Beruflich Dokumente
Kultur Dokumente
Faculty Of Commerce
YEAR 2016-2018
OF
ON
Snehlata Jaiswal
MBA RI
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ACKNOWLEDGEMENT
Snehlata Jaiswal
MBA RI
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CERTIFICATE
Supervisor:
K.K. MISHRA
Professor
Faculty Of Commerce
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PREFACE
Snehlata Jaiswal
MBA RI
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CONTENTS
1 Introduction
2 Research Methodology
4 Bancassurance In India
7 Findings,Conclusions &
Suggestions
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CHAPTER:1
INTRODUCTION
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BANK:
A Bank is a financial institution that accepts the deposits
from the public and creates credit. Lending activities can
be performed either directly or indirectly through capital
market. Banks may also provide financial services such
as currency exchange, wealth management and safe
deposits.
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DEFINITIONS:
According to P.A.Samuelson: Bank provides service to
its clients and in turn receives perquisites in different
forms.
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BANKING INDUSTRY IN INDIA:
Banking in India originated in last decade of 18th
century. Among the first banks were the Bank Of
Hindustan, which was established in 1770 and liquidated
in 1829-32 and the General Bank Of India established in
1786 but both failed in 1791.The India’s oldest bank
which is in existence is the State Bank Of India being
established as the Bank Of Bengal in Calcutta in June in
year 1806.This was one of the three presidency banks,
the other two being the Bank Of Bombay and the Bank
Of Madras, all three of which were established under
charters from the British East India Company. For many
years , the Presidency banks acted as a quasi central
banks. The three banks merged in 1921 to form the
Imperial Bank Of India which upon the India’s
independence became the State Bank Of India.
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In 1960,the State Bank Of India was given control of
eight state associated banks under the State Bank Of
India (subsidiary banks)act 1959.These banks are now
called its Associate Banks. Since 1969,tremendous
changes have taken place in the banking industry. The
banks have shed their traditional functions and have
been innovating, Improving and coming out with new
types of the services to cater to the emerging needs of
their customers.
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As per the RBI, India’s banking sector is sufficiently
capitalized and well regulated. The financial and
economic conditions in the country are far superior to
any other country in the world. Credit, market and
liquidity risk studies suggests that the Indian banks are
generally resilient and have withstood the global
downturn well.
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Market Size:
The Indian banking system consists of 27 public
sector banks,26 private banks,46 foreign
banks,56 regional rural bank ,1574 urban
cooperative banks and 93913 rural cooperative
banks. Banks are also encouraging their
customers to manage their finances using the
mobile phones.
As the RBI allows more features such as
unlimited fund transfers between wallets and
bank accounts, mobile wallets are expected to
become strong players in the financial
ecosystem.
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Investments and Developments:
Key investments and developments in India’s banking
industry include:
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Government Initiatives:
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Features Of Bank:
Money dealing
Acceptance of deposits
Grant of loans and advances
Transfer of funds
Portfolio management
Foreign exchange dealing
Payment and withdrawal of deposits
Agency and utility services
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INSURANCE
t.
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known as an insured or policyholder. The insurance
transaction involves the insured assuming a guaranteed
and known relatively small loss in the form of payment
to the insurer in exchange for the insurer's promise to
compensate the insured in the event of a covered loss.
The loss may or may not be financial, but it must be
reducible to financial terms, and usually involves
something in which the insured has an insurable
interest established by ownership, possession, or
preexisting relationship.
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DEFINITIONS
According to J.B.Maclean:
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PRINCIPLES OF
INSURANCE:
1. Nature of contract:
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A contract should be simple to be a valid contract. The
person entering into a contract should enter with his free
consent.
