security. However, microinsurance is still nascent in India and faces challenges in reaching rural populations and ensuring proper management of pooled resources and claims processing.
Similar to 88 jeevan mangal micro insurance in india a performance approach in south zone (20)
The document discusses the sustainability and success of MSMEs in India. Some key points:
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This document discusses a study on factors affecting customer satisfaction in e-banking. It begins with an introduction on how banks are adopting information and communication technologies to provide e-banking services and increase customer satisfaction. It then reviews literature on models for measuring service quality and factors influencing customer satisfaction. The objectives and hypotheses of the study are to assess the impact of service quality, brand perception, and perceived value on customer satisfaction in e-banking. The study uses a survey to collect data from 200 customers on their perceptions of these factors. Preliminary findings indicate most respondents are male, between 25-50 years old, educated to the graduate level or higher, and are employees or businessmen.
The document discusses e-payment systems in rural India and associated issues and challenges. It notes that while e-payment has developed rapidly in cities, adoption in rural areas still lags behind due to several factors. These include low literacy rates, a lack of technological skills, slow internet speeds, low financial literacy, a lack of trust in cashless transactions, and lack of awareness about e-payment methods. Addressing these challenges through improved education and awareness efforts will be important to expanding digital payments across India.
14 a study on women empowerment through self help groups in indiachelliah paramasivan
This document discusses women empowerment through self-help groups (SHGs) in India. It provides background on the concept of women empowerment and defines it as a process of awareness and capacity building leading to greater participation and decision-making power. SHGs have emerged as an effective instrument for alleviating poverty and empowering women in rural India. They provide economic benefits like income generation opportunities and help women gain social empowerment by improving their status and decision-making role in society. The document examines how SHGs promote both economic and social empowerment of women members.
13 growth of e banking challenges and opportunities in indiachelliah paramasivan
This document summarizes a journal article about the growth of e-banking in India, including the challenges and opportunities. It begins with an introduction to e-banking and the benefits it provides over traditional banking. It then discusses some of the key challenges to e-banking adoption in India, such as low broadband penetration, banks' ambivalent commitment, and customers' preferences for traditional branches. The document also outlines opportunities for e-banking growth in India, including initiatives to improve financial literacy. It concludes that while e-banking faces challenges in India, it has potential for growth, especially as internet penetration increases.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
This document summarizes a study on the problems and prospects of women entrepreneurs in Sivagangai District, India. It provides background on women's entrepreneurship development efforts in India. The study aims to analyze the socioeconomic profiles, challenges, and government support systems for women entrepreneurs in Sivagangai District. It finds that most women entrepreneurs are over 40, married, Hindu, and from nuclear families. Their businesses are typically local, cash-based, and they spend long hours on them. Earning an income was found to be the main motivation to start a business. The study helps identify problems faced by women entrepreneurs to improve government support programs.
7 corporate social responsibility perspectives and challenges in rural indiachelliah paramasivan
This document discusses corporate social responsibility (CSR) perspectives and challenges in rural India. It begins with defining CSR and noting its importance in India given that most of the population lives in rural areas. The document then reviews literature on CSR practices and initiatives in India. It outlines the objectives and methodology of the study, which examines CSR programs and their impact in rural areas by analyzing 6 companies. The results and discussion section describes the CSR policies and initiatives of these companies in areas like education, healthcare, infrastructure, and livelihood generation. It finds that while companies are actively engaging in rural CSR, there are still challenges to be addressed like lack of coordination and monitoring of projects.
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3. Initiatives under Digital India like internet connectivity, e-services, IT training, and digital lockers make the path to financial inclusion easier by allowing electronic access for all citizens.
This document discusses problems faced by farmers in India. It notes that over 58% of rural households depend on agriculture as their primary livelihood. Some key challenges include small land holdings, lack of technical knowledge, weather-dependent farming, low incomes, underdeveloped infrastructure, and inefficient bureaucracy. Farmers also face issues with seeds, fertilizers, irrigation and undeveloped infrastructure policies that slow agricultural growth. Addressing these problems could help improve conditions for farmers and support continued development of India's agricultural sector.
