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MANAGING PERSONAL FINANCE

GROUP ASSIGNMENT

TOPIC : Non-Life Insurance Products, with emphasis on Vehicle Insurance (Excluding Health Insurance)

DATE : 08 -01- 2012

Submitted By , 1.PESHIMAM KHAFEEL AHMED 10MBA1048 2.ABHISHEK KUMAR 10MBA1003 3.EZHILVANNAN 10MBA1019

Introduction:

Indias non-life insurance sector is on an upswing. The industry has grown by over 16 per cent annually over the last five years. Data released by the Insurance Regulatory and Development Authority (IRDA) indicates that the non-life insurance industry posted a 26 per cent year-on-year (y-o-y) growth in gross written premium during the same period. According to the data by IRDA, the non-life insurance industry gathered a total premium of Rs 28,604 crore (US$ 5.82 billion) during April-September 2011-12 as against Rs 22,744 crore (US$ 4.63 billion) in the corresponding period last year. The four state-run insurers - New India Assurance, United India, National India and Oriental India - witnessed an increase of 25 per cent while private sector companies registered a growth of 27 per cent in premium. During the April-August 2011 , the life insurance industry in India collected premiums worth Rs 71,565.49 crore (US$ 14.57 billion) by writing new policies. While LIC collected Rs 30,912.31 crore (US$ 6.29 billion), private insurers collected Rs 9,740.87 crore (US$ 1.98 billion). In August itself, the total premium collection by the industry was Rs 13,857.89 crore (US$ 2.82 billion), 62 per cent higher than Rs 8,511.25 crore (US$ 1.73 billion) collected in July. For the general insurance industry, collections stood at Rs 23,712.75 crore (US$ 4.83 billion) by writing new policies during the April-July 2011-12, compared with Rs 19,144.06 crore (US$ 3.89 billion) collected last year. While private insurers registered a growth of 25.97 per cent at Rs 9,861.28 crore (US$ 2 billion), the four state-owned general insurance companies' collection was higher by 22.74 per cent at Rs 13,851.47 crore (US$ 2.82 billion).

CATEGORIZATION OF PRODUCTS At large products of Non-Life Insurance can be categorized into 3 categories:Non- Life Insurance

Personal

Business/Industrial/ Liability

Rural/ Social

Motor Insurance Home Insurance Motor Insurance:-

Fire Insurance Marine Insurance

Rural Insurance

Vehicle insurance (also known as auto insurance, gap insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. Schemes in the market: Car insurance Two wheeler insurance All type of vehicle plying on road Two wheeler comprehensive Private car comprehensive

Home Insurance:It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. It is a multiple-line insurance, meaning that it includes both property and liability coverage, means a single premium is paid for all risks. Schemes in the market: Householders policy Reliance home protect House holders package

Fire Insurance:-

Fire insurance business in India is governed by the All India Fire Tariff that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. Schemes in the market: Fire and special perils policy (material damage) Consequential Loss (Fire) Insurance Policy Fire policy (One policy covering destruction or damage to insured property) Reliance Standard Fire and Special Perils Policy Reliance Consequential Loss Policy Marine Insurance:Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurancediscussed hereis a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property (container terminals, ports, oil platforms, pipelines); Hull; Marine Casualty; and Marine Liability. Schemes in the market: Marine import Transit Insurance policy Marine export Transit Insurance policy Marine Inland Transit Insurance policy Marine cum Erection/ Storage cum Erection policy Marine Cargo policy Rural Insurance:It includes Tractor insurance Weather insurance Lift Irrigation Insurance Farmers Package Insurance Scheme VEHICLE INSURANCE Almost all the Vehicle Insurance providers provides the same insurance policies with the following benefits Key Benefits

A digitally signed policy is issued immediately through online facility. Access to over wide network of garages for cashless claims servicing across India. Optional Personal Accident cover of up to . 2 Lakhs for co-passengers. Doorstep surveyor facility to cover your car with a break-in insurance.