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4. Principle of indemnity:
5. Principal of subrogation:
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6. Double insurance:
8. Principle of warranty:
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9. Principle of Probability:
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INSURANCE IN INDIA
Introduction:
It’s now been more than a decade since the opening up
of the insurance sector in India to the private sector and
for foreign players. The past decade has seen
considerable growth in the insurance sector and has seen
the introduction of a large number of innovative
products – a natural and positive outcome of increasing
competition. The insurance sector plays a very crucial
role in the economy of any country – it increases
avenues for savings of individuals, protects the future of
individuals and spreads risks of institutions by forming a
large pool of fund. The sector also contributes
significantly to the capital markets and assists in large
capital infrastructure developments of our country
through their funds.
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At the dawn of the twentieth century, many insurance
companies were founded. In the year 1912, the Life
Insurance Companies Act and the Provident Fund Act
were passed to regulate the insurance business. The Life
Insurance Companies Act, 1912 made it necessary that
the premium-rate tables and periodical valuations of
companies should be certified by an actuary. However,
the disparity still existed as discrimination between
Indian and foreign companies. The oldest existing
insurance company in India is the National Insurance
Company , which was founded in 1906, and is still in
business.
The Government of India issued an Ordinance on 19
January 1956 nationalising the Life Insurance sector and
Life Insurance Corporation came into existence in the
same year. The Life Insurance Corporation (LIC)
absorbed 154 Indian, 16 non-Indian insurers as also 75
provident societies—245 Indian and foreign insurers in
all. In 1972 with the General Insurance Business
(Nationalisation) Act was passed by the Indian
Parliament, and consequently, General Insurance
business was nationalized with effect from 1 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 1 January 1973.
The LIC had monopoly till the late 90s when the
Insurance sector was reopened to the private sector.
Before that, the industry consisted of only two state
insurers: Life Insurers( LIC) and General Insurers (GIC).
GIC had four subsidiary companies. With effect from
December 2000, these subsidiaries have been de-linked
from the parent company and were set up as independent
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insurance companies: Oriental Insurance Company
Limited, New India Assurance Company
Limited, National Insurance Company
Limited and United India Insurance Company.
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Insurance Laws (Amendment) Act, 2015 provides for
enhancement of the Foreign Investment Cap in an Indian
Insurance Company from 26% to an Explicitly
Composite Limit of 49% with the safeguard of Indian
Ownership and Control.
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Market Size:
Investments:
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back of rise in health insurance coverage
through government-sponsored schemes.
Government Initiatives:
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Here are some performance highlights of the Indian
insurance industry.
Premium
Underwritte 266444. 100499. 239667. 88433.
n (Rs in 21 02 65 49
Crores)
New
Policies
205.47 61.92 201.71 57.37
Issued (in
Lakhs)
Number of
4892 6179 4877 6156
Offices
Benefits
141201. 60565.0
Paid (Rs in 144125 67054
05 5
Crores)
Individual
Death
Claims 761983 114697 755901 121927
(Number of
Policies)
Individual
Death
Claims 2733.4
9690.17 2946.49 9055.18
Amount 9
Paid (Rs in
Crores)
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Group
Death
Claims 247504 297833 273794 192989
(Number of
lives)
Group
Death
Claims 1483.5
2494.03 2303.00 2037.27
Amount 5
Paid (Rs in
Crores)
Individual
Death
Claims
98.33 91.48 98.19 89.40
(Figures in
per cent of
policies)
Group
Death
Claims
(Figures in 99.69 94.65 99.64 91.20
per cent of
lives
covered)
No. of
Grievances
reported 64750 139951 80944 198048
during the
year
Grievances
resolved
64750 145125 80944 193119
during the
year
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Grievance
Resolved 100 103.69 100.00 97.51
(in percent)
Premium
Underwritten 42549.4 35090.0
47691 39694
(Rs in 8 9
Crores)
New Policies
Issued (in 671.32 549.44 677.82 504.97
Lakhs)
Number of
8414 2389 8207 2200
Offices
Net Incurred
38104.2 21764.4 31567.7 19430.4
Claims (Rs
7 4 5 6
in Crores)
Number of
Grievances
reported 17808 41802 15860 44828
during the
year
Grievances
Resolved
17718 42493 16105 43318
During the
Year
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BANCASSURANCE
Bancassurance symbolizes the convergence of banking
and insurance. The term has its origin in France and
involves distribution of insurance products through the
bank’s branch network..Bancassurance is a strategy
adopted by the banks or insurance companies arming to
operate in the financial market in more or less integrated
manner. It is inter linkage of different financial services
as well as the distribution of these products.
