Irda Journal July10

Volume VIII, No.
July 2010
Ever Ready to Help

- Policyholder Protection
’Ë◊Ê ÁflÁŸÿÊ◊∑§ •ı⁄U Áfl∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ

Editorial Board
J. Hari Narayan
R. Kannan
S.V. Mony
S.B. Mathur
S.L. Mohan
Vepa Kamesam
Ashvin Parekh
Editor
U. Jawaharlal
Hindi Correspondent
Kamal Chowla
Printed by G. Venugopala Krishna and
published by J. Hari Narayan on behalf of
Insurance Regulatory and Development Authority.
Editor: U. Jawaharlal
Printed at Vamsi Art Printers Pvt. Ltd.
(with design inputs from Efforts)
11-6-872, Red Hills, Lakdikapul, Hyderabad.
and published from
Parishram Bhavan, 3rd Floor
Basheer Bagh
Hyderabad - 500 004
Phone: +91-40-23381100
Fax: +91-40-66823334
e-mail: irdajournal@irda.gov.in
© 2010 Insurance Regulatory and Development Authority.

Please reproduce with due permission.
Unless explicitly stated, the information and views published in this
Journal may not be construed as those of the Insurance Regulatory
and Development Authority.
From the Publisher
F or any business entity, the bottom-line is

profit. However, corporate houses realize
that it is not merely profit-making that their
Various measures have been taken by players on an on-
going basis to render the best service to the policyholders
and to ensure that their interests are protected. There is
strategic planning aims at rather than the ways no need to emphasize that the players should ever be
and means through which to achieve that. vigilant in this dynamic business environment that needs
Rendering efficient services and protecting the a constant assessment of the policyholders' needs. There
interests of the customer have been hogging is also a major role to play for all the other stakeholders in
the limelight world over. There has been an order to ensure that the efforts taken do result in
increasing emphasis on being fair to the successful implementation of the processes. Ever since
customer, irrespective of the type of business the formation of the regulator's office, it has been our
that one pursues. In the domain of constant endeavour to make sure the interests of the
manufacturing, this issue has been policyholders – whether corporate or retail – are
successfully addressed by several measures protected; and in this direction, we have put several
like a guaranteed performance of the measures in place. Let me hasten to add, however, that
commodity; and in extreme cases, even a the task is not of a small order and we look forward to
replacement with a suitable product. working in unison with all the stakeholders towards
achieving an insurance industry that is as complaint-free
When it comes to the domain of services, the as can be visualized.
inherent complexities of the business make it
not-so-easy to ensure such a straight forward 'Policyholder Protection' is the focus of this issue of the
mechanism. Managements have to put in Journal. The issue of Claims Management that we
place practices to ensure that the interests of focused on in the recent past has left some unfinished
the customers are protected and also to agenda that we hope to cover up. Accordingly, 'Claims
demonstrate it effectively. Where the client is Management' will be the focus of the next issue of the
highly literate, it almost happens Journal.
automatically thereby simplifying the process.
In the Indian domain where the awareness
levels are not very high in the field of financial
services in general, and insurance in
particular; to accomplish such a transparency
in dealing with clients is not an easy task. J. Hari Narayan
inside
18
Changing the Way Insurance
Issue Focus
is Transacted
Yegnapriya Bharat
Statistics - Life Insurance 04
Need to Demonstrate and Deliver 22

Vishwavijay Singh In the Air 06
Vantage Point
Contours of World Class
Organizations
Prof. Rajni M. Shah
24 U. Jawaharlal 17
thou chek esa xzkgd fgr j{kk

