The study of life Insurance products being offered by the global market in insurance cms college, kanpur, Mc-robertganj

IDBI federal Life Insurance Co. Ltd. 2013
Ankit Mohan Lal Page 1
The study of life Insurance products being offered
by the global market in insurance
(A summer training project report submitted in partial fulfillment of
the requirement of Master of Business Administration)
(Session 2012-2014)
Under the guidance of: Submitted By:
Mr. UPENDRA SINGH ANKIT MOHAN LAL
(MANAGER DISTRIBUTION) MBA 3rd
Sem. GBTU
IDBI FEDERAL LIFE INSURANCE Roll No.-:1205070008
Co. LTD.
COLLEGE OF MANAGEMENT STUDIES
Mc – Robertganj, Kanpur, 208001
(Affiliated to Gautam Budhdha Technical University, Lucknow)
Formerly known as Uttar Pradesh technical University

CONTENTS
S.N. Topic Page
Declaration i
College Certificate ii
Company Certificate iii
Acknowledgement iv
Preface v
PART – A
1. Introduction of Insurance
2. Introduction of life Insurance Business
 History of Insurance
 Scope of Insurance business in India
3. The Decision Process
4. Market Segmentation
 Resistance to Insurance
 Managing Information
5. Introduction of IRDA
6. Overview of IDBI Federal Life Insurance
7. Product of IDBI Federal Life Insurance

PART – B
8. Objective of Research Plan
9. Methodology used in Study
10. Life Insurance Product
11. Questionnaire Designing
12. SWOT Analysis
13. Suggestion and Recommendation
14. Limitation
15. Conclusion
16. Bibliography
17. Annexure
 Questionnaire

DECLARATION
I, ANKIT MOHAN LAL, Student of College of Management
Studies, Mc – Robertganj, Kanpur of 3rd
Semester, hereby declare
that the research project report having the title “The study of Life
Insurance Products being offered by the Global Market in
Insurance” is the outcome of my own work and effort and the same has
not been submitted by any university/College/Institution for Professional
degree.
Date: 17/Jan./14 ANKIT MOHAN LAL
Place: Kanpur 3rd
Sem. CMS KANPUR
Roll No. 1205070008

Acknowledgement
Doing a project work of this nature is an arduous task in itself was
fortunate enough to get support from a large no. of person to whom I
shall always remain grateful.
My humble thanks are due to all my professor notable Dr. M. A.
Naqvi (Director) for teaching me practical, paramagnetic and possible
approach.
I would also like to thank the ex. Customer of IDBI Federal Life
Insurance Co. Ltd. Based in Kanpur are who provided me all the
relevant information on the basis of which report has been prepared.
Lastly I would like to pay my special regards to all member of
IDBI Federal Life Insurance Co. Ltd. Forming for their encouragement
and full support for completing this project work.
Ankit Mohan Lal
(M.B.A.–3rd
Sem.)
College of Management Studies
(Mc-Robertganj Kanpur)

PREFACE
Life insurance business is booming in India. The business of life insurance is
related to the protection of the economic value of human life and this project is just
offered to draw the attention of individuals, who are interested in life insurance
business running by insurance regulatory Development Authority (IRDA).
Insurance industry has Ombudsmen in 12 cities. Each Ombudsman is
empowered to redress customer grievances in respect of insurance contracts on
personal lines where the insured amount is less than Rs. 20 lakh, in accordance
with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC
and other insurers.
This project likes just an extract of my rigorous work in Life Insurance
Companies, and I hope the beneficiaries’ decision regarding recruitment of advice;
or, all information and data. This responsibility really in hence my effective
communication and convincing power and such quality will help me in near future
for having decision making.

PART - A

Introduction of Insurance
Insurance is a contract between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the premium), the insurance
company promises to pay a specified amount to the insured on the happening of a
specified event.
As the first step in helping you to gain the knowledge you need to become a
professional and successful life insurance agent, we are going to first take an
overview of life insurance – what it is and why it is needed.
In seeing how life insurance works we will need to make reference to the insurance
market as a whole – insurance is available for many other things, not just for
human life – but our focus will remain firmly on the life insurance part of it.
How does insurance work
We can move on to understanding how insurance works exactly.
Case study:-
Ajay is 35 years old and works for a multinational corporation (MNC). He has a 10
year old son, Vijay, whom he dreams will one day become a doctor. Ajay’s spouse
is a housewife, and his parents are retired and depend on him. Ajay has a home
loan and is making monthly investments for Vijay’s higher studies and marriage
and his own retirement. Ajay wants to ensure that Vijay gets the best of everything
and that he himself is not depend on Vijay during his retirement in the way that
Ajay’s parents are on him. So far everything is going well with Ajay’s plans. But
imagine what will happen in the following scenario.
One day while returning home from the office Ajay has an accident and dies. What
will happen? Who will take care of the family, Vijay’s education and marriage, the
home loan etc? What are options available to Ajay so that his family can be taken
care of in his absence?
Life insurance provides protection to a family on the untimely death of income
provider. If Ajay has adequate life insurance cover, then should he die, the money
received from the life insurance company can help to support his family. The

insurance money will help to take care of the family’s living expenses, Vijay’s
education and marriage, and the cost of the home loan etc.
Let us continue with our case study of Ajay. The risk of premature death described
above is only one of the risks that Ajay faces. He faces any other risks – that he
will need medical care at some point, that his home may burn down, for instance.
Ajay can handle these risks in different ways.
 Risk retention: One, not very wise way, of handling these risks is to retain
them, i.e. for Ajay to bear the risk that he will have to provide these situations
himself, and so do nothing about them. While times are good and none of these
events happen, Ajay need not be worried. But the moment any one of them does
happen, Ajay will be in trouble. So it is definitely not wise for Ajay retain, or
handle, these risks himself.
 Risk transfer: the other way of handling these risks is to transfer them to
someone who can handle them properly. In simple words, the process of
transferring risks from one person who does not have the capacity to bear them to
someone who does have the capacity for them, is known as insurance.
At this point, it may be useful to return to our definition of insurance:
Insurance is a contract between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the premium), the insurance
company promises to pay a specified amount to the insured on the happening of a
specified event.
So, from the above explanation we can see that insurance is:
 The process of transferring the risk from the owner (insured person);
 To another party (insurer) who can bear that risk;
 In for a consideration (premium).
 Role of financial services and insurance: we can see from all of this that a
well – developed and evolved insurance sector benefits economic development and
at the same time strengthens the risk – taking ability of the country.
Insurance has a role o play at the individual level too. Some of the benefits for the
policyholder are shown below:

Investment option Insurance products are an excellent investment option
where the policyholder not only gets the advantage of
insurance cover, but also a return on their investments
based on their risk appetite.
Protection of financial
security
Insurance companies provide compensation in case
something happens to the assets or the individual insured,
as per the terms and conditions of the policy. Life
insurance protects the family against the loss of the
income provider, helping to provide for the family’s
needs and the children’s education and marriage. Hence
the effect of loss is considerably reduced for and
individual.
Tax benefits Insurance offers considerable tax benefits under the
income tax act 1961. Premium paid up to Rs. 1,00,000
qualifies for education from taxable income under
section 80C of the Act, subject to certain terms and
conditions. The death benefit or the maturity benefit
received by the nominee or the policyholder is tax – free
under section 10 (10D) of the Act, as per prevailing laws,
before premium paid up to Rs. 1,00,000.
Planning for life stage
needs
Today the insurance products that are being offered by
insurance companies are designed to suit the needs of
individuals in different age groups. This allows
individuals to invest in insurance policies to meet their
various and changing priorities.
Develops the habit of
saving
An individual learns to save a certain amount of money
from their income in order to pay their insurance
premium. This encourages the habit of saving among
individuals.
Loan against
insurance policy
Individuals can also take out a loan against their insurance
policies, subject to the conditions and privileges of the policy,
without affecting any policy benefits.
Releases capital and
management
When the management of a company knows that many of
the risks faced by the company are covered by insurance,
they no longer need to set funds aside to cover the impact
of those risks taking place. They are also free to
concentrate on developing and growing their business.
This makes the company more effective, which in turn
helps to improve the overall economy of the country.

