1. Presentation on "Insurance Sector"
Submitted By
Madhavi Kulkarni
Guided By
Mr.Rajendra Chandorkar

2. Insurance
Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
Insurance is a federal subject in India.
Life and general insurance in India is still a nascent sector with huge potential for various global players.

3. History of Insurance
Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community.
The oldest existing insurance company in India is National Insurance Company Ltd, which was founded in 1906 and is doing business even today.
Insurance industry, earlier comprised of only two state insurer.
Life Insurance Corporation of India (LIC)
General Insurance Corporation of India (GIC).

4. Contd….
In the recent years when the Govt. of India in opened up the insurance sector by allowing private insurance companies to work in the market by depositing 100 crores rupees in the reserve of government and allowing FDI up to 26%.
This has encouraged many overseas insurance companies, having a required amount in their reserve, to open their branch in our country.

5. Why Insurance? To provide security Old age pensions
As an investment/ or saving mechanism
As a collateral for loans
For tax benefits

6. Functions of Insurance
Primary Functions
Provide protection
Collective bearing of risk
Provide Certainty
Secondary Functions
Provide prevention of losses
Small capital to cover larger risk
Contributes towards the developments of larger industries
Other Functions
Means of saving & investments
Sources of earning foreign exchange
Risk free trade

7. Why Insurance Sector is privatized?
To give individual & corporate consumers a competitive environment that can deliver products & services in tune with their requirements.
Industry to benefit from technology transfer & capital from global insurance players.
India is a signatory to WTO committed to open insurance & banking.

8. 5 ‘R’s of Insurance
Risk
Return
Riders
Rewards Value add
Rebate

9. Insurance is Fortunate Many For Unfortunate few

10. Life Insurers: Public sector
Life Insurance Corporation of India

11. Life Insurers: Private sector
Bajaj Allianz Life Insurance Company Limited
Birla Sun Life Insurance Co. Ltd
HDFC Standard life Insurance Co. Ltd
ICICI Prudential Life Insurance Co. Ltd.
ING Vysya Life Insurance Company Ltd.
Met Life India Insurance Company Ltd.
Max New York Life Insurance Co. Ltd
Tata AIG Life Insurance Company Limited

12. Contd…. Kotak Mahindra Old Mutual Life Insurance Limited
SBI Life Insurance Co. Ltd
Reliance Life Insurance Company Limited.
Aviva Life Insurance Co. India Pvt. Ltd.
Shriram Life Insurance Co, Ltd.
Sahara India Life Insurance Co, Ltd.
Bharti AXA Life Insurance Company Ltd.
Future Generali Life Insurance Company Ltd.

13. Contd…. And many more companies are in the Queue!
IDBI Fortis Life Insurance Company Ltd.
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
AEGON Religare Life Insurance Company Limited.
DLF Pramerica Life Insurance Co. Ltd.
Star Union Dai-ichi Life Insurance Comp. Ltd.
And many more companies are in the Queue!

14. General Insurers: Public Sector
National Insurance Company Limited
New India Assurance Company Limited
Oriental Insurance Company Limited
United India Insurance Company Limited

15. General Insurers: Private Sector
Bajaj Allianz General Insurance Co. Limited
ICICI Lombard General Insurance Co. Ltd.
IFFCO-Tokyo General Insurance Co. Ltd.
Reliance General Insurance Co. Limited
Royal Sundaram Alliance Insurance Co. Ltd.
TATA AIG General Insurance Co. Limited
Cholamandalam General Insurance Co. Ltd.
Export Credit Guarantee Corporation
HDFC Chubb General Insurance Co. Ltd.

16. Reinsurance
Based on the same principle as insurance itself, reinsurance is a mechanism to provide for a further sharing of the risk so as to help insurance companies meet their obligations to policyholders.
General Insurance Corporation of India is the Reinsurance Company in India.

17. Laws & Regulations Insurance Act, 1938
Life Insurance Corporation Act,1956
Insurance Regulatory Development Authority Act, 1999
Consumer Protection Act, 1986

18. Stages in Insurance sales
List
Suspects
Prospects
Contact
Demo
Objection Handling
Closing
Collecting Premium money

19. Thank You!!!