S>m°. gw~moY Hw$‘ma, hare MÝÐ aVyS>r 41
Pro-active Customer Service

Anand Pejawar
29 Statistics - Non-Life Insurance 47
32
Round up 48
Commitment towards Protection
CP Udayachandran
Statistical Supplement (Monthly) 49
A Myth or a Reality? 34
K.Nagaraja Rao and Dr Y.Raja Ram
from the editor
Ensuring Wholesome
Protection
- Essential Management Imperative
There is an increasing emphasis world over on Further, the need for legal intervention in several disputes pertaining
ensuring that the customer is rendered the best to the insurance industry bears silent testimony to the fact that the
of services, irrespective of whether it is degree of consumer dissatisfaction is still high. And if a majority of the
demanded or not. This puts the onus on the verdicts go against the insurers, it gradually leads to a situation where
providers to be proactive on assessment of the the policyholder begins to lose confidence in the system. This trend is
client's needs; and then put in place an detrimental to the growth of the industry and should be arrested
efficient mechanism to enable the fulfillment forthwith. Insurers and other stakeholders of the industry should
of those needs. The urge to be perfect led to the realize the importance of the spirit of the contracts rather than what is
evolution of such business management merely stated in the documents; in order that policyholder protection
strategies as Six Sigma which has become in its truest sense is achieved.
synonymous with corporate managements
seeking perfection. While it would not be easy 'Policyholder Protection' is the focus of this issue of the Journal. As
to emulate these models in the services the regulator of the industry, IRDA has been taking several measures
industry entirely, several organizations still set constantly to ensure the protection of the policyholders' interests.
their benchmarks at a high pedestal so that they Could there be a better way of opening the debate than looking at
hardly leave any space for consumer some of the regulator's initiatives? Ms. Yegnapriya Bharat gives a vivid
disenchantment. account of the various steps taken by the regulatory authority towards
ensuring policyholder protection. In the next article, Mr. Vishwavijay
In the domain of financial services in India, Singh lays emphasis on the importance of transparency in dealing
several service providers have defined pre-set with the policyholder at every stage of the policy lifecycle. Prof. Rajni
goals in terms of quality and timelines; and M Shah brings in the concept of adding value to the customer and
these are re-visited and reviewed from time to speaks about how to bring it out.
time to be in tune with the developments
taking place in the corporate world. The Mr. Anand Pejawar is the author of the next article in which he gives
performance of the organizations is assessed details of the various services rendered to a life insurance
vis-à-vis these standards in order to gauge the policyholder; and on how to attain the best degree of client servicing.
level of their accomplishment and it functions In the next article, Mr. C.P. Udayachandran speaks about the punitive
as a good tool to ensure that there is a constant measures to be adopted in case the service providers deliberately
attempt to perform well. It necessarily default on rendering the desired service to the customer. In the last
presupposes that the customer is literate and article of the issue, Mr. K. Nagaraja Rao and Dr. Y. Raja Ram throw
capable of taking care of his need-fulfillment, light on what the rural policyholder feels about the services being
at least to some extent. However, in a domain rendered by insurers.
where the financial literacy levels are not very
It was not long ago that the focus of the Journal was on Claims
high, there is need for organizations to be
Management. However, looking at the various issues associated with
additionally devoted to render the best
the hugely important aspect of insurance business, it is proposed to
services. Policyholder protection in the
focus on 'Claims Management' once again in the next issue of the
insurance industry occupies even a more
Journal.
important place considering the fact that
despite the growth in volumes of business, U. Jawaharlal
insurance is still not greatly understood by the
masses.
04 irda journal July 2010
Report Card:LIFE
First Year Premium of Life Insurers for the Period Ended May, 2010
Sl Insurer Premium u/w (Rs. in Crores) No. of Policies / Schemes No. of lives covered under Group Schemes
No. May, 10 Upto May, 10 Upto May, 09 May, 10 Upto May, 10 Upto May, 09 May, 10 Upto May, 10 Upto May, 09
1 Bajaj Allianz
Individual Single Premium 58.62 85.27 23.98 8168 13509 8087
Individual Non-Single Premium 130.30 248.21 234.60 121885 228264 196089
Group Single Premium 4.93 9.72 3.69 7 8 2 9036 15037 684
Group Non-Single Premium 15.67 30.35 78.58 151 257 80 1192532 2839409 1049199
2 ING Vysya
statistics - life insurance
3 Reliance Life
4 SBI Life
5 Tata AIG
6 HDFC Standard
7 ICICI Prudential
8 Birla Sunlife
9 Aviva
10 Kotak Mahindra Old Mutual
11 Max New York
12 Met Life
13 Sahara Life
14 Shriram Life
15 Bharti Axa Life
16 Future Generali Life
17 IDBI Fortis Life
18 Canara HSBC OBC Life
19 Aegon Religare
20 DLF Pramerica
21 Star Union Dai-ichi @
22 IndiaFirst #
Individual Single Premium 8.64 15.13 711 1366
Individual Non-Single Premium 17.17 46.15 6620 15577
Group Single Premium 0.20 0.20 2 2 6782 6782
Group Non-Single Premium 0.00 0.00 0 2 0 0
Private Total
23 LIC
Grand Total
Note: 1. Cumulative premium / No.of policies upto the month is net of cancellations which may occur during the free look period.
2. Compiled on the basis of data submitted by the Insurance companies
3. @ Started operations in February,2009
4. #Started operations in November,2009
05 irda journal July 2010