Introduction of Life insurance Business
Life insurance companies risks that relate to human lives. They offer
different benefits under different types of products and cover the risk of early
death, as well as the risk of living into old age. Under traditional plans, like term
insurance plans, insurance companies provide death cover. If the insured person
dies within the term of policy then the nomineebeneficiary amount (also known as
sum assured).
The key objectives of the IRDA include the promotion of competition with a
view to increasing customer satisfaction through more consumer choice and lower
premiums, while insuring the financial security of the insurance market. The IRDA
has the power to make regulations under section 114A of the insurance Act 1938.
Since 2000 it has introduced various regulations ranging from the registration of
companies for carrying on insurance business to the protection of policyholder’s
interests.
The insurance Act 1938 and GIBNA were amended which removed the
exclusive privilege of GIC and its four subsidiaries to write general insurance in
Indi. As a result, general insurance business was opened up to the private sector.
Types of Insurance Organizations
Insurance organizations are divided into three main categories, as the
following figure shows. We will look briefly at the various products the different
types of insurance organizations offers in below sections:
Insurance
Life
Insurance
Non-Life
Insurance
Reinsurance

Life insurance companies
Life insurance companies cover risks that relate to human lives. A
professional market insures that the customer gets what they are looking for rather
than what the company wishes to sell them. This is called ‘needed – based
selling’. A customer who is confident that they will only be sold a product that
meets their needs is more likely to buy again, and recommended insurance to
others. The insurance industry’s regulator (the IRDA) has been proactively trying
to address concerns about miss-selling, which is where a customer has been sold a
policy that does not meet their needs in some way. When this happens the public
becomes wary and cynical about the value of insurance.
Non – life insurance companies
Non – life insurance companies generally cover risks other than those
relating to human lives. The exceptions to this are personal accident and health
insurance, which are provided by non – life insurance companies. Any assets their
gives a monetary return (such as house given on rent), or offers convenience can be
insured. All assets are exposed to various risks: they can be damaged or destroyed
by fire, earthquake, riot, flooding, theft, cyclones etc. non – life insurance
companies offer product that cover these risks and compensate the owner should
the assets be damaged by one of them. It is a product from this type of company
that an individual would buy to protect their assets.
Reinsurance companies
We saw in section A2 earlier that insurance is a risks transfer mechanism.
Risk is transferred from those who are unable to bear it to those who can.
However, insurance companies can only take on so much risk. Once that limit is
reached, the insurer itself is exposed to the risk of loss. When this happens insurer
look to transfer some of their risks to someone else to shield themselves from
overexposure. This is where reinsurance companies come into use. A reinsurance
company is an insurer for the insurance company. Reinsurance companies take on
a certain percentage of the risks on the insurance company’s book, in return for the
payment of a consideration.

Roles in the insurance industry
History of insurance
Constituents of the
insurance market
Agents
Corporate Agents
Intermediaries
Underwriters
Acturies
TPAs
Surveyrs/loss adjusters
The regulator
Training Institutes
NGOs - Protecting the
customers' right

The history of insurance in India is deep – rooted. Since the earliest times
insurance has been carried out in some from or other. Insurance in India has
developed over time and has taken ideas from countries – England particular.
The history of insurance in India can be divided into three phases as follows:
Phase I – Pre – liberalisation
1818-1829 First insurance company: in 1818 the oriental life insurance in
kolkata (then calcutta) was the first company to start a life
insurance business in India. However, the company failed in 1834.
In 1829 he Madras Equitable had begun transacting life insurance
business in Madras Presidency.
1870 Following the enactment of the British insurance Act 1870, the last
three decades of the 19th
century saw the creation of the Bombay
mutual (1871), oriental (1874) and empire of India (1897) in the
Bombay residency.
1912 The Indian life assurance Companies act 1912 was the first statuary
measure to regulate life business.
1928 The Indian insurance companies Act 1928 give the government the
power to collect statistical information about both life and non – life
business transacted in India by Indian and foreign insurers,
including provident insurance societies
1938 To protect the interest of the insuring public, the earlier legislation
Phase I - Pre - liberalisation
Phase II - Liberalisation
Phase III - Post - liberalisation

was consolidated and amended by the insurance Act 1938 which
gave the government effective control over the activities of insurers.
1950 In the 1950s, competition in the insurance business was very high
and there were allegation of unfair trade practices. The government
of India therefore decided to nationalize insurance business.
1957 Formation of the general insurance council (GIC): GIC presents the
collective interests of the non – life insurance companies in India.
The council speaks out on issues of common interest participate in
discussion related to policy formation, and Acts as an Advocate for
high standards of customer service in the insurance industry.
1972 The general insurance business (nationalization) Act 1972 (GIBNA)
was passed. The general insurance corporation of Indian (GIC) was
formed in pursuance of section 9(1) of GIBNA. It was in corporate
on 22 nov. 1972 under companies Act. 1956as a private company
limited by shares.
Phase II – Liberalisation
The international payment crisis of the 1990s forced the government to we think its
industrial policies and regulations. The government only had enough foreign
currency reserves to finance a few days of imports.
1993 Malhotra committee: In 1993 the government set up a committee
under the chairmanship of R.N.Malhotra, the former governer of
RBI, to make recommendations for the reform of the insurance
sector. In its report in 1994, the committee recommended, among
other things, that the private sector and foreign companies ( but
only through a joint venture with an Indian partner) be permitted to
enter the insurance industry
1999 Formation of IRDA: following the recommendations of the
Malhotra committee report, the insurance regulatory and
development authority (IRDA) was constituted as an Autonomous
body in 1999 to regulate and develop the insurance industry. The
IRDA was incorporated as a statuary body in April 2000
Phase III – Post – liberalisation

As we have seen, following the recommendations of the Malhotra committees, the
insurance sector was opened to private companies. Foreign companies were also
allowed to participate in the Indian insurance market through joint ventures (JVs)
with Indian companies. Under current regulations the foreign partner can’t hold
more than 26% stake in the joint venture.
Recent development in the Insurance Industry
By 2010 India was the fifth largest insurance market in the world and it is still
growing rapidly:
Growing importance of
IT
All insurance companies now use information
technology to benefit their business and to improve
convenience for their customers. Today, customers
can pay their premiums and check the status and
other details of their policies company’s website.
Updates relating to the receipt of premiums or
changes to their policy or sent to the customer
through mobile SMS.
Bancassurance Many banks have joined with insurance companies to
cross – sell insurance products to their customers.
Insurance companies benefit from the wide network
and loyal customers base of banks, and the
contribution that Bancassurance makes to insurance
sells has steadily grown over the last few years. The
banks benefit through being able to provide value
added products to their customers and from the fee
income they received in return from the insurance
companies. Many banks have started their own life
insurance subsidiaries.
Online sells Most of the insurance companies have now started
selling insurance products online. This eliminates
the needs for an intermediary and reduces costs. The
saving can be passed to customers in the firm of
reduced premium.
Micro – insurance Micro insurance guidelines were issued by the IRDA
in 2005. Micro – insurance products provide
insurance protection to people in lower income
groups, such as self – help group (SHG)s members,
formers, rickshaw pullers and others against the risks

that they and their assets are exposed to. The
premiums for these products me be as low as Rs. 15
and are collected on a weekly basis. The minimum
life insurance cover specified by the regulator for this
category is rupees 5.000 and the maximum cover that
can be provided is rupees 50.000 people work in
agriculture and allied activities are exposed to the
Hazards of nature so they need protection against
risks like monsoon failure, floods etc. this is where
micro – insurance can come to their rescue.
Grievance redressal Whenever any industry is experiencing fast growth
there are bound t be concerns, and the insurance
industry is no different. There has been an increase in
complaints from customers about the settlement their
claims and customer service in general. As we saw
earlier, the IRDA has taken steps to protect the
interest of the policyholders. It has asked insurance
companies to set – up internal customer grievance
redressal sells/departments, and an insurance
ombudsman has been established.
The latest initiative from the IRDA is the setting – up
of a call centre which an insured can contact to seek
the resolution of a grievance they have against their
insurer. The unhappy customer can either call a toll
free number (155255) or e – mail:
complaints@irda.gov.in to register their complaints.
Huge scope for insurance market

Tags: fifth Insurance Summit of the Indian Chamber of Commerce
Insurance Regularity Development Authority
“Indian insurers
should think of having
ATMs like banks for
cash payment against
surrendered or matured
policies.” Sudhin Roy
Chowdhury, Member
(Life) of Insurance
Regularity Development
Authority (IRDA) said
this today while
addressing the 5th
Insurance Summit in
Kolkata, organised by the
Indian Chamber of
Commerce.
“ATM card can be issued to each policy-holder while signing for the policy,
which they would be able to use after surrender or maturing the policy. Otherwise,
poor policy-holders of interiors have to open bank accounts and are forced to
deposit a major portion in fixed deposits and end up with a paltry sum in their
hands.” He was addressing a gathering of the insurers and other stake-holders at
the fifth Insurance Summit of the Indian Chamber of Commerce in Kolkata.
The IRDA member does not consider that the Indian insurance sector is lagging
behind and tremendous scope of growth is there. He advised the players to look at
Health and Pension sector for future growth.
“The LIC is currently enjoying 95 per cent of the present Pension market,
which is a negligible portion of the total market potential,” he said. Advising them
to think beyond ‘captive customers’, he said, presently 24 life insurance companies
and 26 non-life insurance companies are in Indian market. “Lots of mergers are
expected in near future as huge foreign players are expected to enter the market.”
Indian companies can survive with innovative products and world-class customer
services. He advised the players to think about One-Time Premium products as
“there is strong appetite for such products.”

Industry sources hinted that IRDA is likely to consider hiking the cap on
FDI from present 26 per cent to 49 per cent soon. “The regulator is also
considering the introduction of policy portability, where by a policy-holder can
migrate to another health insurer without incurring any loss of benefits,” said Mr.
Rajiv Mundhra, the senior vice-president of Indian Chamber of Commerce.
Before him, Indian head of the Financial Services, Accenture Management
Consulting Samir Bali urged to make the industry free from frauds from their
claims delivery system. “Make the claims settlement process easy, hassle-free and
free from frauds which paint the whole industry in bad light.” Releasing the gist of
the ‘Knowledge Partners; Report’, done by Accenture, Mr. Bali said, “Current
percentage of fraudulent activities in Indian Insurance sector is about 10 to 15
percent, which is slightly less than US.” The report dealt with distribution system,
competition, maintaining high growth level, maintenance of data privacy and
management, digital experiences, new segments and geographical locations and
host of other areas. He feels the buzz word in insurance sector has changed from
‘Opportunity’ to Challenges.
However, Swaraj Krishnan, the Managing Director of Magma HDI general
Insurance Company Limited do not subscribe this view and feels, “There is enough
opportunity, but the way has to be discovered. It’s not that it is impossible. Only
Insurance companies have to bring their brains together and find out the way. But,
the message has to be sent to customers that these companies are not to cheat them,
but deliver.”