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CHAPTER-2
RESEARCH
METHODOLOGY
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Research Methodology
Research is being undertaken within most of the
professions. More than a set of skill, research is the way
of thinking, examining critically the various aspects of
day to day professional work, understanding and
formulating guiding principles and govern a particular
procedure ,developing and testing the new theories for
the enhancement of the practice. It is a habit of
questioning what we do and the systematic examination
of the observed information to find the answers, with a
view to instituting the appropriate changes for the
effective professional service.
Sources of Data:
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newspapers, magazines, journals, books and the
published documents have also been collected and
published.
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Scope of Study:
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Significance of the Study:
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Limitations of the Study:
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CHAPTER :3
BANCASSURANCE:AN
OVERVIEW
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Meaning and Concept of Bancassurance:
Bancassurance is the marketing of the insurance
products by the banks. Banks ,apart from their regular
products of deposits ,advances, loans, investments etc
are also engaged in the selling of the insurance products
both life and non life insurance in order to increase their
fee based income and to leverage their inherent
advantages.
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prospects. The share of premium collected by the banks
is increasing in a decent manner from the time it was
introduced to the Indian market. In India Bancassurance
is guided by IRDA and RBI. All banks and insurance
company have to meet a particular requirement in order
to get into the bancassurance business.
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This has given rise to a new form of business
wherein two big financial institution have come
together and have integrated all their strengths
and efforts and have created a new means of
marketing and promoting their products and
services.On one hand it is the banking sector
which is very competitive and on the other hand
it is an insurance sector which has the potential
for the growth,and when these both join together
it gives birth to the Bancassurance.
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Bancassurance can be an important source of
revenue.With the increased competition and squeezing
of interest rates ,profits are likely to be under
pressure.Fee based income can be increased through
hawking of risk products.Bancassurance if taken in a
right spirit and implemented properly can be a win win
situation for all the participants.
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Origin of Bancassurance:
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product greatly expand sales to the individuals across the
several product lines. Coming to Asia, it has been
estimated that the bancassurance would contribute
almost 16% of the life premium in the Asian markets in
the year 2006 primarily due to the growth expected in
China & India. Middle East has probably the lowest
penetration of the bancassurance products.
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Other bank strengths are their marketing and processing
capabilities. Banks have an extensive experience in
marketing to both the existing customers and non
customers. They also have an access to multiple
communication channels. Banks proficiency in using the
technology has resulted in the improvements in the
transaction processing and the customer service.
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Fee based Income:A bank expects to increase its
fee based income and overall productivity by
leveraging its branch network,brand image and
client base by optimally using its assets or
infrastructure and by positioning itself as an one
stop shop with the value added services for its
customers ,thereby increasing the customer
loyalty and retention. Bancassurance enables a
bank to satisfy the risk protection needs of its
clients without assuming the underwriting risk.
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Advantages of Bancassurance
Advantange for the banks:
Revenue diversification
Satisfaction of more financial needs under the
same roof.
Customer retention-Increase in customer loyalty
More profitable resources utilization
Enriched customer environment
Establish sales oriented culture
Advantage for the insurance companies
Revenue and channel diversification
Quality customer access
Increase in volume and profit
Improved brand equity
The insurance company can establish itself more
quickly in a new market ,using a local existing
bank channel.
Enhanced conveniency
One stop shop for all financial needs
Innovative and better products range
More credible solutions
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Disadvantages of bancassurance:
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Determinants of Bancassurance:
Bancassurance has achieved remarkable success in some
markets.In Europe,it is not uncommon to find over half
of the life insurance business being transacted by the
banks.
Banks:
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risk based capital requirement for the same level of
revenue.Work towards the provision of integrated
financial services tailored to the life cycle of the
customers.Access funds that are otherwise kept with the
life insurers,who sometimes benefits from tax
advantages.
