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A) Indemnity
A contract of insurance contained in a fire, marine, burglary or any other policy
excepting life assurance and personal accident and sickness insurance) is a contract of
indemnity. This means that the insured, in case of loss against which the policy has
been issued, shall be paid the actual amount of loss not exceeding the amount of the
policy, i.e. he shall be fully indemnified. The object of every contract of insurance is
to place the insured in the same financial position, as nearly as possible, after the loss,
as if his loss had not taken place at all. It would be against public policy to allow an
insured to make a profit out of his loss or damage.
D) Causa Proxima
The rule of causa proxima means that the cause of the loss must be proximate or
immediate and not remote. If the proximate cause of the loss is a peril insured against,
the insured can recover. When a loss has been brought about by two or more causes,
the question arises as to which is the causa proxima, although the result could not
have happened without the remote cause. But if the loss is brought about by any cause
attributable to the misconduct of the insured, the insurer is not liable.
E) Risk
In a contract of insurance the insurer undertakes to protect the insured from a
specified loss and the insurer receive a premium for running the risk of such loss.
Thus, risk must attach to a policy.
F) Mitigation Of Loss
In the event of some mishap to the insured property, the insured must take all
necessary steps to mitigate or minimize the loss, just as any prudent person would do
in those circumstances. If he does not do so, the insurer can avoid the payment of loss
attributable to his negligence. But it must be remembered that though the insured is
bound to do his best for his insurer, he is, not bound to do so at the risk of his life.
G) Subrogation
The doctrine of subrogation is a corollary to the principle of indemnity and applies
only to fire and marine insurance. According to it, when an insured has received full
indemnity in respect of his loss, all rights and remedies which he has against Third
person will pass on to the insurer and will be exercised for his benefit until he (the
insurer) recoups the amount he has paid under the policy. It must be clarified here that
the Insurers right of subrogation arises only when he has paid for the loss for which
he is liable under the policy and this right extends only to the rights and remedies
available to the insured in respect of the thing to which the contract of insurance
relates.
H) Contribution
Where there are two or more insurance on one risk, the principle of contribution
comes into play. The aim of contribution is to distribute the actual amount of loss
among the different insurers who are liable for the same risk under different policies
in respect of the same subject matter. Any one insurer may pay to the insured the full
amount of the loss covered by the policy and then become entitled to contribution
from his co-insurers in proportion to the amount which each has undertaken to pay in
case of loss of the same subject-matter.
A) Early Deaths
The mortality rate is experiencing a declining trend in many parts of the world.
However it is also important to note that the age at which People die is also ever
decreasing. Some reasons for this include unhealthy living style, stress, pollution, and
some natural calamities. This necessitates people to make adequate measures to yield
income for their family and dependents. This could be a serious concern if the insured
happens to be the sole breadwinner. Some individuals see this as an option to plan
their retirement.
D) Tax Concessions
Income tax concessions are available to individuals and corporate houses that
adopt insurance policies. Many have been making investments in Insurance with the
sole aim of enjoying tax benefits. This naturally increases spending power. Since the
investments increases the economic activities in the country automatically increases.
VISION
To be a world class provider of financial security to individuals and corporates
and to be amongst the top three private sectors life insurance companies in India.
TY.BCOM (BANKING AND INSURANCE)
MISSION
To be the first preference of our customers by providing innovative, need
based life insurance and retirement solutions to individuals as well as corporates.
These solutions will be made available by well-trained professionals through a multi
channel distribution network and Superior technology.
Our endeavor will be to provide constant value addition to customers
throughout their relationship with us, within the regulatory framework. We will
provide career development opportunities to our employees and The highest possible
returns to our shareholders.
VALUES
COMPANY PROFILE
Birla Sun Life A Coming Together Of Values
TY.BCOM (BANKING AND INSURANCE)
Birla Sun Life is a joint venture between The Aditya Birla Group, one of
the largest business house in India and Sun Life Financial Incsurance., a leading
International Financial Services Organization. The local knowledge of the Aditya
Birla Group combined with the expertise of Sun Life Financial Inc. offers a
formidable protection for our future.
The Aditya Birla Group is led by its chairman- Mr. Kumar Mangalam Birla.
The Group has over 88000 employees across all its units worldwide. Some of the key
organizations with the group are Hidalgo, Grasim, Aditya Birla Nuevo, etc.