The decision process
Appeals
If your health insurer refuses to pay a claim or ends your coverage, you have the
right to appeal the decision and have it reviewed by a third party.
You can ask that your insurance company reconsider its decision. Insurers have to
tell you why they’ve denied your claim or ended your coverage. And they have to
let you know how you can dispute their decisions.
You’re right to appeal
There are two ways to appeal a health plan decision:
 Internal appeal: If your claim is denied or your health insurance
coverage cancelled, you have the right to an internal appeal. You may
ask your insurance company to conduct a full and fair review of its
decision. If the case is urgent, your insurance company must speed up
this process.
 External review: You have the right to take your appeal to an
independent third party for review. This is called external review.
External review means that the insurance company no longer gets the
final say over whether to pay a claim.
Internal Appeals
There are 3 steps in the internal appeals process:
1. You file a claim: A claim is a request for coverage. You or a
health care provider will usually file a claim to be reimbursed for
the costs of treatment or services.

2. Your health plan denies the claim: Your insurer must notify you
in writing and explain why:
 Within 15 days if you’re seeking prior authorization
for a treatment
 Within 30 days for medical services already received
 Within 72 hours for urgent care cases
3. You file an internal appeal: To file an internal appeal, you need
to:
 Complete all forms required by your health insurer. Or
you can write to your insurer with your name, claim
number, and health insurance ID number.
 Submit any additional information that you want the
insurer to consider, such as a letter from the doctor.
 The Consumer Assistance Program in your state can
file an appeal for you.
You must file your internal appeal within 180 days (6 months) of receiving notice
that your claim was denied. If you have an urgent health situation, you can ask for
an external review at the same time as your internal appeal.
If your insurance company still denies your claim, you can file for an external
review.
What papers do I need?
Keep copies of all information related to your claim and the denial. This includes
information your insurance company provides to you and information you provide
to your insurance company like:

 The Explanation of Benefits forms or letters showing what
payment or services were denied
 A copy of the request for an internal appeal that you sent to your
insurance company
 Any documents with additional information you sent to the
insurance company (like a letter or other information from your
doctor)
 A copy of any letter or form you’re required to sign, if you choose
to have your doctor or anyone else file an appeal for you.
 Notes and dates from any phone conversations you have with your
insurance company or your doctor that relate to your appeal.
Include the day, time, name, and title of the person you talked to
and details about the conversation.
 Keep your original documents and submit copies to your insurance
company. You’ll need to send your insurance company the original
request for an internal appeal and your request to have a third party
(like your doctor), file your internal appeal for you. Make sure to
you keep your own copies of these documents.
What kinds of denials can be appealed?
You can file an internal appeal if your health plan won’t provide or pay some or all
of the cost for health care services you believe should be covered. The plan might
issue a denial because:
 The benefit isn’t offered under your health plan
 Your medical problem began before you joined the plan
 You received health services from a health provider or facility that
isn’t in your plan’s approved network

 The requested service or treatment is “not medically necessary”
 The requested service or treatment is an “experimental” or
“investigative” treatment
 You’re no longer enrolled or eligible to be enrolled in the health
plan
 It is revoking or canceling your coverage going back to the date
you enrolled because the insurance company claims that you gave
false or incomplete information when you applied for coverage
How long does an internal appeal take?
 Your internal appeal must be completed within 30 days if your
appeal is for a service you haven’t received yet.
 Your internal appeals must be completed within 60 days if your
appeal is for a service you’ve already received.
 At the end of the internal appeals process, your insurance company
must provide you with a written decision. If your insurance
company still denies you the service or payment for a service, you
can ask for an external review. The insurance company’s final
determination must tell you how to ask for an external review.
What if my care is urgent and I need a faster decision?
In urgent situations, you can request an external review even if you haven’t
completed all of the health plan’s internal appeals processes. You can file an
expedited appeal if the timeline for the standard appeal process would seriously
jeopardize your life or your ability to regain maximum function. You may file an
internal appeal and an external review request at the same time.
A final decision about your appeal must come as quickly as your medical condition
requires, and at least within 4 business days after your request is received. This

final decision can be delivered verbally, but must be followed by a written notice
within 48 hours.
External Review
There are 2 steps in the external review process:
1. You file an external review: You must file a written
request for an external review within 60 days of the date
your insurer sent you a final decision. Some plans may
allow you more than 60 days to file your request. The
notice sent to you by your health insurance issuer or
health plan should tell you the timeframe in which you
must make your request.
2. External reviewer issues a final decision: An external
review either upholds your insurer’s decision or decides
in your favor. Your insurer is required by law to accept
the external reviewer’s decision.
Types of denials that can go to external review
 Any denial that involves medical judgment where you or
your provider may disagree with the health insurance
plan
 Any denial that involves a determination that a treatment
is experimental or investigational

 Cancellation of coverage based on your insurer’s claim
that you gave false or incomplete information when you
applied for coverage
What are my rights in an external review?
Insurance companies in all states must participate in an external review
process that meets the consumer protection standards of the health care
law.
State: Your state may have an external review process that meets or
goes beyond these standards. If so, insurance companies in your state
will follow your state’s external review processes. You’ll get all the
protections outlined in that process.
Federal: If your state doesn’t have an external review process that meets
the minimum consumer protection standards, the federal government’s
Department of Health and Human Services (HHS) will oversee an
external review process for health insurance companies in your state.
Depending on your plan and where you live, the following may apply to
you:
 Insurance companies may choose to participate in an
HHS-administered process or contract with independent
review organizations in states where the federal
government oversees the process.
 If you’re in an employer-sponsored health plan, you may
not be eligible to participate in a state-run external
review process.

 If your plan doesn’t participate in a state or HHS-
administered external review process, your health plan
must contract with an independent review organization.
How do I learn more about my state’s external review?
 Look at the information on your Explanation of Benefits
(EOB) or on the final denial of the internal appeal by
your health plan. It’ll give you the contact information
for the organization that will handle your external
review.
 See this state list maintained by the HHS’s Center for
Consumer Information & Insurance Oversight.
How long does external review take?
Standard external reviews are decided as soon as possible - no later than
60 days after the request was received.If my health insurance
company participates in the HHS-administered external
review process, how do I request an external appeal?
 Submit a request via email: disputedclaim@opm.gov
 Visit www.externalappeal.com. In the future, you’ll be
able to file a request using a secure website.
Health Insurance

What is health insurance?
Presenting the IDBI
Federal
Healthsurance Hospitalisati
on and Surgical Plan. If
you’re aged 18 years to 55
years and currently in good
health, this new insurance
plan is designed to help
you manage the extra
financial burden that comes
with hospitalisation, by
providing a wide range of
attractive benefits.
Here are the few reasons why you should include Healthsurance in your
financial plan.
Don’t say it will not happen to me
Every year, millions of adults in India are
admitted to hospitals due to illness or injury.
Even if you think it will not happen to you, there
is unfortunately a very real chance that it will.

The costs involved in even the shortest hospital stay can be difficult to
meet for many individuals and families. On top of the costs of the treatment
itself, household bills still need to be paid and there could be extra costs to
cover, such as travel expenses for family visits and additional childcare costs.
That’s why IDBI Federal Life Insurance Co. Ltd. Developed the IDBI
Federal Healthsurance Hospitalisation and Surgical Plan. If you are aged 18
years to 55 years and currently in good health, this new insurance plan is
designed to help you manage the extra financial burden that comes with
hospitalisation, by providing a wide range of attractive benefits.
A health plan without the headache
Every year, millions of adults in India
are admitted to hospitals due to illness
or injury. With the sharp rise in lifestyle
diseases in the country, hospitalization
has now become a real chance for most
of us. Yet, when you bring up
hospitalization, “It won’t happen to
me!” is the typical response from
people at large.
It is this insight that helped us create IDBI Federal Healthsurance®
Hospitalisation
and Surgical Plan. This new insurance plan offers a host of features and benefits
that are designed to help you manage the extra financial burden that comes with
hospitalisation.
Why Healthsurance?

