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Life insurance is a form of insurance that pays monetary proceeds upon the death
of the insured covered in the policy. Essentially, a life insurance policy is a
contract between the named insured and the insurance company wherein the
insurance company agrees to pay an agreed upon sum of money to the insured's
named beneficiary so long as the insured's premiums are current.

With a large population and the untapped market area of this population
insurance happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20% annually. Together with banking services,
it adds about 7 percent to the countries GDP. In spite of all this growth statistics
of the penetration of the insurance in the country is very poor. Nearly 80% of
Indian populations are without life insurance cover and the health insurance. This
is an indicator that growth potential for the insurance sector is immense in India.




 
u? It started from Lloyd͛s coffee house London.

u? ºirst policy issued in England in 1583.

u? In India first policy issued in 1870.

An insurance contract or policy will set out in detail the exact circumstances
under which a benefit payment will be made and the amount of the
premiums.
 


 
Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing.
It provides valuable tax relief.
Thus insurance is found to be very useful in the lives of the person both in short
term and long term.

ºundamental principles of life insurance contract;

1) Principle of almost good faith:͞A positive duty to voluntary disclose,
accurately and fully, all facts, material to the risk being proposed whether
requested or not͟.

2) Principle of insurable interest͞Relationships with the subject matter (a person)

which is recognized in lawand giveslegal right to insure that person͟.

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è   c
 
   c  (èc) is an American insurance corporation.
Its corporate headquarters are located in the American International Building in
New York City. According to the 2008 ºorbes Global 2000 list, AIG was once the
18th-largest public company in the world. It was listed on the Dow Jones
Industrial Average from April 8, 2004 to September 22, 2008.
AIG history dates back to 1919, when Cornelius Vander Starr established an
insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to
sell insurance to the Chinese, which he continued to do until AIG left China in
early 1949Ͷas Mao Zedong led the advance of the Communist People's
Liberation Army on Shanghai. Starr then moved the company headquarters to its
current home in New York City.[7] The company went on to expand, often through
subsidiaries, into other markets, including other parts of Asia, Latin America,
Europe, and the Middle East.

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è is a ºrench global insurance groupheadquartered in the 8th
arrondissementof Paris. AXA is a conglomerate of independently run business,
operated according to the laws and regulations of many different countries. The
AXA group of companies engagein life, health and other forms of insurance, as
well as investment management. The group operates primarily in Western
Europe, North America and the Asia Pacific region and the Middle East.
The AXA Group encompasses five operating business segments: Life & Savings,
Property & Casualty, International Insurance (including reinsurance), Asset
Management and Other ºinancial Services. It ranks as the 9th largest company in
the world (based on revenue).



The company was originally founded in 1816 as Mutuelle de L'assurance contre
L'incendie (the Ancienne Mutuelle). It acquired Compagnie Parisienne de Garantie
in 1978 and became Mutuelles Unies.It went on to buy the Drouot Group in 1982,
at which time it adopted the AXA name. The takeover of The Equitable, a well
known American insurer, came in 1991. It bought Union des Assurances De Paris
(UAP), ºrance͛s largest insurer, in 1996 becoming AXA-UAP for a while before
reverting to the name AXA in 1999.Then in ºebruary 1999 AXA acquired Guardian
Royal Exchange. In May 2000 AXA acquired all shares it did not already own in Sun
Life & Provincial Holdings. On 14 June 2006 AXA acquired the
leading Swiss insurance companyWinterthur Group from Credit Suisse for
approximately Φ9 billion!?


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Allianz is one of the largest financial services provider in the world, and the largest
insurer in Europe. It is headquartered in Munich, Germany. Its core business and
focus is insurance and asset management. With revenues of US$140,618 million
in 2008, Allianz ranked 22nd in the º
 
  and is the second largest
international insurance and financial services organization in the world. ºounded
by Carl Thieme and Wilhelm ºinck in 1889 to serve the insurance needs of the
industrial era, Allianz quickly became the largest insurer in Germany. Its
international expansion was thwarted by the restrictions placed on Germany
after World War I, but like many companies, it rapidly increased its overseas
presence by opening branch offices in several major cities during the 1960s and
through a series of acquisitions during the 1980s and 1990s. In the 1990s it also
established itself in eight countries in Eastern Europe. Today, Allianz serves 60
million customers with over 180,000 employees in 70 countries, following the
principle that ͞all business is local.