This document discusses the Digital India program and its implications for the education sector in India. Some key points:
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This document discusses community-based entrepreneurial activities. It defines community-based enterprises as entrepreneurial initiatives that enhance the quality of life and economic development of a particular region. The key characteristic of community-based enterprises is that assets belong or are dedicated to the community, ensuring the enterprise is accountable to the community and profits are reinvested for community benefit. Several studies discussed find that community-based entrepreneurship can empower marginalized groups and lift communities out of poverty by promoting collective action. However, challenges include a lack of community orientation in modern societies and difficulties providing support to local small and medium-sized enterprises.
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This document discusses the corporate social responsibility (CSR) activities of Bharat Heavy Electricals Limited (BHEL) with respect to Tiruchirappalli, India. It provides background on BHEL, including that it was established in 1956 and has manufacturing units across India. The document then reviews literature on CSR and defines CSR. It discusses BHEL's profile and operations in Tiruchirappalli specifically, including turnover, profit, and amounts allocated to CSR. The overall purpose is to examine BHEL's CSR efforts in the Tiruchirappalli region.
16 institutional assistance for women entrepreneurship in tamilnaduchelliah paramasivan
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This document provides an overview of financial inclusion through direct benefit transfer (DBT) in India. It discusses several major social defense schemes implemented through DBT, including the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the National Social Assistance Programme (NSAP), and the PratyakshaHastaantaritLaabh (PAHAL) or Direct Benefit Transfer for LPG (DBTL). The document also reviews several studies on topics related to financial inclusion and DBT in India. Key initiatives by the government to promote financial inclusion through programs like Pradhan Mantri Jan Dhan Yojana are also summarized.
The document discusses the importance of maintaining good hygiene habits like handwashing to prevent the spread of diseases. It notes that germs can spread through direct contact with infected individuals or indirectly through surfaces they've touched. Proper handwashing with soap and water is the most effective way to kill germs and stop their transmission to keep yourself and others healthy.
This document provides a comparative study of the asset quality of IDBI Bank and State Bank of India from 2011-2016. It begins with background on asset quality and how non-performing assets (NPAs) impact banks' profitability and financial statements. The objectives are to compare the total advances, net profit, gross NPAs, and net NPAs of IDBI and SBI, as well as their asset quality ratios and loan classifications. Relevant literature on factors influencing bank asset quality and managing NPAs is reviewed. Brief profiles of IDBI and SBI are also given.
An empirical analysis on asset quality of public sector banks in india non p...chelliah paramasivan
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ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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88 jeevan mangal micro insurance in india a performance approach in south zone
1. International Journal of Trend in Research and Development, Volume 3(2), ISSN: 2394-9333
www.ijtrd.com
IJTRD | Mar - Apr 2016
Available Online@www.ijtrd.com 320
Jeevan Mangal Micro Insurance in India- A Performance
Approach in South Zone
1
Dr.C. Paramasivan and 2
S.Rajaram,
1
Assistant Professor, 2
Ph.D Full Time Research Scholar, 1,2
PG & Research Department of Commerce,
Periyar E.V.R College, Tiruchirappalli, India
Abstract: LIC’s New Jeevan Mangal is a protection plan
with return of premium on maturity, where you may pay
the premiums either in lump sum or regularly over the
term of the policy. This plan has an in built accident
benefit which provides for double risk cover in case of
accidental death.
Keywords: LIC, FPI, Jeevan Mangal, Micro Insurance,
South Zone, Sum Assured, Policy holder
I. INTRODUCTION
Insurance is one of the emerging concepts which
consist of investment and risk coverage possible owing
that the needs and demands will be deepens on person to
person. Hence the insurance companies introduced
different insurance schemes. Owing a insurance policy
is the top priority of the inclusive policy of the country
which help to attract the poor and unreached also due to
the changing life style and uncertainty in human life
insurance become portfolio of the people. Covering all
the people under the insurance scheme is non Life
Insurance Corporation provides this schemes of Jeevan
Mangal is term assurance plan with return of premiums
on maturity, where you may pay the premiums either in
lump sum or regularly at yearly, Half yearly, Quarterly,
Monthly, fortnightly or weekly intervals over the term of
the policy. Jeevan Mangal policy holder terms of
premium payments two types regular premium, single
premium the total period is 10 to 15 years while
minimum instalment amount premium Rs.15, minimum
sum assured amounted Rs.10,000, maximum sum
assured amounted Rs.50,000.