The costs involved in even the shortest hospital stay can be difficult to meet
for many individuals and families.
Apart from the costs of the treatment
itself, household bills still need to be
paid and there could be extra costs to
cover, such as travel expenses for
family visits or additional childcare
costs. You need a plan to help you to
manage this extra financial burden.
Advantage of Healthsurance
IDBI Federal
Healthsurance Hospitalisation and
Surgical Plan is a power packed
plan with loads of benefits that
aim to keep you tension free.
 Daily hospital cash benefit
paid for each day (24 hours) spent
in an eligible hospital (from day 2
onwards): Rs. 500, Rs. 1,000, Rs.
1,500 or Rs. 2,000 depending on
your choice of benefit level
 Higher daily hospital cash benefits of Rs 3,000 and Rs. 4,000 available,
subject to suitable proof of income
 Additional daily benefit equal to the daily hospital cash benefit, from
day 2 onwards for hospitalisation in an Intensive Care Unit, (up to an
overall maximum daily benefit of Rs. 5,000)
 Additional lump sum surgery benefit paid if you undergo any of the
wide range of surgical procedures specified in this brochure: either 50
or 100 times your chosen daily benefit, depending on the severity of the
surgery

 Three times your daily hospital cash benefit paid as a lump sum
convalescence benefit (maximum once per year) if your hospital stay is
at least 168 continuous hours (at least 7 consecutive days)
 Generous total benefit limits. Up to 500 times your daily hospital cash
benefit each year; up to 2,000 times your daily hospital cash benefit
over the lifetime of your policy
 Cover lasts until you are aged 65 years, provided you continue to pay
your premiums in the agreed manner and as long as your lifetime
benefits limit (2,000 times your daily hospital cash benefit) has not
been reached
 Your choice of nominee, to whom any outstanding benefits will be
paid, in the event of the death of the insured person
 Low-cost monthly premiums that depend on your age at the outset
(please see table). Your premium will never increase because of any
changes in your age, health, or the number of claims you make.
However, IDBI Federal Life Insurance Co. Ltd. does reserve the right
(subject to IRDA approval) to increase premiums in the future across
all its specified plans.
Note: In this plan, "hospitalisation" means any admission in hospital upon
the written advice of a medical practitioner for the purpose of necessary
medical treatment of an illness or injury and resulting in an overnight stay.
It’s easy to apply, and enjoy peace of mind. To apply for the protection of the
IDBI Federal Healthsurance®
Hospitalisation and Surgical Plan, simply
choose the level of cover you require from the table below and complete the
application form.
Surgical procedure

Excluded occupations
Dangerous or hazardous occupations
Applications for cover will not be accepted from anyone working in any
occupation described below at the time of applying. In the event of a claim
whilst the insured person is active in any of these occupations, the claim will
only be considered with the provision of proof that the insured person was
not working in any of these occupations at the commencement date.
 Working in confined spaces in vessels, tunnels, underground civil
works, mines, rigs (including offshore rigs) or ships
 Industrial work using heavy machinery or working as a welder
 Working in the agricultural sector or as a forestry worker or as timber
camp personnel
 Working with toxic chemicals or explosives or in weapons manufacture
or trading, or in the demolition trade
 Working in transport business (unless only doing clerical work)
 Working at heights (at least 20 metres above the ground or floor level)
 Working as a fireman, security guard or patrolman, or as a member of
the police force or serving in the armed forces

Changing demographics are increasing the number of age
discrimination claims

Demographics are creating potential problems for employers in terms of age
discrimination claims.
Between the 2000 and the 2010 U.S. census, for instance, U.S. residents age
60 and older increased to 18.5% of the population from 16.3% as baby
boomers increasingly moved into the senior age brackets.
As the population ages, there is “going to be an increased focus” on age
discrimination claims, said Diana Hoover, a partner with law firm Hoover
Kernell L.L.P. in Houston.
Jeffrey D. Polsky, a partner with law firm Fox Rothschild L.L.P. in San
Francisco, said “The workforce is obviously aging, and when an older
employee leaves the workforce, more often than not they're going to be
replaced by somebody younger.”
Employers “need to ... be sure that they can link to a legitimate,
nondiscriminatory reason why a particular employee wasn't meeting their
expectations,” he said.
Global life insurance premiums
 Non-life premium growth picked up to 2.6% in 2012, while life premiums
resumed growth, rising by 2.3%. Overall premium volume expanded, but
developments in Western Europe, China and India weighed on the result.
 Premium growth will likely improve further in the near term. The gradual
hardening of prices in non-life insurance is likely to broaden and deepen.
In life insurance, China and India are expected to rebound in 2013.
However, the weak economy in the Eurozone will remain a drag on
insurance demand in the region.
 Asian insurance markets will continue to rise in importance over the next
10 years. In the very long-run, projected population patterns suggest that
Africa could become the next star of the industry.
Non-life premium growth picked up in 2012

 Premium volume for non-life business increased by 2.6% in 2012 to
USD 1 992 billion (2011: 1.9%). However, this is still less than the
average pre-crisis growth rate. In emerging markets, non-life premiums
expanded by 8.6% in 2012 (2011: 8.1%). The recovery in the advanced
markets gained momentum with growth picking up to 1.5% (2011:
0.9%), the fourth consecutive year of rising premiums following the
decline in 2008.
 Daniel Staib, one of the authors of the study, says: "Premium growth
held up well given the challenging economic environment. The non-life
market was supported by steady increases in risk exposures in
emerging markets and by selective premium rate increases in some
advanced markets, particularly in Asia."

Penetration
The Insurance Regulatory and Development Authority (IRDA) has informed
that the total insurance penetration, which is the ratio of insurance premium
as a percentage of GDP has increased from 2.32 in 2000-01 to 5.10 in 2010-
11. The life insurance penetration has decreased from 4.60 in 2009-10 to 4.40
in 2010-11, whereas the non-life insurance penetration has increased from
0.60 in 2009-10 to 0.71 in 2010-11.
The insurance penetration is impacted by several macro-economic factors
such as growth, inflation, interest rates, small savings return and returns of

competing financial products offered by banks and mutual funds.
The IRDA undertakes a sustained insurance education campaign under the
brand name Bima Bemisaal. The campaign seeks to educate the uninsured
and the insured about the need for insurance, rights, obligations of
policyholders etc through various media channels viz. print, radio and
television. IRDA also supports consumer bodies in conducting seminars and
workshops on insurance in various parts of the country in order to create
awareness about insurance. The Bima Bemisaal campaign is carried out in
various Indian languages including Hindi, apart from English. IRDA has also
brought out educational material for the public and policyholders. Further, to
create awareness, IRDA over the last two years has started conducting yearly
seminars exclusively on policyholder protection and welfare that brings
together all stakeholders including consumer representatives.
This information was given by the Minister of State for Finance, Shri Namo
Narain Meena in written reply to a question in Rajya Sabha today.
Indian pension funds total assets
Pension funds, those stalwarts of conservative investment, are continuing to
move into alternative assets faster than any other kind of investor, according
to data gathered in 2012.
“We have always asked managers to report total assets under management
and, as compared with last year, it has remained relatively stable, with
pension funds accounting for about a third of total assets under
management,” says Luba Nikulina, global head of private markets research.
In addition, this year the survey investigated wealth managers, banks and
funds of funds for the first time. This yielded a large part that had been
missing from the jigsaw. Wealth managers, it transpires, are the second-

largest investor type after pension funds, accounting for 19 per cent of assets
held by the top 100 managers.
The survey, which reveals an ever more complete picture of investor
preferences, yields some data that stand out. For example, most investors
have either very little or no exposure to direct commodities funds, but wealth
managers allocated 22 per cent of their assets to this class.
“This is a big surprise,” says Mr Rajan. “But I suspect the figure is focused
on gold held by Asian wealth managers, especially in India.”
He adds that many investors ask funds of funds to run separate accounts for
them, which would still show as a funds of funds choice in this survey.
Increasingly, investors are making choices about direct funds themselves, and
not just because it is cheaper to do so.
Achieving goals, exceeding expectations
A modernized life insurance platform can help achieve a number of critical
objectives, including:
 Reduced operational costs. Legacy platforms are expensive to maintain
and upgrade. A modern platform can typically reduce IT operating costs
by 20 to 30 percent, application and infrastructure costs by 25 percent,
and service costs per policy by 30 percent.
 Improved speed to market. Platform modernization allows life insurers
to swiftly modify existing products and launch new ones, reducing the
time to market by two to six months.
 Efficiently provide new, innovative services. Consumers want a
variety of channels when interacting with their insurer. An optimized
platform replaces product silos with a customer-centric operating model,
improving transparency and convenience.
 Be technologically nimble and cost effective. Modern systems bring
advantages like service-oriented architecture (SOA) compliance, the
ability to reuse common services, and quicker transaction time. They
also deliver an integrated multi-channel distribution capability.
 Improve underwriting and pricing accuracy. Modern systems help
insurers gain a better understanding of the risks they cover by providing

more sophisticated analytics and a more flexible and robust underwriting
rules capability.
 Reduce business and IT risk. Modern platforms are better able to
report on risk and comply with regulatory requirements.
The below charts illustrate the typical benefits of platform
modernization:
Most insurers recognize that they need an optimized operating platform to
meet these objectives—yet so many are still reliant on old systems.

Market segmentation
Market Segmentation This document prepared and presented by
Business Resource Software, Inc. Market segmentation the purpose for
segmenting a market is to allow your marketing/sales program to focus on the
subset of prospects that are most likely to purchase your offering.
If done properly this will help to insure the highest return for your
marketing/sales expenditures. Depending on whether you are selling your
offering to individual consumers or business, there are definite differences in
what you will consider when defining market segments.
Category of Need
The first thing you can establish is a category of need that your offering
satisfies. The following classifications may help.
For businesses strategic: your offering is in some way important to the
enterprise mission, objectives and operational oversight. For example, a
service that helped evaluate capital investment opportunities would fall into
this domain of influence. The purchase decision for this category of
offering will be made by the prospect's top level executive management.
Operations - your offering affects the general operating policies and
procedures.
To reach different markets or to promote your products to different
locations or people one has to use a method called market segmentation.
"Market segmentation describes the division of a market into homogenous
groups which will respond differently to promotions, communications,
advertising and other marketing mix variable" (Cumming). Market
segmentation is extremely important for companies around the world. If a
company doesn't research the area in which they are going to market or
they put a product that is either to expensive or to elaborate in an area that
can't afford that then they will fail as a company. In my paper I will
discussion why market segmentation is used in around the world, the types
of segmentation, some techniques used to make segmentation work the

best.
Market segmentation is to divide the market into smaller segments. The
reason for dividing the market is to make it easier to address the needs of
smaller groups of customers, particularly if they have many characteristics
in common (Breen). It is easier if you find things in common that are the
same such age, gender, benefits, lifestyles, etc. We also use market
segmentation to find niches or to identify under-served or un-served
markets. "Using niche marketing, segmentation can allow a new company
or new product to target less contested buyers and help a mature product
seek new buyers" (Cumming). Niche marketing can also take a normally
large, identifiable group within a market break it into sub groups so
marketing can become easier. Niching offers smaller companies an
opportunity to compete by forcing their limited resources on serving niches
that may be unimportant to or overlooked by larger competitors (Mariotti).
In many markets today, niches are normal, as agency executive observed,
"There will be no market for products that everybody likes a little, and only
for products that somebody likes a lot (Mariotti). Market segmentation is
also used to be efficient.
Insurance distribution:
Marketing of insurance products is done through two channels:
Resistance to insurance:

Lower Health Insurance Premiums to Come at Cost of
Fewer Choices:
WASHINGTON — Federal officials often say that health insurance will
cost consumers less than expected under President Obama’s. But they rarely
mention one big reason: many insurers are significantly limiting the choices
of doctors and hospitals available to
consumers.
When insurance marketplaces open on
Oct. 1, most of those shopping for
coverage will be low- and moderate-
income people for whom price is
paramount. To hold down costs,
insurers say, they have created smaller
networks of doctors and hospitals than
are typically found in commercial
insurance. And those health care providers will, in many cases, be paid less
than what they have been receiving from commercial insurers.
Some consumer advocates and health care providers are increasingly
concerned. Decades of experience with, the program for low-income people,
show that having an insurance card does not guarantee access to specialists or
other providers.
Consumers should be prepared for “much tighter, narrower networks” of
doctors and hospitals, said Adam M. Linker, a health policy analyst at the
North Carolina Justice Center, a statewide advocacy group.
“That can be positive for consumers if it holds down premiums and drives
people to higher-quality providers,” Mr. Linker said. “But there is also a risk
because, under some health plans, consumers can end up with astronomical
costs if they go to providers outside the network.”
Insurers say that with a smaller array of doctors and hospitals, they can offer
lower-cost policies and have more control over the quality of health care
providers. They also say that having insurance with a limited network of
providers is better than having no coverage at all.

“The networks will be narrower than the networks typically offered to large
groups of employees in the commercial market,” said Joseph Mondy, a
spokesman for Cigna.
The current concerns echo some of the criticism that sank the Clinton
administration’s plan for universal coverage in 1993-94. Republicans said the
Clinton proposals threatened to limit patients’ options, their access to care
and their choice of doctors.
At the same time, House Republicans are continuing to attack the new health
law and are threatening to hold up a spending bill unless money is taken
away from the health care program.
In a new study, the Health Research Institute of PricewaterhouseCoopers, the
consulting company, says that “insurers passed over major medical centers”
when selecting providers in California, Illinois, Indiana, Kentucky and
Tennessee, among other states.
“Doing so enables health plans to offer lower premiums,” the study said.
“But the use of narrow networks may also lead to higher out-of-pocket
expenses, especially if a patient has a complex medical problem that’s being
treated at a hospital that has been excluded from their health plan.”
In California, the statewide Blue Shield plan has developed a network
specifically for consumers shopping in the insurance exchange.
Juan Carlos Davila, an executive vice president of Blue Shield of California,
said the network for its exchange plans had 30,000 doctors, or 53 percent of
the 57,000 doctors in its broadest commercial network, and 235 hospitals, or
78 percent of the 302 hospitals in its broadest network.
Mr. Davila said the new network did not include the five medical centers of
the University of California or the Cedars-Sinai Medical Center near Beverly
Hills.
“We expect to have the broadest and deepest network of any plan in
California,” Mr. Davila said. “But not many folks who are uninsured or near
the poverty line live in wealthy communities like Beverly Hills.”

Daniel R. Hawkins Jr., a senior vice president of the National Association of
Community Health Centers, which represents 9,000 clinics around the
country, said: “We serve the very population that will gain coverage — low-
income, working class uninsured people. But insurers have shown little
interest in including us in their provider networks.”
Dr. Bruce Siegel, the president of America’s Essential Hospitals, formerly
known as the National Association of Public Hospitals and Health Systems,
said insurers were telling his members: “We don’t want you in our network.
We are worried about having your patients, who are sick and have
complicated conditions.”
In some cases, Dr. Siegel said, “health plans will cover only selected services
at our hospitals, like trauma care, or they offer rock-bottom payment rates.”
In New Hampshire, Anthem Blue Cross and Blue Shield, a unit of WellPoint,
one of the nation’s largest insurers, has touched off a furor by excluding 10 of
the state’s 26 hospitals from the health plans that it will sell through the
insurance exchange.
Christopher R. Dugan, a spokesman for Anthem, said that premiums for this
“select provider network” were about 25 percent lower than they would have
been for a product using a broad network of doctors and hospitals.
Anthem is the only commercial carrier offering health plans in the New
Hampshire exchange.
Peter L. Gosline, the chief executive of Monadnock Community Hospital in
Peterborough, N.H., said his hospital had been excluded from the network
without any discussions or negotiations.
“Many consumers will have to drive 30 minutes to an hour to reach other
doctors and hospitals,” Mr. Gosline said. “It’s very inconvenient for patients,
and at times it’s a hardship.”
State Senator Andy Sanborn, a Republican who is Chairman of the Senate
Commerce Committee, said, “The people of New Hampshire are really upset
about this.”

Many physician groups in New Hampshire are owned by hospitals, so when
an insurer excludes a hospital from its network, it often excludes the doctors
as well.
David Sandor, a vice president of the Health Care Service Corporation, which
offers Blue Cross and Blue Shield plans in Illinois, Montana, New Mexico,
Oklahoma and Texas, said: “In the exchange, most individuals will be
making choices based on costs. Our exchange products will have smaller
provider networks that cost less than bigger plans with a larger selection of
doctors and hospitals.”
Premiums will vary across the country, but federal officials said that
consumers in many states would be able to buy insurance on the exchange for
less than $300 a month — and less than $100 a month per person after taking
account of federal subsidies.
“Competition and consumer choice are actually making insurance
affordable,” Mr. Obama said recently.
Many insurers are cutting costs by slicing doctors’ fees.
Dr. Barbara L. McAneny, a specialist in Albuquerque, said that insurers in
the New Mexico exchange were generally paying doctors at levels, which
she said were “often below our cost of doing business, and definitely below
commercial rates.”
Outsiders might expect insurance companies to expand their networks to treat
additional patients next year. But many insurers see advantages in narrow
networks, saying they can steer patients to less expensive doctors and
hospitals that provide high-quality care.
Even though insurers will be forbidden to discriminate against people with
pre-existing conditions, they could subtly discourage the enrollment of sicker
patients by limiting the size of their provider networks.
Managing information:
Managing information is a main fact that conduct the insurance policy
holder’s trust. Managing information is always supervise the agents services

it is supervise the branch – manager’s faith it also include the policyholder’s
life insurance risks and Katter their grand faith in – behalf of the life
insurance company.
The best example of managing in India:
5000 dabbawalas like him manage to deliver to lunch to cover 200,000
mumbaikares on time.
Two main fact that conduct the managing information in life insurance
business in the world:
 Hardware,
 Software.
Hardware:
Computer hardware is the collection of physical elements that constitute
a computer system.
Computer hardware refers
to the physical parts or
components of a computer
such as monitor, keyboard,
Computer data storage,
hard drive disk, mouse,
system unit (graphic cards,
sound cards, memory,
motherboard and chips),
etc. all of which are
physical objects that you
can actually touch. In
contrast, software is untouchable. Software exists as ideas, application,
concepts, and symbols, but it has no substance. A combination of hardware
and software forms a usable computing system.
Software:

Computer software, or just software, is any set of machine-readable
instructions that directs a
computer's processor to
perform specific
operations. The term is
used to contrast
with computer hardware,
the physical objects
(processor and related
devices) that carry out
the instructions.
Computer hardware and
software require each
other and neither can be
realistically used without
the other.
Software is a general
term. It can refer to all computer instructions in general, or to any specific set
of computer instructions. It is inclusive of both machine
instructions (the binary code that the processor "understands") and source
code (more human-understandable instructions that must be rendered into
machine code by compilers or interpreters before being executed).
What is IRDA:

MISSION STATEMENT OF THE AUTHORITY:
To protect the interest of and secure fair treatment to policyholders;
To bring about speedy and orderly growth of the insurance industry
(including annuity and superannuation payments), for the benefit of
the common man, and to provide long term funds for accelerating
growth of the economy;
To set, promote, monitor and enforce high standards of integrity,
financial soundness, fair dealing and competence of those it
regulates;
To ensure speedy settlement of genuine claims, to prevent insurance
frauds and other malpractices and put in place effective grievance
redressal machinery;
To promote fairness, transparency and orderly conduct in financial
markets dealing with insurance and build a reliable management
information system to enforce high standards of financial soundness
amongst market players;
To take action where such standards are inadequate or ineffectively
enforced;
To bring about optimum amount of self-regulation in day-to-day
working of the industry consistent with the requirements of
prudential regulation.
IRDA’s members:
1. A Chairman,
2. Five whole – time members,
3. Four part – time members.
Duties, powers and functions of irda