The group is India's leading business house with a number of key organizations.
These are as follows:
1. Grasim
2. UltraTech Cement Ltd
3. Hindalco
4. Indian Aluminum Company Ltd
5. Aditya Birla Nuevo
6. Idea Cellular Ltd.
7. Birla Sun Life Insurance Co. Ltd
8. Birla Sun Life Asset Mgmt. Co. Ltd
9. Birla Sun Life Distribution Co. Ltd
10. PSI Data Systems
11. Indo Gulf Fertilizers Ltd.
12. Birla Global Finance Ltd
Sun Life Financial Inc. and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong Kong,
the Philippines, Japan, Indonesia, India, China and Bermuda. Sun Life Financial Inc.
is a leading player in the life insurance market in Canada.
2. Banc Assurance:
BSLI pioneered Banc assurance in India. Banc assurance means to include Banks
as one of the distribution channels with the company. BSLI is the first company,
TY.BCOM (BANKING AND INSURANCE)
which realized that banks, with their huge customer base and strong customer loyalty,
are a readymade platform to acquire new business on a more cost effective and
sustainable basis.
5. Sales Illustrations:
BSLI is the first company to introduce Sales Illustrations in the Insurance Industry.
Sales people of BSLI give demonstrations of fund.
6. Performance on two points of projections i.e. on 6% and 10%. Now IRDA has
also made it mandatory to have sales illustrations.
BSLIs has launched Century SIP, a unique systematic investment plan offering an
opportunity to create wealth with as little as Rs 1000 per month plus a life insurance
cover of up to 100 times the monthly installment.
This plan comes along with free term insurance for an individual up to 55 years of
age. The life insurance cover comes at no extra cost to the investor. The cover is
hassle free. The investor need not go thru any medial test to avail of the life cover. All
an investor needs to do is enroll for CSIP & sign a Declaration of Good Health. In
case of unfortunate demise of investor the insurance claim will be directly paid to the
nominee by the insurance company (Birla Sun Life Insurance Company).
Announcing the launch of Century SIP, Anil Kumar, CEO, and Birla Sun Life MF
said, This offering touches all aspects of an investors financial planning needs. We
wish to encourage the investment habit among investors by providing them life
insurance cover. Insurance cover to the investor would continue even after the SIPs
minimum maturity tenor of 3 years. Any individual between 18 to 46 years of age
may invest in this plan. Investment in this plan may be made through Electronic
clearing system (ECS), direct debits or post dated cheques.
7.
Policyholders can view their policy details online; they can be accessed from
BSLI website using your unique password.
Out of every 100 claims intimated to BSLI 98.28 stands cleared.
Also the average Turn Around Time (TAT) :
(i)
From the receipt of the last requirement till dispatch of cheque is 5 days and
(ii)
From intimation of claim till its decision & dispatch of cheque is 36 days.
M
TPN
R
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LO
A
S
W
E
FIC
G
D
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This procedure can be stepped down as follows:
The first and foremost thing is that, client should be ready to purchase the Insurance
plan. Insurance is not a very preferable product yet in India. And, thus, co. has to be
very vigilant. Advisors, at BSLI, maintain relationships and make the most of their
Goodwill. Insurance is a Relationship oriented business. Keeping this in mind BSLI
also initiated Banc assurance, where Banks image of being loyal to the customers,
plays a major role in pitching the customer to buy Insurance. BSLI uses following
routes for distributing their Product to general public:
a)
b)
c)
d)
2. Sales Illustration:
BSLI is the first company to give demonstration of the fund performance i.e. how a
certain policy will perform or will give returns. BSLI Advisors give sales illustration.
Fund performance is shown on 6% and 10% projections. If client find these projected
returns suitable to his/her risk profile, he go for purchasing the policy.
3. Proposal Form:
Now as client is ready to get insured, advisor gives him the proposal form and asks
for all the documents required. Proposal form is a 4 page document that contains all
the necessary information related to the Insured and the Owner of the policy.
Documents required along with the proposal form are:
Date-Of-Birth Proof
Address & ID Proof
Income Certificate
Medical Certificates (only if Insurer is a senior citizen)
Company Products/Plans
All the plans associated with BSLI are Unit Linked Plans.