II. REVIEW OF LITERATURE
Kajal Savaliya (2010) has conclude that micro
insurance now a day is global issue across the whole
world due to the increasing poverty and micro insurance
is very useful for those people. Who living below the
poverty line people segment whose per day income is
less than 100 or 200 rupees there is a huge untapped
market for micro insurance and most of the people are
completely unaware of micro insurance product but
many of them are aware of insurance product a given
irregular and uncertain income stream of the poor,
flexibility in premium collection is needed to extend the
micro insurance net far and wide.
Nandita Banerjee (2006) has highlighted that
insurance companies now have an alternative delivery
channel to tap segments of low income groups,
extensively MFIs and NGOs with their available base of
customers coupled with systems to support delivery
provide availability of single window for sale and claim
servicing of micro insurance products. Though activates
in this sector are still at a nascent stage, competition
between a large numbers of players is anticipated to act
as a catalyst and lead to the availability of more and
more structured products.
Limna.M (2014) the study reveals that micro
insurance holds much hope for extension of protection
to millions of resource poor households in India. At the
same time, there is a need to pay attention to the
specifications of the clients at the micro level and
customise solutions that meet their needs, are
affordability and are provided by trusted institutions.
Involvement of communities in the process represents
much scope for limiting adverse selection, moral hazard
and fraud, and thus making the schemes more
sustainable.
Karlijin Morsink and peter Geurts, et.al.,
(2008) has analysed that the impact of micro insurance
on vulnerability of the poor to natural hazards in
developing countries is needed for micro insurance
development and investment purposes. Explanatory
factors are natural hazards damage, having micro
insurance, access to assets household investment and
social economic background.
Dennis C and Hansel (2010) has highlighted
that micro insurance schemes following the mutual
principles of set help, self governance and self-
responsibility have a value proposition that mitigates
inherent incentive problems in the insurance business
moral hazard and adverse selection. The maximization
of members utility is the overriding objective and
advocates their suitability to address the needs of a low
income population.
Akila prabhkar (2010) has concluded that the
nascent but growing industry of micro insurance in
India. It will delve into both the risk and regards of
implementation insurance on a micro level with in India,
focusing a majority of the attention to social barriers and
ultimately benefits that can be attained with its
implementation.
Aliero Haruma Mohammed and Shuaibu
Mukhtar (2010) has concluded that it could therefore
be the acceptability of micro insurance in rural areas will
depend on the level of income, type of assets owned,
level of education of the rural dwellers and the
availability of infrastructural facilities in the areas. On
the other hand, micro insurance provides should begin
with such schemes which focus on the major occupation
of the rural inhabitants, which is farming.
2. International Journal of Trend in Research and Development, Volume 3(2), ISSN: 2394-9333
www.ijtrd.com
IJTRD | Mar - Apr 2016
Available Online@www.ijtrd.com 321
Jeevan Mangal policy holder terms and conditions
Jeevan Mangal Micro Insurance product was
launched by LIC of India on September 2009. Mode of
premium lump sum or weekly, bi monthly, monthly,
quarterly, half yearly, and annually, buys the policy
holder eligibility conditions for 18 years old completed
minimum age. Maximum age at entry level is 60 years
old, 70 years old maximum age at maturity of the policy
holder. To availability of death and maturity claim, term
of payment 10-15 years regularly. Premium payment
ranges Rs.15 only which are most rural people secured
socio economic our life.
Table 1: Jeevan Mangal policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 1409 3729 1954 3936
Chennai-II 1128 7267 11198 11638
Coimbatore 5313 10293 10474 9841
Ernakulam 303 356 115 8
Kottayam 16177 22670 30196 1818
Kozhikode 7156 42868 48004 686
Madurai 10418 17896 10637 6562
Salem 26647 40476 19993 9423
Thanjavur 7815 20762 12811 2153
Tirunelveli 2246 6079 25217 10362
Trissur 1371 3208 1554 1113
Trivandrum 21136 40568 44198 6178
Vellore 2751 651 6110 5612
Total 103870 216823 222461 69330
Source: lic of india Chennai
In the year 2010-11, 103870 policy holder recorded in
south zone of which salem division placed a top position
with 26,647 policy holders followed by Tirvandram
division with 21,136 policy holders, Kottayam division
with 16,177, Madurai division with Rs.10418,
Thanjavur division with 7815, Kozhikode division with
7156, Coimbatore division with 5313, Tirunelveli
division with 2246, Chennai I division with1409, Trissur
division with 1371, Chennai II division with1128 and
Ernakulam division with 303.