Section 14 of IRDA Act, 1999 lays down the duties, powers and
functions of IRDA.
Subject to the provisions of this Act and any other law for the time being in
force, the Authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
1. Without prejudice to the generality of the provisions contained in sub-
section (1), the powers and functions of the Authority shall include, -
o issue to the applicant a certificate of registration, renew, modify,
withdraw, suspend or cancel such registration;
o protection of the interests of the policy holders in matters concerning
assigning of policy, nomination by policy holders, insurable interest,
settlement of insurance claim, surrender value of policy and other terms and
conditions of contracts of insurance;
o specifying requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents
o Specifying the code of conduct for surveyors and loss assessors;
o Promoting efficiency in the conduct of insurance business;
o promoting and regulating professional organisations connected with the
insurance and re-insurance business;
o Levying fees and other charges for carrying out the purposes of this Act;
o calling for information from, undertaking inspection of, conducting enquiries
and investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organisations connected with the insurance
business;
o Control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
controlled and regulated by the Tariff Advisory Committee under section
64U of the Insurance Act, 1938 (4 of 1938);
o Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and
other insurance intermediaries;
o Regulating investment of funds by insurance companies;
o Regulating maintenance of margin of solvency;
o adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
o supervising the functioning of the Tariff Advisory Committee;

o specifying the percentage of premium income of the insurer to finance
schemes for promoting and regulating professional organisations referred to
in clause (f);
o specifying the percentage of life insurance business and general
insurance business to be undertaken by the insurer in the rural or social
sector; and
o exercising such other powers as may be prescribed
PROFILES OF TOP MANAGEMENT
Profile of Mr.T S Vijayan
Ref: Mr.T.S.Vijayan Date: 27-02-2013
Chairman, IRDA
T S Vijayan, Chairman
Mr. T S Vijayan took charge as
Chairman of Insurance Regulatory &
Development Authority of India on
21st
February 2013.
Before assuming charge as Chairman,
IRDA, Mr. Vijayan worked in various
capacities in the Life Insurance
Corporation of India and took over as its
Chairman in 2006. He took charge as
Chairman of LIC when competition was at
its peak upon opening of insurance sector in 2001. He steered LIC deftly
through the changing scenario and with him at the helm of affairs, LIC has
grown from strength to strength.
His career in Life Insurance Corporation of India (LIC) started as a Direct
Recruit Officer in the year 1977 and some of the important assignments held
by him were Managing Director of LIC, Executive Director (IT & BPR),
Director & Chief Executive of LICHFL Carehomes. His specialization
includes Information Technology, HR & Marketing. As the first Director &

Chief Executive of LICHFL Carehomes, a subsidiary of LIC, he was
instrumental in designing systems for a new venture of community living
centres for senior citizens. He was the architect of the concept of Satellite
Offices in LIC which brought about a revolution in customer service.
He attended several national and international seminars in the areas of
Information Technology, Strategic Management, Corporate Governance,
Financial Management, Value creation in Service industry etc. He has
received extensive training in Business Schools like Indian School of
Business and apex training institutes like NIA, MDC etc. He is on the board
of many Financial Institutions in the country.
Mr. T S Vijayan pursued his education in Kerala and holds a special
graduate degree from Kerala University. He also holds a Diploma in
Management.
He has a passion for enhancing insurance awareness and making insurance
affordable to all sections of the population.
Mr. Thai Salas Vijayan was born on 25th
February 1953 at Kalliyoor, Kerala
to Mr. Salas and Mrs. Loise Thai. His spouse’s name is Mrs. Gladis Vijayan
and they have a daughter and a son.
Profiles of Top Management
Date Ref. No Title Short Description
20-05-2013
Member
(Distribution)
Profile
Mr. D D Singh
Member (Distribution)
01-05-2012 Member (Life) Profile
Mr. Sudhin Roy
Chowdhury Member
(Life)
11-10-2010 Member (Non-Life) Profile of
Mr. M Rama Prasad,
Member (Non-Life)
26-03-2010 Member ( F & I ) Profile
Mr. Radhakrishnan
Nair, Member ( F & I )
Profile
Ref: Member (Distribution) Date: 20-05-2013

Mr. D D Singh Member (Distribution)
Mr. D D Singh joined Insurance Regulatory and
Development Authority (IRDA) as a whole-time
Member (Distribution), on 20th May, 2013.
Prior to joining IRDA, Shri D.D Singh was Zonal
Manager LIC of India South Zone Chennai; and
was in charge of Insurance Activities of the Life
Insurance behemoth LIC of India in the states of
Tamilnadu Kerala & Pondicherry. Shri D D Singh
was also Zonal Manager of South Central Zone
earlier and was in charge of Insurance Activities of LIC of India in Andhra
Pradesh & Karnataka states.
Mr. D.D Singh joined Life Insurance Corporation as a Direct Recruit Officer
in 1977. He has experience in Marketing for more than 16 years and in
Information Technology for more than a decade. He had set up the Health
Insurance Department in LIC of India and was the first Executive Director
of Health Insurance Department in LIC of India.
Shri D.D Singh holds Masters Degree in Public Administration and Masters
in Business Administration with specialization in Marketing. He has
attended various training sessions organized in India & abroad including
Training at Indian Institute of Management Lucknow; Indian School of
Business in Hyderabad; Foundation for Advancement of Life & Insurance
around the World (FALIA) Japan;
Mr. D.D Singh is an avid reader of books and has interest in music.
Profile

Ref: Member (Life) Date: 01-05-2012
Mr. Sudhin Roy Chowdhury Member (Life)
Mr. Sudhin Roy Chowdhury joined Insurance
Regulatory and Development Authority (IRDA) as
a whole-time Member (Life), on 28th
March, 2012.
Prior to joining IRDA, he was Executive Director
(Mktg), LIC of India; and was in charge of all
activities associated with marketing in the life
insurance behemoth.
Mr. Roy Chowdhury joined Life Insurance
Corporation as a direct recruit officer in 1977 and has working experience in
marketing as well as servicing in both India and abroad. He served in
different capacities in LIC and was instrumental in opening up of the
insurance sector to people of all nationalities in the Kingdom of Bahrain as
well as other GCC Countries. He was a visiting faculty at several training
institutes; and was instrumental in several training activities of personnel in
LIC; and had a big role in computerization of several branches. He has also
served as Executive Director (Personnel/HRD/OD/OIC), Central Office,
Mumbai before taking over as CEO & MD of LIC (International) B.S.C. ©
Bahrain, and also in charge of life insurance operations in all the GCC
Countries.
He did his Bachelor’s in Physics (Hon’s) and also completed Masters in
Business Administration. Shri Roy Chowdhury has attended various national
as well as international training sessions organized by Indian Institute of
Management Kolkata; Asian Institute of Management, Manila (Philippines);
Insurance Training Institute Falia, Japan; and the Indian School of Business
in Hyderabad. He has to his credit extensive participation/presentations at
several domestic and international seminars. He was a spokesperson at the
World Economic Forum at Bahrain on the topic of life insurance. He is
committed for excellence in work and delivering results. He was awarded
the Rajiv Gandhi Sadbhavana Award for being the best ‘Life Insurance
Executive’ for the year 2010.
Mr. Roy Chowdhury has been a great reader of books at every stage of his
life. He loves to play Table Tennis, Football and Cricket; and takes a keen

interest in music across all genres, although he has a special liking to
Rabindra Sangeet.
Profile of Mr. M Rama Prasad, Member(Non-Life)
Ref: Member (Non-Life) Date: 11-10-2010
Member (Non-Life)
Mr. M Rama Prasad joined as Member (Non-Life),
Insurance Regulatory and Development Authority
(IRDA) on October 11, 2010. Earlier, he was
General Manager in General Insurance Corporation
of India (GIC Re), in-charge of reinsurance
arrangements both for domestic and foreign inward
businesses emanating from markets other than the
countries where GIC Re has its branches.
Mr. Rama Prasad joined general insurance industry as Direct Recruit Officer
in 1978 and after completion of one year training in the College of
Insurance, Mumbai, was attached to National Insurance Company. He
served National Insurance Co., in operational areas serving in various
capacities till 1997. He served in the head office of National Insurance Co.,
as the in-charge of underwriting and claims particularly in the property and
casualty insurance. He also looked after reinsurance requirements of the
company during this period.
Mr. Rama Prasad is a Post Graduate in Statistics from the University of
Madras and also an Associate of Insurance Institute of India. He has served
as a technical member in Fire and Engineering sub-committees of TAC. He
has been a visiting faculty in National Insurance Academy, Pune; and
Insurance Institute of India, Mumbai.
He is an avid reader of books and a great music lover. His interest in music
is across all forms; he is, however, particularly interested in South Indian
classical music.
Profile

Ref: Member ( F & I ) Date: 26-03-2010
Mr. Radhakrishnan Nair, Member ( F & I )
Sri Radhakrishnan Nair joined as Member (F&I), Insurance Regulatory and
Development Authority (IRDA) on March 18, 2010. Earlier, he was Executive
Director, Securities and Exchange Board of India (SEBI), In-charge of Investment
Management Department, Corporate Debt Department, Research Department,
Office of the Investor Assistance & Education, SEBI Board Matters and General
Services Department. His previous responsibilities include Integrated Surveillance
Department, Chief Vigilance Officer, Chief Public Information Officer,
Information Technology Department and Human Resources Development
Department.
A career banker, Mr. Nair joined Corporation Bank as Officer Trainee in 1976 and
rose up to being General Manager of Recovery Management Division, Credit Risk
Management Division, Priority Sector Lending Department, Legal Affairs
Department etc, in 2003. His other important assignments were Managing
Director, Corp Bank Securities Limited; Dy. General Manager, Investments and
International Banking Division; Regional Manager, Mumbai, Kerala and Chief
Manager, Bandra (W); Ahmedabad Main Branch, Gandhi Nagar. He has wide
experience in core banking operations, development banking, treasure operations
(money, debt, equity, foreign exchange and commodities markets).
Mr. Nair is a keen trainer and Faculty on the topic of ‘Development of Money and
Debt Markets in India’; ‘Role of Primary Dealers in Market Development’ and
‘Managing Public Debt’. He delivered several lectures at National Institute of
Bank Management (NIBM), Pune; National Insurance Academy (NIA), Pune;
Bankers’ Training College (BTC), Reserve Bank of India, Mumbai; Bombay Stock