Flexi Plans
TY.BCOM (BANKING AND INSURANCE)
Features:
This is a Unit Linked Plan with guaranteed returns.
Provides flexibility with Top-Up Facility.
For Quarterly modal premium less than Rs.5000, payment can be made through
ECS.
Policyholder can attach riders to the plan according to his/her needs.
Liquidity in the form of Partial withdrawals.
Three Investment Fund options are available with the policy and policyholder is
free to switch between funds anytime during the tenure of the policy.
The Sum Assured may be increased once in every 5 policy years, starting from the
6th policy year.
Premium can be paid annually, semi-annually, quarterly and monthly
Premium Invested:
Collected Premium is invested in three Investment Fund Options. These funds are:
1. Protector
2. Builder
3. Enhancer
Benefits:
1. Maturity Benefits:
At maturity, Policyholder gets the higher of the guaranteed fund value (min. 3%
on premium) or the Total Fund value.
2. Survival Benefits:
TY.BCOM (BANKING AND INSURANCE)
(i) At the end of every 5th Coverage Benefit Period and the remainder on maturity, an
amount equals to the minimum of (a) or (b) mentioned below will be reduced from
the guaranteed fund value and transferred to the holding account for the purpose of
partial withdrawals, where(a) Guaranteed Fund Value
(b) Sum Assured % as stated below:
30% if the Coverage Benefit Period is 10 years.
25% if the Coverage Benefit Period is 15 years.
20% if the Coverage Benefit Period is 20 years.
15% if the Coverage Benefit Period is 25 years.
If survival benefits are not withdrawn, they will continue to be a part of the Fund
Value.
(ii) If the life insured is a minor, policyholder can withdraw the survival benefit
payout within one month from the scheduled payout date from the fund value.
3. Death Benefits:
Age at time of Death
Death Benefits
30 days to 1 year
Age 1 Year to 60
On
or
attainment
Years
Charges:
1. Mortality Charges: These charges are deducted by canceling units on a
monthly basis at the prevailing NAV. The annual mortality charges per 1000 sum
assured for sample ages are as follows:
AGE
20
30
40
50
60
MALE
FEMALE
1.01
6
0.89
6
1.17
1
1.16
3
2.15
0
1.65
7
5.53
2
4.03
0
Features:
The plan is a unit linked, non-participating plan.
This plan has the option of seven-investment fund with the flexibility to allocate
the premiums in varying proportions into the different Fund Option.
Top up facility is there. The minimum amount of top ups is 10000.
The plan offers further benefits in the form of additional units, which will be
added to the Fund value at the end of the 10th policy year.
There is high liquidity in the form of Partial Withdrawals and Surrender Benefits.
Death Benefits, which will be higher of the Fund value or Sum Assured, reduced
by the applicable partial withdrawals.
Eligibility:
Entry Age:
Minimum: 30 days for 20 & 30 term
8 years for 10 terms
30 years for whole life
Maximum: For 10 years term- 60 years
For 20 years term- 50 years
For 30 years term- 40 years
For Whole Life- 60 years
Duration:
Minimum: 10 years
Maximum: 70 years (assuming whole life to be 100 years)
Maturity Age:
70 years for the term- 10, 20, 30 years
100 years for whole life
TY.BCOM (BANKING AND INSURANCE)
13.732
10.660
Benefits:
1. Guaranteed Addition: It is in the form of additional units, which is added to
the fund value on the 10th policy anniversary and on every 5th policy anniversary
thereafter, while policy is in effect.
2. Partial Withdrawal Options: Partial Withdrawals can be made after 3
policy years or when the life insured attains maturity, whichever is later. The
minimum partial withdrawal amount is Rs.10000
3. Surrender Benefits: Policy offers the flexibility of surrendering the policy, if
the need arises. There is no surrender charge after 6 completed policy years.
However, if the policy is surrendered within 3 years from inception, the
surrender value is paid after the completion of the third policy anniversary.
4. Death Benefits:
Below 5 years: If the death of the life insured take place before 5 years, only the
fund value shall be payable to the policy owner.
Between 5 to 60 years: Higher of the fund value or the sum assured less all
applicable partial withdrawals made in the last 24 months preceding the death of
the life insured.
60 years and Above: Higher of the fund value or the sum assured less all
applicable partial withdrawals made since the life insured attained the age of 58.