Insurers:
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Consumers:
Regulators:
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Business models across the world
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only be sold by authorised financial advisers who have
obtained a minimum qualification.
Banks have therefore set up networks of financial
advisers authorised to sell regulated insurance
products.They usually operate as tied agents and sell
exclusively the products manufactured by the bank’s in-
house insurance company or its third-party provider(s).
A proactive approach is used to generate leads for the
financial advisers from the customer base, including
through mailings and telesales. There is increasing focus
on developing relationships with the large number of
customers who rarely or never visit a bank branch.
Financial planners are typically employed by the bank or
building society rather than the life company and usually
receive a basic salary plus a bonus element based on a
combination of factors including sales volumes,
persistency, and product mix.
Following the reform of the polarisation regime, banks
will have the possibility to become multi-tied
distributors offering a range of products from different
providers. This has the potential to strengthen the
position of bancassurers by allowing them to meet their
customers’ needs.
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Structural Classification
a) Referral Model:
Banks intending not to take risk could adopt ‘referral
model’ wherein they purely part with their client data
base for business lead for commission. The actual
transaction with the prospective client in referral model
is done by the staff of the insurance company either at
the premise of the bank or somewhere else. Referral
model is nothing but a simple arrangement, wherein the
bank, while scheming access to the clients data base,
parts with only the business leads to the agents/ sales
staff of insurance company for a ‘referral fee’ or
commission for all business lead that was passed on. In
fact a number of banks in India have already resorted to
this approach to begin with. This model would be
suitable for almost all types of banks including the RRBs
/cooperative banks and even cooperative societies both
in rural and urban. There is larger scope in the medium
term for this model. For, instance banks to begin with
resorts to this model and then move on to the other
models.
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Pro: Customer directly talks with insurance
staff=less chance of bank staff misguiding/mis-
selling policies to them.
Con: In other two models, bank can make more
commission.
b) Corporate Agency:
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and around 40% of its new premiums business
(Economic Times, October 8, 2004). Interestingly, even
in a developed country like US, banks stated to have
preferred to focus on the distribution channel similar to
corporate agency rather than underwriting business.
Several major US banks including Wells Fargo,
Wachovia and BB &T built a great distribution network
by acquiring insurance brokerage business. This model
of bancassurance worked well in the US, because
consumers generally prefer to purchase policies through
broker banks that offer a wide variety of products from
competing insurers
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bancassurance seems to have emerged out of necessity in
India.
Bank referrals:
There is also another method called ‘Bank
Referral’. Here the bank do not issue the policies
they only give the database to the insurance
companies. The companies issue the policies and
pay the commision to them. This is called
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referral basis. In this method also there is a win
win situation everywhere.
Bancassurance Strategy:
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Technology: Bancassurance should plan a technological
infrastructure that will exploit the customer information
found in the bank’s database to uncover sales
opportunities .Bancassurance should use the technology
to simplify the insurance purchases as much as possible
,thereby making the purchase an easier.Buying insurance
in a traditional way means dealing with the agents and
the complications of the underwriting process ,which the
bancassurance can eliminate.
Career Agents:
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They are full time commissioned sales personnel holding
an agency contract.They are generally considered to be
an independent personnel.Consequently,an insurance
company can exercise control only over the activities of
the agents which are specified in his contract.Despite the
limitation on control,career agents with a suitable
training supervision can be highly productive and cost
effective.
Special Advisers:
Platform Bankers:
They are the bank employees who spot the leads in the
banks and gently suggests the customers to walk over
and speak with appropriate representatives within the
bank .They may be a teller or a personnel loan assistant
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and the representative being referred to may be a trained
bank employee or a representative from the partner
insurance company.
Direct Response:
Internet:
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proportion of the affluent population ,everyone’s target
market will find banks with households name brands and
proven skills in E-Business a very acceptable source of
non banking products.