in the air
EXPOSURE DRAFT
4th June, 2010 ALL INSURERS/CONSUMER BODIES/GENERAL PUBLIC
Re: Exposure draft regarding proposed amendment to IRDA simple manner. Legal documents are complex
Regulations for Protection of Policyholders Interests, 2002 - and not comprehensible to the insured
Issuance of Key Feature Documents for insurance products. persons. It is observed that insurance policy
documents are long and run into several pages
In line with the nation's approach to economic reforms, the IRDA has
making it almost impossible for policyholders
initiated reform measures around the principle of sustainable growth
to read them.
along with public accountability. Therefore protecting the interests of
policyholders is the main mission of IRDA and the Authority's efforts While, more than 30% of the Indian
have been constantly directed towards this end. population is illiterate, even the literate
population will not understand complex legal
In 2002, the Authority brought out the IRDA (Protection of
language. In view of this, providing product
Policyholders' Interest) Regulations. The Regulations define the
information in a simple and easy to understand
obligation of insurers and intermediaries and lay down time-frames
manner is very crucial.
for compliance that cover the entire life cycle of a product, starting
from its sale to servicing, including at the point of claim. Key Feature Documents: To ensure fair
treatment to policyholders, it is necessary for
The opening up of the insurance sector has given insurers the
insurers to bring out Key Feature Documents in
opportunity to bring about many innovative designs and concepts in
simple language. This document will have the
product development. Spurred by competition triggered by this
same legal sanction that a comprehensive
opportunity, the market has seen a plethora of new products. This has
policy document will have. Towards this end,
raised new concerns regarding availability of information to prospects
it is proposed to incorporate a provision in
and policyholders.
IRDA Regulations for Protection of
While IRDA has made continuous efforts to demystify complex Policyholders Interests that would require
products by requiring insurers to follow certain guidelines relating to insurance companies to issue Key Feature
disclosures especially in respect of the new breed of products such as Documents for various insurance products to
ULIPs and carry out adequate safeguards while advertising about policyholders.
products etc, there is a need to constantly scale up the efforts to ensure
Format of Key Feature Document: It is
that the required information is made available to prospects and
necessary that the proposed Key Feature
policyholders and that the “information gap” between them and the
Documents are developed in a clear format
insurers is reduced or removed.
with an appropriate title and sub-titles that
The Authority is sensitive to the fact that information asymmetry is a makes it easy for policyholders to
reality in the market and that it is necessary for all stakeholders to comprehend. The language used should be
work towards its removal. In this backdrop, the importance of giving simple. Illustrations relating to cover/benefits
policyholders clear and precise information with regard to insurance offered should be part of the Key Feature
products needs no further emphasis. The Authority has brought out Document. The ultimate test of a Key Feature
the IRDA (Insurance Advertisement and Disclosure) Regulations in Document is whether or not the target
2000 to ensure that asymmetry is addressed. It has been IRDA's customer for a particular product understands
constant endeavour to permit only correct, easily understood its main features and is able to take a decision
depiction of the product features. Apart from the Regulations, IRDA as to whether the product is suitable for
irda journal July 2010
has also issued guidelines in this regard. him/her. A good example of a Key Feature
Document is one that clearly captures the aim
Ensuring fair treatment to policyholders: There should be utmost
of the product or in other words, what the
transparency at the time of sale and promotion so that the
product seeks to cover. It would clearly bring
policyholder is made to feel confident that he or she is being given
out the risks involved for the policyholder and
complete information regarding the product. Provision of clear and
the obligations or commitments required of
complete information about products is not only a fundamental
him/her. A Key Feature document should not
expectation but also a necessity to ensure fair treatment to
be too long as to lose the precision nor should
policyholders by insurance companies. It is a necessary disclosure
it be too short thereby missing out on key facts.
obligation of insurance companies.
06
The document should avoid jargon, should be