5. Maturity Benefits:
On maturity of the policy, the fund value is payable. Under the whole life option,
on maturity of the policy, when the life insured attains the age of 100, then fund value
Is Payable And The Policy Will Be Terminated.
6. Tax Benefits:
Tax benefits on premium payment are governed by section 80C of the Income
Tax Act 1961. Tax Exemptions on the amount received on maturity in the unfortunate
event of death and the withdrawals are governed by section 10(10D).
7. Addition of Riders:
Policy holder can customize the plan by adding any of the following 6 riders:
1. Accidental Death & Dismemberment Rider
2. Term Rider
3. Critical Illness Rider
4. Critical Illness Plus Rider
5. Critical Illness Women Rider
6. Waiver of Premium Rider
Charges:
1. Premium Allocation Charges:
These charges during the premium paying term are as under:
Policy Year 1 2 or 3 Thereafter
Policy Year
Charges
1
13%
2 or 3
4%
Thereafter
2%
2. Mortality Charge:
This charge will be deducted by cancellation of units on a monthly basis at the
prevailing NAV. The Annual Mortality charge per 1000 of the Sum at risk for
sample ages are as follows:
Age
Female
Male
25
1.023
1.082
35
1.162
1.363
45
2.385
3.110
55
6.441
8.571
65
15.92
21.06
1
30%
2
20%
3
15%
4
10%
5
8%
6
6%
7+
NIL
Features:
It is a Unit Linked, Non-Participating, Insurance plan.
Duration of plan is 8 years.
Premium paying term of 3 years with the flexibility to reduce premium up to Rs.
10000 from the second policy year.
Plan also has Top-up facility.
Liquidity in the form of Partial Withdrawals and Surrender Benefits.
Plan has 7 fund options.
TY.BCOM (BANKING AND INSURANCE)
Eligibility:
Entry Age: 18 to 70 years.
Minimum Premium: Rs.50000
Minimum sum Assured: 5 x Annual Premium
Premium Investment:
Premium collected is allocated in varying proportions in seven investment fund
options. Policyholder can switch between the fund options anytime during the tenure
of the policy. The seven Investment Funds available are:
1. Assure
2. Protector
3. Builder
4. Enhancer
5. Creator
6. Magnifier
7. Maximiser
Benefits:
1. Maturity Benefits:
On maturity fund value will be paid to the policyholder.
2. Death Benefits:
In the Unfortunate event of the Death of the Life Insured prior to the maturity date of
the policy, the nominee gets the greater of
(a) Fund Value
(b) Sum Assured reduced for partial withdrawal as follows:
Before the life insured attains the age of 60, the sum assured payable on death is
reduced by partial withdrawals made in the preceeding years.
Once the Life Insured attains the age of 60, the Sum Assured payable on death is
reduced by all partial withdrawals made from age 58 onwards.
3. Tax Benefits:
Policyholder is eligible for tax benefits U/S 80C and U/S 10(10D) of the Income Tax
Act 1961.
U/S 80C- Premium up to Rs.100000 is allowed as deduction from taxable income
each year.
U/S 10(10D) - The Benefits received under plan are exempted from tax.
Charges:
1. Premium Allocation Charges:
It is deducted from premium when received and before allocation of units.
Policy Charges
Policy Years
1
Policy 8%
On
Premium
On
top-up 2%
Premium
2
4%
3
4%
4+
2%
2%
2%
Policy Charges
Policy
administration
charges
Policy Years
3
19.4
19.4
4+
19.4
14.4
* An additional 5 per 1000 will be charged in the first 3 policy years only on any
excess Sum Assured over Rs. 50000
4. Mortality Charges:
These charges are deducted on a monthly basis. These charges are taken by
canceling units proportionately from each of the investment funds at that time.
The annual rate per 1000 of Sum Assured less fund value for sample ages are:
Age
Female
Male
25
1.023
1.083
35
1.162
1.363
45
2.385
3.110
55
6.441
8.571
65
15.92
21.06
5. Surrender Charges:
These charges are applied when the policyholder surrender their policy in the first
3 policy years. The surrender charge as a percentage of the annual policy premium
chosen at issue is
Policy Charges
Surrender
Charges
Policy Years
1
15%
2
12.5%
3
10%
4+
NIL
Partial Withdrawals, are allowed, after 3 years to meet liquidity needs of the
policyholder
Duration:
Policy Term: 10, 15, 20, 25, 30, 35, 40 Years.