With the view of 2011-12, 216823 policy
holder recorded in south zone of which Kozhikode
division placed a top position with 42868 policy holders
belongs to Trivandrum division with 40568, Salem
division with 40476, Kottayam division with 22670,
Thanjavur division 10293, Chennai II division with
7267, Tirunelveli division 6079, Chennai I division with
3729, Vellore division 651 finally Ernakulam division
356.
As per the regards 2012-13, 222461 policy
holders recorded in south zone of which Kozhikode
division placed a top position with 48004 policy holders
belongs to Trivandrum division with 44198,Kottayam
division with 30196, Tirunelveli division with 25217,
Salem division with 19993, Thanjavur division with
12811, Chennai II division with 11198, Madurai
division with 10637, Coimbatore division with 10474,
Vellore division with 6110, Chennai I division with
1954, Trissur division with 1554 and Ernakulam
division with 115.
According to 2013-14, 69330 policy holder
recorded in south zone of which Chennai I division
placed a top position with 11638 policy holders belongs
to Tirunelveli division with 10362, Coimbatore division
with 9841, Salem division with 9423, Madurai division
with 6562, Trivandrum division with 6178, Vellore
division with 5612, Chennai division with 3936, Salem
division with 2153, Kottayam division with 1818,
Trissur division with 1113, Kozhikode division 686 and
Ernakulam division with 8.
Jeevan Mangal Micro insurance of sum assured of
policy holder
The sum assured on death shall be reduced to a
sum, called the death paid up sum assured. The death
paid up sum assured shall bear the same ratio to the sum
assured on death as the premiums paid bears to the total
number of premium payable. On the life assureds’ death
prior to maturity, the death paid up sum assured shall be
payable. On maturity, total premiums paid less taxes
and extra premium, if any shall be payable. In case of
regular premium policies, if after at least three full years
premiums have been paid in respect of this policy and
any subsequent premium be not duly paid, this policy
and any subsequent premium be not duly paid, this
policy shall not be wholly void, but shall subsist as a
paid up policy.
3. International Journal of Trend in Research and Development, Volume 3(2), ISSN: 2394-9333
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Tabel 2: Jeevan Mangal sum assured policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 20612.00 39264.00 19699.00 40050.00
Chennai-II 20395.00 82551.00 115526.00 118257.00
Coimbatore 55143.00 103644.00 107136.00 99784.00
Ernakulam 4582.10 4373.00 2835.00 202.00
Kottayam 171663.00 231229.00 304034.00 18967.00
Kozhikode 74207.63 431531.00 482156.00 7137.00
Madurai 106401.10 179621.00 111613.00 70362.00
Salem 267624.00 405293.00 201008.00 94444.00
Thanjavur 89571.00 211171.00 131900.00 22667.00
Tirunelveli 29052.00 62126.00 252541.00 104207.00
Trissur 21070.00 39595.00 20260.00 14196.00
Trivandrum 223086.00 413095.00 443800.00 61986.00
Vellore 31560.00 6938.00 61909.00 56451.00
Total 1114966.83 2210431.00 2254417.00 708710.00
Source: lic of india Chennai
In the year 2010-11, Rs.1114966.83 thousands
distributed as sum assured to the policy holder of which
salem division distributed sum assured with
Rs.267624.00 thousands followed by Trivandrum
division Rs.223086.00, Kottayam division with
171663.00, Madurai division with Rs.106401.00,
Thanjavur division with Rs. 89571.00, Kozhikode
division with Rs.74207.63, Coimbatore division with
Rs.55143.00, Vellore division with Rs.31560.00,
Tirunelveli division with Rs.29052.00, Trissur division
with Rs.21070.00 Chennai I division with Rs.20612.00,
Chennai II division wtih Rs.20395.00 finally Ernakulam
division with Rs.4582.10.
As regards 2011-12, Rs.2210431 thousands
distributed as sum assured to the policy holder of which
Kozhikode division distributed sum assured with
Rs.431531.00 thousands belongs to Trivandram division
with Rs.413095.00, Salem division Rs.405293.00,
Kottayam division with Rs.231229.00, Thanjavur
division with Rs.211171.00, Madurai division with
Rs.179621.00, Coimbatore division with103644.00,
Chennai II division with Rs. 82551.00, Tirunelveli
division with Rs. 62126.00, Trissur division with Rs.
