The document discusses ethics in business and the insurance industry in India. It provides details on key committees and regulations related to insurance. It also lists major life and general insurance companies in India and their subsidiaries. The roles and responsibilities of insurance agents are summarized in 5 points focusing on prioritizing client interests, maintaining confidentiality, and providing sincere service. The financial planning process is summarized in 4 steps - establishing the client, gathering data, analyzing status, and developing and implementing recommendations.

1. 1

2. 2

3. NAME ROLL NO.
PRIYANK DARJI 06
HARDIK NATHWANI 27
SHASHANK PAI 28
SAGAR PANCHAL 29
DHARMIK PATEL 32
KUSH SHAH 39
SIDDARTH TAWDE 46
3

4.  Ethics involves learning what is right or
wrong, and then doing the right thing -- but
"the right thing" is not nearly as
straightforward as conveyed in a great deal of
business ethics literature.
 Many ethicists consider emerging ethical
beliefs to be "state of the art" legal matters, i.e.,
what becomes an ethical guideline today is
often translated to a law, regulation or rule
tomorrow.
4

5.  In 1993, Malhotra Committee, headed by former Finance
Secretary and RBI Governor R.N. Malhotra, was formed to
evaluate the Indian insurance industry and recommended its
figure direction. The Malhotra committee was set up with the
objective of complementing the reforms initiated in the
financial sector.
 The key industry drivers are related to lifestyle issues in
terms of perceiving insurance as a savings instrument rather
than for risk cover, need based selling, quality of service and
customer awareness.
5

6. Insurance is a form of risk management primarily used
to hedge against the risk of a contingent, uncertain loss.
Insurance is defined as the equitable transfer of the risk of a
loss, from one entity to another, in exchange for payment.
An insurer is a company selling the insurance; an insured, or
policyholder, is the person or entity buying the insurance
policy. The insurance rate is a factor used to determine the
amount to be charged for a certain amount of insurance
coverage, called the premium. Risk management, the
practice of appraising and controlling risk, has evolved as a
discrete field of study and practice.
6

7. INSURANCE
LIFE GENERAL
INSURANCE INSURANCE
7

8. Life Insurance Corporation of India (LIC) was formed in September
1956 by an Act of Parliament, LIC Act 1956 with a contribution of Rs.
50 million.
Subsidiary of Life Insurance:
1. Birla Sun Life Insurance
2. SBI Life Insurance
3. ICICI Prudential
4. Kotak Mahindra
8

9. 9

10. 10

11. Prior nationalization there were 68 Indian insurers (including
LIC) and 45 non-Indian insurers did the business.
In Nov. 1972, the general insurance business was nationalized by
the General Insurance Business (Nationalized), Act 1972
(GIBNA) and vested in the hand of the GIC and its four
subsidiaries viz.
1. National Insurance Co. Ltd.,
2. New India Assurance Co. Ltd.,
3. Oriental Fire and General Insurance Co. Ltd., and
4. United India Insurance Co. Ltd.
11

12. 1. To perform his / her duties in high esteem.
2. To give utmost priority to the client's
interest.
3. Not to disclose client's confidential and
personal information.
4. To ensure prompt and sincere service to the
client and his or her family.
5. To use appropriate methods in convincing
clients to protect their insurable interest. 12

13.  Establishing and defining the client
 Gathering client data, including goals
 Analyzing and evaluating the financial status
 Developing and presenting Financial Planning
recommendations
 Implementing the Financial Planning recommendations
13

14. Two types of Books
14

15. 15

16. 16