Premium Payment Term: Policyholder can choose to pay premium at short or
regular intervals.
Premium Investment:
Premium Collected is investment in six investment fund options. These funds are:
1.
2.
3.
4.
5.
6.
Assure
Protector
Builder
Enhancer
Creator
Magnifier
Benefits:
1. Death Benefits:
Double Death Benefits i.e. Death Benefits= Sum Assured + Savings
Increasing Death benefits i.e. Death Benefit= Sum Assured + 25% every
5th year
Charges:
1. Mortality Charges:
Charges are deducted monthly by canceling units from the associated fund option.
The charge is 95%
Term Band 1 Band 2 Band 3 10/15 4.75 4.25 4.00 20+ 3.75 3.25 3.00
Term
10/15
20+
Band 1
4.75
3.75
Band 2
4.25
3.25
Band 3
4.00
3.00
Eligibility:
Entry Age of Life Insured: 18 to 70 Years.
Minimum Annual Premium: Rs. 1,00,000
Minimum Sum Assured: 5xAnnual Premium.
Premium Collected is invested in the Equity & Debt Market according to the preset
Asset Allocation of the Platinum Plus Fund I.
Benefits:
1. Guaranteed Maturity Unit Price
Minimum of Rs. 10 on the first Reset Date
At maturity, is the highest Unit Price recorded on 88 Reset Dates
2. Maturity Benefits
Number of units multiplied by higher of Guaranteed Maturity Unit Price or
prevailing Unit Price at maturity.
3. Surrender Benefits
Full liquidity after 3 policy years 100% Fund Value
4. Death Benefits
Higher of Fund Value (as per the then prevailing unit price) or Sum Assured (less
applicable partial withdrawals)
5. Tax Benefits
U/S 80C- Premium up to Rs.100000 is allowed as deduction from taxable income
each year.
U/S 10(10D) - Benefits from the plan are exempted from tax.
Charges:
1. Premium Allocation Charges:
10% of premium in the first year and 4% of premium in subsequent years.
2. Fund Management Charges:
1.00%-1.50% p.a. for Assure & 1.50%-2.00% p.a. for Platinum Plus Fund I.
3. Policy Administration Charges:
These charges are deducted monthly by canceling units from the investment fund
Assure first and then, from Platinum Plus I, if required. The annual charge is Rs.
720 on the first 1000 Sum Assured in all years plus Rs.6 per 1000 Sum Assured in
years 1 to 3 only.
4.
Mortality Charges:
Charges are deducted monthly by canceling units from the associated investment
funds. The Annual Charges for sample ages are as follows:
Attained Age
Female
Male
25
1.02
3
1.08
3
35
1.16
2
1.36
3
45
2.38
5
3.11
0
55
6.44
1
8.57
1
65
15.920
21.060
5. Surrender Charges:
This charge, as a percentage of the annual premium at issue, is 16%, 13% and
10% for policy year 1, 2 and 3 respectively.
6. Revival Charge:
The charge for policy revival is Rs. 100-1000 per revival
FUNDS BY BSLI
Birla Sun Life Insurance, a leading Life Insurance company, offers its clients with a
long range of Funds. These funds are designed to cater to a variety of needs of people
who are from different life stages. BSLI offers a broad range of 12 funds, each having
differing asset allocations.
12 funds offered are:
1. Individual Protector
2. Individual Assure
3. Individual Balancer
4. Individual Builder
5. Individual Creator
6. Individual Enhancer
7. Individual Life Maximiser
8. Individual Magnifier
9. Individual Multiplier
10. Pension Nourish
11. Pension Enrich
TY.BCOM (BANKING AND INSURANCE)
Government Securities
Corporate Debt
Securitized Debt
Equity
Money Market Instruments
Proportion of allocating the fund in these options, vary according to the needs and
fund requirements of policyholders. The most important thing to be noticed here is
that this portfolio is decided, based on the regulations of IRDA. Performances of these
funds are rated by the rating agency-CRISIL.
All the 12 funds by BSLI are described below along with their respective Asset
Allocations.