 


 
Manulife ºinancial Corporation (MºC) is a life insurance company and the holding
company of The Manufacturers Life Insurance Company (Manufacturers Life). The
Company is a global provider of financial protection and wealth management
products and services, including individual life insurance, group life and health
insurance, long-term care insurance, pension products, annuities and mutual
funds. It also provides investment management services with respect to its
general fund assets, segregated fund assets, mutual funds, and to institutional
customers. It also offers reinsurance services, specializing in life retrocession and
property and casualty reinsurance. It operates in four divisions: U.S. Division,
Canadian Division, Asia and Japan Division, and Reinsurance Division. In addition,
asset management services are provided by its Investment Division, operating as
MºC Global Investment Management (MºC Global). In October 2008, it acquired
ºuhwa Securities Investment Trust Co. Ltd.






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Generali group is the largest Italian insurance company. ºounded in 1831 in the
key seaport of the Austro-Hungarian Empire where some 20 insurance companies
were active, Generali soon began to outperform them.With a strong international
presence, Generali offers its services in 40 countries, expanding to Central and
Eastern European markets and the ºar East. Also dealing with finance and real
estate services, it serves 46 million clients and employs 67,000 people. Beside
other activities, the group is determined to be one of the leaders in social
responsibility.The name "Generali" was chosen to promote the idea of not being
aimed just at maritime insurance.


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     ! 
 is a joint venture
between Allianz AG, one of the world's largest Life Insurance companies and Bajaj
Auto, one of the biggest 2- &- 3 wheeler manufacturers in the world.
Allianz AG is an insurance conglomerate globally and one of the largest asset
managers in the world, managing assets worth worldwide with 115 years of
financial experience in over 70 countries.
Bajaj Allianz is one of the fastest growing private Life Insurance Company in India.
This has more than 1,200 branches across country and deals in primarily
unitlinked, traditional, health, child and pension policies.
è!!,
Bajaj Allianz sought a fast rollout of the eLearning environment that was
integrated with their proprietary HRMS, and which was customized to meet their
specific requirements.

Since skill assessment and competency mapping was important objective for
client, system had to fully support client͛s job and responsibility matrix mapping
to course.

KameshGoyal
 (2500 to 5000 crores.


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 Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint
venture between the Aditya Birla Group, a well known and trusted name
globally amongst Indian conglomerates and Sun Life ºinancial Inc, leading
international financial services organization from Canada. The local knowledge
of the Aditya Birla Group combined with the domain expertise of Sun Life
ºinancial Inc.BSLI has contributed significantly to the growth and development
of the life insurance industry in India and currently ranks amongst the top 5
private life insurance companies in the country.It was the first Indian
Insurance Company to introduce ͞ºree Look Period͟ and the same was made
mandatory by IRDA for all other life insurance companies. Additionally, BSLI
pioneered the launch of Unit Linked Life Insurance plans amongst the private
players in India. To establish credibility and further transparency, BSLI also
enjoys the prestige to be the originator of practice to disclose portfolio on
monthly basis. These category development initiatives have helped BSLI be
closer to its policy holders͛ expectations, which gets further accentuated by
the complete bouquet of insurance products (viz. pure term plan, life stage
products, health plan and retirement plan) that the company offers.

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›? Birla Sun Life Insurance initiated the Unit Linked Life Insurance Solutions in
India.
›? In 4 years, BSLI has made its position very strong as a leading player in the
private Life Insurance Industry.
›? The company's focus has been on investment linked insurance products,
supported with protection products to uphold leadership in product
modernization
›? Web-enabled IT systems for superior customer services
›? ºirst to have issued policies over the Internet
›? Corporate governance and a high degree of transparency in all business
practices and procedures

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Birla Sun Life Insurance Company provides individual and other solutions to
customers based on their varied needs. So whether the customer wants long term
protection or short term protection plans, the company has it all for their clients.
The insurance solutions offered by the company are:

›? Protection Solution
›? Retirement Solutions
›? Children's ºuture Solutions
›? Health & Wellness Solutions
›? Wealth with Protection Solutions

The protection solutions are ideal for someone who wishes to separate their
insurance and investment needs. The terms of the insurance are made in a way
sothat it deals with the most basic need of life insurance, which is the provision of
life cover. The children's future solutions aim to take care of all the financial
needs of the child in the best way possible. The health and wellness solutions
have provisions to take care of any financial emergency that may come up in the
family.