Brokerage:
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Organizational Structure Of
Bancassurance Companies:
GENERAL
MANAGER
COMPANY BUSINESS
EXECUTIVE HEAD
COMPANY
ZONAL
ASSOCIATE
MANAGER
MANAGER
CORPORATE
REGIONAL
SALES
MANAGER
MANAGER
TERRITORY
MANAGER
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CHAPTER-4
BANCASSURANCE IN INDIA
OVERVIEW:
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Bancassurance in India:
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Prospect Of Bancassurance In India:
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Reasons For Growing Bancassurance In
India:
The opening up of the insurance industry to private
sector participants in December 1999 has led to the entry
of 20 new players with 12 in life insurance sectors and 8
in non life insurance sectors.Almost without exception
these companies are seeking to utilize the multiple
distribution channels.In other Asian markets
bancassurance makes a significant headway in recent
times.Some of the following are the reasons:
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Improvements in transaction processing and
customer service.
Other bank strengths are their marketing and
processing capabilities.Banks have extensive
experience in marketing to both the existing and
non existing customers.They also have an access
to multiple communication channels .
By successfully mining their customer database
,leveraging their reputation and distribution
system to make appointments and utilizing the
sales techniques .
Cost per sales lead made possible by their
sizeable loyal customer base.Banks also enjoy
significant brand awareness within their
geographical regions,again providing for lower
per lead cost when advertising through
print,radio etc.Banks that make the most of these
advantage are able to penetrate their customer
base and market for the above average market
share.
Insurer have much to gain from marketing
through banks.Personal line carriers have found
it difficult to grow using the traditional agency
system .Over the last decade,life agents have
sold fewer larger policies to more upscale client
base.
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Data Analysis And Interpretation:
Analysis based on the impact of bancassurance
on the banking business in India:
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Company.ICICI Prudential Life Insurance company
limited is a joint venture between ICICI Bank and
Prudential,a leading international financial service group
whose headquarters is in UK .It was established in
December 2000 after receiving an approval from IRDA
.ICICI Lombard General Insurance company limited was
established in August 2001.
The above table shows that the net worth of ICICI Bank
for year 2008-09 was 49,883 crores and a growth of
3.48% for a year ended 2009-10.It has grown from
51,618 crores in 2009-10 to Rs 55,091 crores in 2010-11
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i.e.an increase of 6.73%.There was a growth of 9.65% in
year 2011-12.
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INDUSTRIAL DEVELOPMENT
BANK OF INDIA:
IDBI was established on 1st july 1964 under an Act of
Parliament as a wholly owned subsidiary of the RBI. On
16 Feb 1976 the ownership IDBI was transferred to the
government of India and it was made the principle
financial institution for co-ordinating the activities of the
institutions engaged in financing, promoting and
developing the industry in the country.
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CHAPTER-5
REGULATION FOR
BANCASSURANCE
COMPANIES IN INDIA
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Regulations By RBI:
Following the issuance of Govt Of India notification
dated specifying “Insurance” as a permissible form of
business that could be undertaken by the banks u/s 6(1)
(o) of the Banking Regulation Act 1949; RBI issued the
guidelines on the Insurance business for the banks.
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5.The track record of the performance of the subsidiaries
if any of the concerned bank should be satisfactory.
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g.Latest audited balance sheet will be considered for
reckoning the eligibility criteria.
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Regulations By IRDA
Mandatory Training:
Corporate Agents:
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had held up the implementation of bancassurance in the
country.
Restrictive Feature:
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Insurance Regulatory And Development Authority
(Licensing Of Bancassurance Agents)
Regulations,2011:
B.) Definitions:
In these regulations :-
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Regulation Act 1949 to accept the deposits from the
public.
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(2) While considering the applicant ,Authority shall take
into account all matters affecting distribution of the
insurance products by the applicant or its promoters.In
particular and without prejudice to the generality ,the
authority shall consider the following matters for grant
of license to the applicant namely-
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solicit or procure the insurance business on behalf of the
Bancassurance Agent.
F.) Qualifications:
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MBA of any Institution/University recognized by
CG/SG.