INDIVIDUAL ASSURE
Objective:
The primary objective of this fund is to provide Capital Protection, at a high level of
safety and liquidity through judicious investments in high quality short-term debt.
Strategy:
Generate better return with low level of risk through investment into fixed interest
securities having short-term maturity profile.
Asset Allocation:
SECURITIES
Corporate Debt
Money Market Instruments
TOTAL
HOLDING
59.57%
17.97%
100.00%
Holding
SECURITIES
Corporate Debt
34%
Money Market
Instruments
56%
TOTAL
10%
INDIVIDUAL BALANCER
Objective:
The objective of this fund is to achieve value creation of the policyholder at an
average risk level over medium to long-term period.
Strategy:
The strategy is to invest predominantly in debt securities with an additional exposure
to equity, maintaining medium term duration profile of the portfolio.
Asset Allocation:
SECURITIES
Government Securities
Corporate Debt
Equity
Money Market Instruments
Total
HOLDINGS
10.67%
39.04%
23.44%
26.85%
100%
Sales
27%
Government Securities
11%
Corporate Debt
Equity
39%
23%
PENSION GROWTH
Objective:
Money Market
Instruments
This fund option is designed to build the capital and to generate better returns at
moderate level of risk, over a medium or long-term period through a balance of
investment in equity and debt.
Strategy:
Generate better return with moderate level of risk through active management of fixed
income portfolio and focus on creating long term equity portfolio which will enhance
yield of composite portfolio with low level of risk appetite.
Asset Allocation:
SECURITIES
Government Securities
Corporate Debt
Equity
Money Market Instruments
TOTAL
HOLDINGS
13.90%
45.41%
18.63%
22.06%
100.00%
Holding
22%
14%
Government Securities
Corporate Debt
19%
Equity
45%
PENSION ENRICH
Objective:
TY.BCOM (BANKING AND INSURANCE)
Helps to grow the capital through enhanced returns over a medium to long-term
period through investments in equity and debt instruments, thereby providing a good
balance between risk and return.
Strategy:
To earn capital appreciation by maintaining diversified equity portfolio and seek to
earn regular return on fixed income portfolio by active management resulting in
wealth creation for policyholders.
Asset Allocation:
SECURITIES
Government Securities
Corporate Debt
Equity
Money Market Instruments
TOTAL
HOLDINGS
14.35%
39.40%
32.69%
13.57%
100.00%
Holding
14%
Government
Securities
14%
Corporate Debt
33%
Equity
39%
CONCLUSION
Money Market
Instruments
Our training was a very enriching experience for us, we have learnt so many things,
and we got insight into the insurance world. Insurance sector today playing a major
role in everyones life lot more than ever before life currently there is a
comprehensive range of products covering each type of policy available in the market.
We have studied various insurance plans covered under BSLI, and their features.
BSLI also gives various Riders, which provides extra benefits to the customers. And
we came to know about the pioneering features of BSLI, like sales procedure, SIP, etc.
While most insurance plans block money for certain period of time, a BSLI plan gives
the double benefit of life insurance along with easy liquidity through lump sum cash.
Birla Sun Life Insurance (BSLI), one of the largest private life insurers, is gearing
itself to take advantage of the vast rural opportunity that has opened up as a result of
the revised definition of rural areas by the IRDA. Over the last four years, BSLI has
painstakingly built its rural infrastructure to create a cost-effective distribution
network across the country.
Our training gave us corporate exposure, and helped in improving our communication
skills. We learnt to deal with customers, we made them aware about various plans,
and their respective features, even helped them to select the best plan as per their
requirements.
RECOMMENDATIONS
1. Competition from public sector and foreign banks remains a key challenge for
private sector banks. They need to reorient their staff and effectively utilize
technology platforms to retain customers.
2. They have to update their portfolio timely.
3. Birla Sun Life Insurance Ltd should have proper division of departments under
heads.
4. Birla Sun Life Insurance Ltd should have more pension plans.
5. Birla Sun Life Insurance Ltd should have more children plans, and more help line
plans
6. They should provide more information to the customer so that they become more
aware about insurance.
BIBLIOGRAPHY
TY.BCOM (BANKING AND INSURANCE)
1. www.birlasunlife.com
2. www.Paisawaisa.com/LifeInsurance
ANNEXURE
TY.BCOM (BANKING AND INSURANCE)