 
   
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Birla Sun Life Insurance Term Plan is ideal for those who are seeking to get
insurance benefits at a lower price. The plan covers all liabilities and provides
complete security to the clients. The minimum age of a customer seeking this
insurance must be 18 years and the maximum age must be 55 years. Premium
payment options range from monthly to annual to quarterly to semi annually
depending on the policies. Listed below is some of Birla Sun Life Insurance saving
policies:

1.? Birla Sun Life Insurance PrimeLife

2.? Birla Sun Life Insurance Dream Plan
3.? Birla Sun Life Insurance Gold-Plus II
 4.? Birla Sun Life Insurance SimplyLife
5.? Birla Sun Life Insurance ºlexi Life Line
6.? Birla Sun Life Insurance Supreme-Life
7.? Birla Sun Life Insurance LifeCompanion
8.? Birla Sun Life Insurance ºlexi Save Plus
9.? Birla Sun Life Insurance ºlexi Cash ºlow
10.?Birla Sun Life Insurance SaralJeevan Plan
11.?Birla Sun Life Insurance PrimeLife Premier
12.?Birla Sun Life Insurance ClassicLife Premier
13.?Birla Sun Life Insurance Single Premium Bond.

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To be a leader and role model in a broad based and integrated financial
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services business ?
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To help people mitigate risks of life, accident, health, and money at all stages
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and under all circumstances

Enhance the financial future of our customers including enterprises
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Established on 14th August 2000, HDºC Standard Life Insurance Co. Ltd. is a
joint venture between Housing Development ºinance Corporation Limited
(HDºC Limited) - India's leading housing finance institution, and a Group
Company of the Standard Life Plc, UK. The Company is one of leading
privateinsurance companies, offering a range of individual and group insurance
solutions, in India. Being a joint venture of top financial services groups, HDºC
Standard Life has adequate financial expertise to manage long-term
investments safely and resourcefully.

HDºC Standard Life Insurance offers a range of individual and group solutions,
which can be easily personalized to specific needs. Its group solutions have
been planned to offer complete flexibility, together with a low charging
structure. As of 31 December, 2008, the Company's new business premium
income stood at Rs. 1,839.70 Crores, it has covered over 812,811 lives so far.

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     is a joint venture between ICICI Bank,
one of the foremost financial services companies of India and Prudential plc, one
of the leading international financial services group headquartered in the United
Kingdom. ICICI Prudential was amongst the first private sector life insurance
companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of September 30, 2010)
with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. ºor
the period April 1, 2010 to September 30, 2010, the company garnered Rs 7,267
crores of total premiums and has underwritten over 10 million policies since
inception. The company has a network of over 1,500 offices and over 1,60,000
advisors, as on September 30, 2010. The company has assets held over Rs. 65,000
crores as on September 30, 2010.

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ING Vysya Life Insurance Company Limited established its foothold in the private
life insurance industry in India in September 2001. In a branch network of over
140 branches with head office in Bangalore, ING Vysya Life Insurance Co
employees around 3000 employees with a sales force of over 21,000 insurance
agents and brokers. ING Vysya Life enjoys a customer base of 4.5 lakh and a total
income of Rs 400 crores. ING Vysya Life Insurance Co Ltd is the result of a joint
venture between the world's second largest life insurance company ʹ
INGInsurance and one of the largest private sector banks in India -
VysyaBank.Another stakeholder in the JV is GMR Group ?
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The ! c
  

   c  (!c) is the largest state-owned life
insurance company in India, and also the country's largest investor. It is fully
owned by the Government of India. It also funds close to 24.6% of the Indian
Government's expenses. It has assets estimated of 9.31 trillion (US$202.03
billion). It was founded in 1956 with the merger of more than 200 insurance
companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India, the Life
Insurance Corporation of India currently has 8 zonal Offices and 101 divisional
offices located in different parts of India, at least 2048 branches located in
different cities and towns of India along with satellite Offices attached to
aboutsome 50 Branches, and has a network of around 1.2 million agents for
soliciting life insurance business from the public.