Avail NCB on renewals if no claim is made during the previous policy period Avail Zero Depreciation Cover which offers full claim coverage on the value of parts replaced, without any deduction for depreciation. Towing charges up to 1,500 in case of accidental damage Transfer all No Claim Bonus (NCB) benefits when shifting your motor insurance 5% discount for recognised Automobile Associations Members. 2.5% discount for ARAI approved anti theft device in your vehicle. Avail add-on covers for items such as fog lights, music system and seat covers. Buy Online and pay in installments without any extra charges. Avail voluntary deductible discount. Voluntary deductible is the amount you opt for higher deductible over and above the compulsive deductible in the event of the claim.

Reliance general insurance:


Add on covers

Electrical/electronic accessories Non-electrical accessories Bi-fuel kits comprising LPG/CNG systems Legal Liability to employee, paid driver, cleaner & conductor Racing, speed tests, dexterity trials, hill climb

ICICI Lombard:

Avail add-on covers for items such as fog lights, music system and seat covers. Avail Zero Depreciation Cover which offers full claim coverage on the value of parts replaced, without any deduction for depreciation. Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement. Coverage of 2 Lakhs for the individual driver of the vehicle while travelling, mounting or dismounting from the car. Optional personal accident covers for copassengers available.

BAJAJ ALLIANZE:
Personal Accident Cover Coverage of Rs. 1 Lakh for the individual owner/driver of the vehicle while driving or travelling, mounting or dismounting from the two wheeler. Optional personal accident covers for co-passengers available. Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacement

DETAIL ANALYSIS OF NEW INDIA INSURANCE

Two types of covers are available: 1. Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included. 2. Package policy. This cover loss or damage to the vehicle insured in addition to (1) above. No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made. Liability Only policies: The policy covers the vehicle owner's legal liability to pay compensation for: 1. Death or bodily injury to a third party person. 2. Damage to third party property. Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lakh for Scooters / Motor Cycles. Package Policy In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to: 1. Fire, explosion, self-ignition or lightning. 2. Burglary, housebreaking or theft. 3. Riot and Strike. 4. Malicious Act. 5. Terrorist Act. 6. Earthquake (Fire and Shock) Damage. 7. Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm. 8. Accidental external means. 9. Whilst in transit by road, inland waterway, lift, elevator or air. 10. By landslide/Rockslide The policy also pays for towing charges from the place of accident to the workshop upto a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium. A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under "Liability Only Policy". However the same is not available in case of vehicle ratable under Class D, Tariff for Miscellaneous and special types of vehicles. The important exclusions under the policies are:

Wear and tear, breakdowns Consequential loss

Loss when driving with invalid driving license or under the influence of alcohol. Loss due to war, civil war, etc. Claims arising out of contractual liability. Use of vehicle otherwise than in accordance with `limitations as to use ' (e.g. private car being used as a taxi)

Rating factors Rating depends upon the following factors: 1. 2. 3. 4. 5. IDV. Cubic capacity Geographical zone Age of the vehicle GVW of in case of commercial vehicles

Vehicle Damage:
The Reliance Private Car Package Policy covers loss or damage to vehicle due to:

Accident, fire, lightening Self-ignition, explosion Theft Riot and strike, malicious act, terrorism Earthquake, flood, cyclone and inundation Transit by rail, road, air, elevator and elevator

Personal Accident Cover


This policy will also cover you, the policyholder, while you are driving against any accident. Additional 3rd party cover can also be availed.

Third Party Liability


Compulsory cover to be taken by all vehicles, as per the Motor Vehicle Act Provides liability for third party injury or death Covers third party property damage

Add on covers
Most people customize their cars so that it suits their tastes and utilization. We offer you the option to customize the policy with additional coverage for the following:

Electrical/electronic accessories Non-electrical accessories Bi-fuel kits comprising LPG/CNG systems Legal Liability to employee, paid driver, cleaner & conductor Racing, speed tests, dexterity trials, hill climb