G.) Examination:
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H.) Fee Payable:
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unaudited statements alongwith a declaration confirming
the fulfillment of the requirement of the Specified
Person in each and every branch.
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K.) Code Of Conduct:
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Identify himself and the insurance company of
whom he is a representative.
Disclose the license or certificate to the prospect
on demand.
Disseminate the requisite information in respect
of the insurance products offered for sale by his
insurer and take into an account the needs of the
prospect while recommending the specific
insurance plan.
Disclose the scale of commission in respect of
the insurance product offered for sale.
Indicate the premium to be charged by the
insurer for the insurance product offered for
sale.
Inform promptly the prospect about the
acceptance or rejection of the proposal by the
insurer.
Obtain the requisite documents at the time of
filing the proposal form with the insurer and
other documents subsequently asked for by the
insurer for the completion of the proposal.
Render the necessary assistance to the
policyholders or claimants or beneficiaries in
complying with the requirements for the
settlement of claims by the insurer.
Explain to the prospect the nature of information
required in the proposal form by the insurer and
also the importance of disclosure of material
information.
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L.) Renewal Of License:
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M.) Suspense and Cancellation of
License/Certificate:
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N. ) Issue Of Duplicate License:
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CHAPTER- 6
BANCASSURANCE TIE-UPS
IN INDIA:
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Recent Tie –Ups Of Banks And
Insurance Companies:
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Tie Ups Of Banks With Life
Insurance Companies:
Metlife Dhanlaxmi
Bank,Karnataka bank,
J&K Bank
LIC OBC,Vijaya
bank,Corporation bank
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Tie Ups Of Banks With General
Insurance Companies:
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CHAPTER-7
FINDINGS,CONCLUSIONS
AND SUGGESTIONS
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Findings:
Bancassurance industry is a growing industry
but there are certain loopholes in it like people
hardly trust especially the private industry
companies.Even though there are around 29
banks and 12 insurance companies working
together as a Bancassurance Companies in India
but still its % share is considerably less.
With the opening up of the insurance sector and
with so many players entering the Indian
Insurance Industry ,it is required by the
Insurance companies to come up with well
established infrastructure facilities with good
call centre to attract and provide information to
the customer regarding different policies.
The penetration level of life insurance in the
Indian market is low at 2.3% of GDP with only
8% of the total population currently insured.
Where the legislation has allowed
Bancassurance had mostly been a phenomenal
success and although slow to gain pace is now
taking across Asia.Especially now banks are
starting to become more diverse financial
institution and the concept of universal banking
is being adopted.
In the field of Bancassurance Banks will bring a
customer database,leverage their
name,recognition and reputation .If they are
using personal contact with the customers then
only they can success in the field of
Bancassurance.
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Proper implementation of the bancassurance is
still facing so many hurdles and obstacles
because of the poor management ,lack of call
centres,no personal contacts with the
customers,inadequate incentives to the agents
and non fulfillment of the essential
requirements.
Finally,we can say that the Bancassurance would
mostly depend on how the well insurers and the
bankers understanding is with each other ,how
they are capturing the opportunity and how
better they are providing the service to their
customers.Bancassurance companies should
create more awareness among the people about
the importance of the insurance in one’s
life.There should be insurance oriented
programs conducted by the Bancassurance
Companies especially in the rural and semi
urban areas.The leading banks should be more
involved in promoting and selling the
Bancassurance in order to gain the trust of the
common mass of people’s.
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CONCLUSION
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SUGGESTIONS
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REFERENCES
Websites:
www.irda.org
www.rbi.org.in
www.ibef.org.in
www.economictimes.in
www.moneycontrol.com
Books:
Principles and practice of Insurance –
M.Motihar
Insurance:Principles And Practice –
M.N.Mishra
Principles And Practice Of Insurance – GS
Panda and Monika Mahajan
Insurance And Risk Management –
P.K.Gupta
Journals:
1.IRDA JOURNAL
2. IRDA ANNUAL REPORT
3. RBI ANNUAL REPORT
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