Exchange (BSE) Training Centre, Mumbai; UTI Institute of Capital Markets,
Mumbai; JNIDB, Hyderabad; National Academy of Audit and Accounts, himla
etc.
Mr. Nair served in various international and national committees including the
IOSCO Committee on Investment Management, Private Equity, Investor
Compensation & Protection, Public Debt Office, Development of South Asian
Bond Market and Infrastructure Financing Municipal Bond Markets. The new
regulations for Disclosure & Issue of Debt Securities, Securitized Debt,
implementation of report of the High Level Expert Committee on Corporate
Bonds; and Securitization and Operationalizing the Investor Education &
Protection Fund were among his significant contribution to the development of
Capital Market.
Mr. Nair is a Post Graduate in Science, Law and Management; and has a diploma
in securities laws from the Government Law College, Mumbai.
Mr. Nair is a keen wild life activist and is associated with Bombay Natural History
Society, Mumbai. He is an avid reader and has an interest in Chinese Astrology
and Cricket.
Addresses of Offices of IRDA
Addresses of Offices of IRDA
Head Office : Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh
HYDERABAD 500 004
Andhra Pradesh (INDIA )
Ph: (040) 23381100
Fax: (040) 6682 3334
Delhi Office: Insurance Regulatory and Development Authority
Delhi Office – Gate No. 3
Jeevan Tara Building, First Floor

Sansad Marg, New Delhi-110001
Ph: (011) – 2374 7648
Fax: (011) 2374 3397
Contact information:
To enable effective monitoring of Policyholder protection Regulations and
Grievance Guidelines and turn around times thereby mandated, as well as to
create a central repository of industry-wide insurance grievances’ data, IRDA has
implemented the Integrated Grievance Management System (IGMS). IGMS
provides a gateway for policyholders to register complaints with insurance
companies first and if need be escalate them to the IRDA Grievance Cells. IGMS
is a comprehensive solution which not only has the ability to provide a
centralized and online access to the policyholder but complete access and control
to IRDA for monitoring market conduct issues of which policyholder grievances
are the main indicators. It uses Web interface to ensure that it is accessible at all
places and is on real time. It has also a mechanism to capture complaints received
in physical as well as email form or voice calls received by IRDA Grievance Call
centre (IGCC).
IRDA Grievance Call Centre (IGCC) can be accessed through
o a toll free number 155255 for voice calls
o complaints@irda.gov.in
The IGCC also provides details of the redressal systems of insurance companies
whenever policyholders require them. Further, the IGCC also educates
policyholders about the Insurance Ombudsman who provides a channel for fair
disposal of complaints falling within the jurisdiction laid down.
How IGMS works: Policy holder needs to login in to www.igms.irda.gov.in and
create a profile for registering a complaint. Policy holders can register one or
more complaints. Once the policy holder registers in to IGMS then details of
complaint are passed on to respective insurance companies. Policy holder can see
the details of the branch offices of the insurance company while registering the
complaint. Policy holder receives the confirmation email after registering the
complaint along with IRDA token no which will be used by IRDA and Insurance
Company for tracking of the complaint through IGMS. A complaint registered
through IGMS flows to the insurer’s system as well as the IRDA repository. If the
complainant is not satisfied with the resolution provided by Insurer, he/she can
escalate the complaint for a review by IRDA for a potential violation of

Regulations. All the transactions between the Insurer, Insured and Remarks by
IRDA are visible to the complainant.
Address for communication for complaints by paper/fax:
Consumer affairs Department, Insurance Regulatory and Development
Authority,9th Floor, United Towers, Basheer bagh, Hyderabad -500 029 Fax 91 –
40 – 66789768
History of insurance in India
In India, insurance has a deep-rooted history. It finds mention in the writings of
Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya ( Arthasastra ).
The writings talk in terms of pooling of resources that could be re-distributed in
times of calamities such as fire, floods, epidemics and famine. This was probably
a pre-cursor to modern day insurance. Ancient Indian history has preserved the
earliest traces of insurance in the form of marine trade loans and carriers’
contracts. Insurance in India has evolved over time heavily drawing from other
countries, England in particular.
1818 saw the advent of life insurance business in India with the
establishment of the Oriental Life Insurance Company in Calcutta. This Company
however failed in 1834. In 1829, the Madras Equitable had begun transacting life
insurance business in the Madras Presidency. 1870 saw the enactment of the
British Insurance Act and in the last three decades of the nineteenth century, the
Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started
in the Bombay Residency. This era, however, was dominated by foreign
insurance offices which did good business in India, namely Albert Life
Assurance, Royal Insurance, Liverpool and London Globe Insurance and the
Indian offices were up for hard competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance
Companies in India. The Indian Life Assurance Companies Act, 1912 was the
first statutory measure to regulate life business. In 1928, the Indian Insurance
Companies Act was enacted to enable the Government to collect statistical
information about both life and non-life business transacted in India by Indian
and foreign insurers including provident insurance societies. In 1938, with a view
to protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive
provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies.
However, there were a large number of insurance companies and the level of
competition was high. There were also allegations of unfair trade practices. The
Government of India, therefore, decided to nationalize insurance business.
An Ordinance was issued on 19th
January, 1956 nationalizing the Life
Insurance sector and Life Insurance Corporation came into existence in the same
year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident
societies—245 Indian and foreign insurers in all. The LIC had monopoly till the
late 90s when the Insurance sector was reopened to the private sector.
The history of general insurance dates back to the Industrial Revolution in
the west and the consequent growth of sea-faring trade and commerce in the
17th
century. It came to India as a legacy of British occupation. General Insurance
in India has its roots in the establishment of Triton Insurance Company Ltd., in
the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance
Ltd, was set up. This was the first company to transact all classes of general
insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance
Association of India. The General Insurance Council framed a code of conduct
for ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set
minimum solvency margins. The Tariff Advisory Committee was also set up
then.
In 1972 with the passing of the General Insurance Business (Nationalization)
Act, general insurance business was nationalized with effect from 1st
January,
1973. 107 insurers were amalgamated and grouped into four companies, namely
National Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd and the United India Insurance Company Ltd.
The General Insurance Corporation of India was incorporated as a company in
1971 and it commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending
to nearly 200 years. The process of re-opening of the sector had begun in the
early 1990s and the last decade and more has seen it been opened up
substantially. In 1993, the Government set up a committee under the
chairmanship of RN Malhotra, former Governor of RBI, to propose
recommendations for reforms in the insurance sector. The objective was to

complement the reforms initiated in the financial sector. The committee
submitted its report in 1994 where in, among other things, it recommended that
the private sector be permitted to enter the insurance industry. They stated that
foreign companies be allowed to enter by floating Indian companies, preferably a
joint venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999,
the Insurance Regulatory and Development Authority (IRDA) was constituted as
an autonomous body to regulate and develop the insurance industry. The IRDA
was incorporated as a statutory body in April, 2000. The key objectives of the
IRDA include promotion of competition so as to enhance customer satisfaction
through increased consumer choice and lower premiums, while ensuring the
financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for
application for registrations. Foreign companies were allowed ownership of up to
26%. The Authority has the power to frame regulations under Section 114A of
the Insurance Act, 1938 and has from 2000 onwards framed various regulations
ranging from registration of companies for carrying on insurance business to
protection of policyholders’ interests.
In December, 2000, the subsidiaries of the General Insurance Corporation
of India were restructured as independent companies and at the same time GIC
was converted into a national re-insurer. Parliament passed a bill de-linking the
four subsidiaries from GIC in July, 2002.
Today there are 24 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 23 life insurance companies
operating in the country.
The insurance sector is a colossal one and is growing at a speedy rate of 15-
20%. Together with banking services, insurance services add about 7% to the
country’s GDP. A well-developed and evolved insurance sector is a boon for
economic development as it provides long- term funds for infrastructure
development at the same time strengthening the risk taking ability of the country.
Over view of IDBI Federal Life insurance Co. Ltd.:

Company profile:
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s
premier development and commercial bank, Federal Bank, one of India’s leading
private sector banks and Ageas, a multinational insurance giant based out of
Purpose. In this venture, IDBI Bank owns 48% equity while Federal Bank and
Ageas own 26% equity each. . Having started in March 2008, in just five months
of inception, IDBI Federal became one of the fastest growing new insurance
companies to garner Rs 100 Cr in premiums. Through a continuous process of
innovation in product and service delivery IDBI Federal aims to deliver world-
class wealth management, protection and retirement solutions that provide value
and convenience to the Indian customer. The company offers its services through a
vast nationwide network of 2137 partner bank branches of IDBI Bank and Federal
Bank in addition to a sizeable network of advisors and partners. As on 28th
February 2013, the company has issued over 8.65 lakh policies with a sum assured
of over Rs. 26,591Cr.
IDBI Federal today is recognized as a customer-centric brand, with an array of
awards to their credit. They have been awarded the PMAA Awards (2009) for best
Dealer/Sales force Activity, EFFIE Award (2011) for effective advertising, and
conferred with the status of ‘Master Brand 2012-13’ by the CMO Council USA
and CMO Asia.