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  : A joint venture
offshore company promoted by !c which commenced its operations in
July, 1989 with the objective of offering policies denominated in US $ to
NRIs residing in the Gulf.
›? !c:ºormed in 2001 in joint venture with Vishal Group of Industries,
Nepal.
›? !c ! ' : ºormed in 2003 in joint venture with Bartleet Group of
Companies, Sri Lanka
›? !c 
 $    : Established in 19 th June,1989 in Dubai with the
objective of providing long term finance for construction of houses or
apartments.
›? !c 
 $    ! 
    
 : A wholly owned subsidiary of
!c
 $  which builds "Assisted Community Living Centers" for
senior citizens.

With its ever-expanding operations, !c has set an example for other 5&
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CEO AND MD : PARVEJ RASID SAYYAD

PROºIT Oº 2010: 1200 CRORES
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Max New York Life Insurance Company Limited is a joint-venture between Max
India Limited, a multi-business corporation focusing on life insurance, healthcare,
and information technology, and New York Life, a ºortune 100 company with over
160 years of experience in the life insurance business. In 2000, Max New York Life
became the first Indo-American insurance jointventure registered and granted a
license to conduct business in India. Since that time, Max New York Life has
acquired a national presence, establishing a wide distribution network with over
250 offices located in 157 cities across India, which are staffed by over 8,500
employees and over 35,000 highly competent life insurance agent advisors. In
2003, Max New York Life became the first life insurance company in India to
receive the ISO 9001:9002 certification for its commitment to quality.

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MetLife India Insurance Company Private Limited was incorporated in April 2001
as a joint venture between MetLife International Holdings, Inc., The Jammu and
Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.
Metlife india insurance company is a subsidiary of US based metropolitan
lifeinsurance company.Metlife reaches out to their customers in india through a
network of 9 branches with head office at Bangalore and around 1000 customer
reach points through its distribution channels including online premium insurance
sales on Metlife insurance.com. Quotes on various insurance products are also
conveyed through the insurance agents and brokers.

  


 

 

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Kotak Mahindra is one of India's leading banking and financial services organizations, offering
a wide range of financial services that encompass every sphere of life. ºrom commercial
banking, to car finance, to stock broking, to asset management, to life insurance, to
investment banking, the group caters to the financial needs of individuals and corporates.
The group has a net worth of Rs 10,060 cr. and has a distribution network through branches
and franchisees across the country and offices in New York, San ºrancisco, London, Dubai,
Mauritius and Singapore, servicing close to 8 million customer accounts.
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SBI Life Insurance, one of the leading insurers in India, is a joint venture between
State Bank of India and BNP Paribas Assurance. While State Bank of India (SBI) is
India's largest banking franchise, on the other hand, BNP Paribas Assurance is a
unit of the renowned BNP Paribas - one of the leading banks in Eurozone. SBI Life
Insurance follows a unique multi-distribution model that encompasses corporate
solutions distribution channels, retail agencies, institutional alliances and bank
assurance. It also uses the SBI Group as a platform to cross-sell insurance as well
as banking product packages like personal loans and housing loans etc.

SBI Life Insurance, with an authorized capital of Rs.2,000 crores and paid-up
capital of Rs. 1,000 crores, has become a substantial player in Indian insurance
sector. The access to more than 100 million accounts of SBI has also acted as the
driving force behind the success of the company. SBI Life Insurance also has an
extensive network of agency channel where more than 68,000 insurance advisors
work towards growth of the organization, offering door-to-door insurance
solutions to the customers. In SBI Life Insurance, the State Bank of India holds
74% of the capital share, while BNP Paribas Assurance holds the remaining 26%.