39595.00, Chennai I division with Rs.39264.00, Vellore
division with Rs.6938.00 and Ernakulam division with
Rs.4373.00.
With the view of 2012-13, 2254417.00
thousands distributed as sum assured to the policy
holder of which Kozhikode division distributed sum
assured with Rs.482156.00 followed by Trivandrum
division with Rs.443800.00, Kottayam division with
Rs.304034.00 Tirunelveli division with Rs.252541.00,
Salem division with 201008.00, Thanjavur division with
Rs.131900.00, Chennai II division with 1,15,526.00,
Madurai division with, 111613.00, Coimbatore division
with Rs.107136.00 Vellore division with Rs.61,909.00,
Trissur division with Rs. 20260.00, Chennai I division
with Rs. 19699.00 and Ernakulam division with
Rs.2835.00.
According to 2013-14, 708710.00 thousands
distributed as sum assured to the policy holder of which
Chennai II division distributed sum assured with
Rs.118257.00 belongs to Tirunelveli division with
Rs.104207.00, Coimbatore division with Rs.99784.00,
Salem division Rs.94444.00, Madurai division with
Rs.70362.00, Trivandrum division with Rs. 61986.00,
Vellore division with Rs.56451.00, Chennai I division
with Rs.40050.00, Thanjavur division with Rs.22667.00,
Kottayam division with Rs.18967.00, Trissur division
with Rs.14196.00, Kozhikode division with Rs.7137.00,
finally Eranakulam division with Rs.202.00.
Regular premium and single premium policies of
Jeevan Mangal Micro Insurance
It’s may be surrendered for cash provided the
premiums have been paid for at least three consecutive
years. The guaranteed surrender value shall be equal to
guaranteed surrender value factor multiplied by total
premium paid excluding taxes and extras, if any the
guaranteed surrender value factor will depend on the
policy term and policy year. Single premium policies it’s
may be surrendered for cash at any time during the
policy term. Within three policy years from date of
commencement of policy 70 percent of the single
premium excluding taxes and extra premium.
4. International Journal of Trend in Research and Development, Volume 3(2), ISSN: 2394-9333
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Tabel 3: Jeevan Mangal FPI policy holder of south zone
Division 2010-11 2011-12 2012-13 2013-14
Chennai-I 1539537 480751 49842 871078
Chennai-II 134006 398524 487031 343752
Coimbatore 324808 576159 459267 823760
Ernakulam 25264 15654 23649 1484
Kottayam 543042 664846 741089 50010
Kozhikode 196438 960836 979537 18044
Madurai 331129 558432 818522 399532
Salem 771437 1674141 1073492 302739
Thanjavur 543212 507001 677774 906068
Tirunelveli 257211 181635 729807 768213
Trissur 141679 176855 80128 55852
Trivandrum 739516 1320130 1062832 142972
Vellore 265667 36479 526689 486055
Total 5812946 7551443 7709659 5169559
Source: lic of india Chennai
CONCLUSION
Insurance sector is one of the emerging and
most important part of the financial system of the
country which helps to mobilise the savings from the
people in the from of policy premium and prefect he
investors from the risk and uncertainty. Indian
insurance sector is one of the well organised and
regulated by the competent regulatory bodies such as
RBI, IRDA etc. LIC of India is one of the major players
which consist of more than 50 percent of its share
holding in insurance in sectors. Though shift
competition in insurance sector from private and foreign
players, LIC of India dominates because of its trust and
wide spread networking. Micro insurance is one of the
schemes of the LIC of India which introduced through
Jeevan Madhur Micro insurance policy to reach the
unreached people. Jeevan madhur mangal insurance
south zone is performing significantly with attractive
policies. Salem Tirvandrum and Madurai division are
performed will with respects to Jeevan madhur micro
insurance policy holders, sum assured etc. Hence, it
concludes that micro insurance should extent to all the
people who are excluded from the insurance scheme due
to financial inefficiency. Risk is Common to all
therefore there is a constant and effective
implementation of existing micro insurance schemes.
References
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[8] www.irda.com
[9] www.lic.com
[10] www.indian insitute of insruance.org.in