IDBI Bank
IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge
core Banking IT platform. The Bank offers personalized banking and financial
solutions to its clients in the retail and corporate banking arena through its large
network of Branches and ATMs, spread across length and breadth of India. We
have also set up an overseas branch at Dubai and have plans to open representative
offices in various other parts of the Globe, for encasing emerging global
opportunities.
As on March 31, 2011, the Bank had a network of 816 Branches and 1372 ATMs.
The Bank's total business, during Fey 2010-11, reached Rs. 3,37,584 Crore,
Balance sheet reached Rs. 2,53,377 Crore while it earned a net profit of Rs. 1650
Crore (up by 60%).
IDBI Bank Ltd. is today one of India's largest commercial Banks. For over 40
years, IDBI Bank has essayed a key nation-building role, first as the apex
Development Financial Institution (DFI) (July 1, 1964 to September 30, 2004) in
the realm of industry and thereafter as a full-service commercial Bank (October 1,
2004 onwards). As a DFI, the erstwhile IDBI stretched its canvas beyond mere
project financing to cover an array of services that contributed towards balanced
geographical spread of industries, development of identified backward areas,
emergence of a new spirit of enterprise and evolution of a deep and vibrant capital
market. On October 1, 2004, the erstwhile IDBI Bank converted into a Banking
company (as Industrial Development Bank of India Limited) to undertake the
entire gamut of Banking activities while continuing to play its secular DFI role.
Post the mergers of the erstwhile IDBI Bank with its parent company (IDBI Ltd.)
on April 2, 2005 (appointed date: October 1, 2004) and the subsequent merger of
the erstwhile United Western Bank Ltd. with IDBI Bank on October 3, 2006, the
tech-savvy, new generation Bank with majority Government shareholding today
touches the lives of millions of Indians through an array of corporate, retail, SME
and Agri products and services.
Headquartered in Mumbai, IDBI Bank today rides on the back of a robust business
strategy, a highly competent and dedicated workforce and a state-of-the-art
information technology platform, to structure and deliver personalized and
innovative Banking services and customized financial solutions to its clients across
various delivery channels.
As on March 31, 2013 IDBI Bank has a balance sheet of Rs. 3,22,769 Crore and
business size (deposits plus advances) of Rs 4,23,423 Crore. As a Universal Bank,
IDBI Bank, besides its core banking and project finance domain, has an established

presence in associated financial sector businesses like Capital Market, Investment
Banking and Mutual Fund Business. Going forward, IDBI Bank is strongly
committed to work towards emerging as the 'Bank of choice' and 'the most valued
financial conglomerate', besides generating wealth and value to all its
stakeholders.
Industrial Development Bank of India
Industrial Development bank of India (IDBI) was constituted under Industrial
Development bank of India Act, 1964 as a Development Financial Institution and
came into being as on July 01, 1964 vide Go I notification dated June 22, 1964. It
was regarded as a Public Financial Institution in terms of the provisions of Section
4A of the Companies Act, 1956. It continued to serve as a DFI for 40 years till the
year 2004 when it was transformed into a Bank.
Industrial Development Bank of India Limited
In response to the felt need and on commercial prudence, it was decided to
transform IDBI into a Bank. For the purpose, Industrial Development bank
(transfer of undertaking and Repeal) Act, 2003 [Repeal Act] was passed repealing
the Industrial Development Bank of India Act, 1964. In terms of the provisions of
the Repeal Act, a new company under the name of Industrial Development Bank of
India Limited (IDBI Ltd.) was incorporated as a Govt. Company under the
Companies Act, 1956 on September 27, 2004. Thereafter, the undertaking of IDBI
was transferred to and vested in IDBI Ltd. with effect from the effective date of
October 01, 2004. In terms of the provisions of the Repeal Act, IDBI Ltd. has been
functioning as a Bank in addition to its earlier role of a Financial Institution.

Federal Bank
Federal Bank Ltd is engaged in the banking business. The Bank operates in four
segments: treasury operations, wholesale banking, retail banking and other
banking operations. Treasury operations include investment and trading in
securities, shares and debentures. The Bank's products and services include
working capital, term finance, trade finance, specialized corporate finance
products, structured finance, foreign exchange, syndication services and
electronic banking requirements. Federal Bank Ltd was incorporated on April 28,
1931 with the name Travancore Federal Bank Ltd. The company was established
with an authorized capital of rupees five thousand at Nedumpuram, a place near
Tiruvalla in Central Travancore under the Travancore Company's Act. The Bank
was founded by K.P.Hormis. They started business of auction -chitty and other
banking transactions connected with agriculture and industry. In May 18, 1945,
the registered office of the Bank was shifted to Aluva. They opened their first
branch at Aluva and commenced operations. In the year 1946, they opened their
second branch at Angamally. In March 24, 1947, the name of the Bank was
changed to Federal Bank Ltd. In April 1947, they opened their third branch of the
Bank was at Perumbavoor. In July 11, 1959, the Bank was licensed under Sec.22
of the Banking Companies Act, 1949. The Bank floated several kuries one after
another. They also introduced several new deposit schemes during the same
period. In the year 1964, the Bank took over the assets and liabilities of the
Chalakudy Public Bank Ltd, The Cochin Union Bank Ltd and The Alleppey Bank
Ltd. In the year 1965, the St.George Union Bank Ltd was amalgamated merged
with the Bank. In the year 1968, The Marthandom Commercial Bank Ltd was
amalgamated with the Bank. In the year 1970, the Bank became a Scheduled
Commercial Bank. In the year 1973, the Bank became an Authorized Dealer in
Foreign Exchange and the International Banking Department of the bank was
started functioning from Mumbai. In the year 1975, the Bank opened 53
branches. In the year 1976, they opened 42 branches. In the year 1982, the Bank
shifted the International Banking Department to Cochin as part of consolidation
and centralization of activities.
As part of the organization redesigning recommended by National Institute of
Bank Management (NIBM), the Agricultural Finance Department was set up in

head office in November 1984. In July 1985, the Bank set up Personnel and
Industrial Relations Department. Also, they installed the first Advanced Ledger
Posting Machine (ALPM-a Wipro banker) at Br.Aluva-Bank Junction branch. In
the year 1987, they inaugurated the administrative building complex. In the year
1989, the Bank entered into the Merchant Banking Operations. In March 1994,
the Bank came out with the public issue. In February 17, 1997, the bank
inaugurated their first ATM at Ernakulum North. In the year 2000, the Bank
started their Any Where Banking (ABB) at Bangalore connecting all branches
located in the Bangalore metro. They launched Depository Services in association
with NSDL. Also, they commenced Internet Banking under the name of 'Fed Net'
with software support from Infosys Technologies Ltd. They entered into
marketing pacts with some commercial agencies for their E-commerce business.
In the year 2001, the bank made a tie up with Escortel Communications to launch
mobile banking services using SMS technology. Also, they launched a new
deposit scheme christened as 'Suraksha' for senior citizens. The bank became a
member of INFINET, the financial network supported by RBI. In February 2002,
they set up full-fledged systems for the RBI's Negotiated Dealing Systems (NDS)
at the Funds & Investment Branch in Mumbai, enabling online trading in
securities. In the year 2003, the Bank unveiled the Anywhere Banking that
provided the convenience of doing transactions from 300-plus interconnected
branches.
In the year 2004, the Bank obtained the level of 100% interconnectivity among
all their branches. Also, they launched an Equity Subscription Scheme, a new
retail product for financing the IPOs and public issue applications of their own
customers. The Bank joined hands with ICICI Prudential Life Insurance
Company Ltd for premium collection through their branches and introduced new
Fed e-Pay services. In the year 2005, JRG Securities Ltd forged an alliance with
the Bank for providing loans for subscribing to initial public offers (IPOs). The
bank emerged as the first bank in India to offer Real Time Gross Settlement
(RTGS) across all of their branches. In September 2, 2006, Ganesh Bank was
amalgamated with the Bank and the 32 branches of erstwhile Ganesh Bank of
Kurundwad Ltd were successfully integrated to bank's network. During the period
of 2006-07, the Bank entered into a joint venture agreement with IDBI Ltd &
Fortis Insurance International N V for incorporating a Life Insurance Company

under the name of IDBI Fortis Life Insurance Company Ltd. During the year
2007-08, the Bank opened their Representative office at Abu Dhabi, Capital of
UAE for the gateway of the bank to the whole of Middle East and also as an
interface between their existing customers of GCC countries and its Branches
/Offices in India. In March 2008, the Bank's joint venture life insurance company,
IDBI Fortis Life Insurance Company Ltd commenced their operation. During the
year 2009-10, the Bank opened 60 new branches and 115 new ATM centres.
During the year 2010-11, they opened 71 new branches and 73 new ATMs. As on
March 31, 2011, the total number of branches and ATMs of the Bank increased to
743 and 805 respectively, as against 672 and 732 in the last financial year. As of
March 31, 2011, the Bank had two A category branches and 78 branches
designated as B category for handling the foreign exchange business.
Ageas
Ageas is an international insurance group with a heritage spanning more than 180
years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen

The study of life Insurance products being offered by the global market in insurance cms college, kanpur, Mc-robertganj

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