Contractual documents issued by insurers: Contractual documents easy to read and most of all be attractive for the
developed by insurance companies should take care of the interests of consumer to peruse. It should be titled
policyholders by giving them the required information in a clear and prominently and should use easy to
understand language. It should be in at least 14 Insurers, general public and consumer bodies are requested to
size font (of Times New Roman, as an respond by 20th June, 2010. E-mails may be forwarded to
indication). Key Feature Document shall be ypriyab@irda.gov.in
available in local languages depending on the
Encl: Model Key Feature Documents
region where the policy holder resides.
1. Jeevan Anand 2. Wealth Plus
It is necessary to have the Key Feature 3. Forever Life 4. Family Care
Document as a separate item and not part of Sd/-
other literature. Model Key Feature (A.Giridhar)
Documents in respect of 4 products are Executive Director, IRDA
enclosed as indicative formats to communicate
the intention behind the proposed regulations.
EXPOSURE DRAFT
4th June, 2010
Re: Exposure Draft on Guidelines on Distance policyholders, consumer organisations, general public, distributors,
Marketing and Sale Process Verification of insurers and various other stakeholders.
Insurance Products
It is therefore requested that the comments may be forwarded to Mr. V.
The Authority proposes to come out with the Sai Kumar, OSD (Life) or e-mail to vsaikumar@irda.gov in on or before
Guidelines on Distance Marketing and Sale of 20th June, 2010.
Insurance Products to streamline the manner of
Encl: Exposure Draft on Guidelines on Distance Marketing and Sale
sale of insurance products and to address some
Process Verification of Insurance Products
of the issues which are specific to protection of
interests of policyholders buying insurance Sd/-
over distance modes such as telephone and the (A. Giridhar)
internet. ED (Admin)
The exposure draft on the above guideline is
hereby published to elicit opinion of
CIRCULAR
Date: June 10, 2010 Ref: IRDA/F&I/CIR/DATA/091/06/2010
To, way of commission or otherwise to any person, in cases where

The CEOs of All Insurance Companies such remuneration exceeds Rs. 1 lakh per annum may be furnished
to the Authority in the format prescribed in the Annexure.
Dear Sir,
3. The said details pertaining to the financial year ending 31st March
Section 31B(2) of the Insurance Act, 1938
may be furnished by 30th April of every year. However, for the year
Attention is drawn to section 31B(2) of the

ending 31st March 2010, details may be furnished by 30st June
Insurance Act, 1938 by virtue of which “Every
2010.
insurer shall before the close of the month
following every year, submit to the Authority [a 4. Employee remuneration details which are being furnished as part
statement, in the form specified by the of the Director's Report as required under Section 217 (2A) (a) of
Regulations made by the Authority,] showing the Companies Act, 1956 read with the Companies (Particulars of
the remuneration paid, whether by way of Employees) Rules, 1975 may continue to be provided along with
commission or otherwise, to any person in Director's Report.
cases where such remuneration exceeds (such 5. This circular supersedes the circular dated 9th May 2003 on the
sum as may be specified by the regulations subject.
07
made by the Authority.)” Sd/-

2. The Authority has now decided that the (R. K. Nair)
details of remuneration paid whether by Member (F&I)
in the air
CIRCULAR
June 16, 2010 Ref: Ref:IRDA/F&I/CIR/100/06/2010
To attached herewith. The revision in the format

The CMDs/ CEOs of All Insurance Companies shall come into force with immediate effect
and the reporting as per the revised formats
Details of Equity Holding Pattern of Insurance Companies
Authority vide its Circular No. IRDA/F&A/064/JAN/05 dated 12th shall start from the quarter ending 30th June,
January, 2005 and IRDA/CIR/F&A/073/FEB-05 dated 22nd February, 2010.
2005 had mandated all the insurers to submit the detail of the All insurers are requested to take note of the
shareholding of the insurance company and the Indian promoter (s) of above for compliance.
the insurance company in the prescribed format.
The prescribed format for the submission of the shareholding pattern Sd/-
is revised to capture the information about the pledge or any other (R. K .Nair)
encumbrance, if any created on the shares. The revised format is Member (F&I)
CORPORATE AGENTS - GUIDELINES

28th June, 2010 Ref: IRDA/CAGTS/GTL/LCE/106/06/2010
To of the Authority.
All the Insurers
4. The relevant documents supporting the
Subject: Guidelines on Issue/Renewal of Licence to Corporate facts of the Checklist shall be maintained at
Agents. the Corporate/Head Office of the Insurer
In order to streamline the system of Issue/Renewal of License to and shall be made available to the Officers
Corporate Agents, the Authority has, in addition to the Regulations of the Authority for Inspection, as and when
and Guidelines already in force, decided to issue the following required by the Authority.
instructions under Section 14 of the IRDA Act, 1999 for compliance 5. On receipt and scrutiny of the Checklist-
by the Insurers while issuing / renewing Licence to Corporate Agents. cum-Certification from the Insurer, the
These guidelines shall for part of Cir.No.017/IRDA Circular/CA Authority shall intimate its decision of
Guidelines/2005, dated 14.07.2005 and further circulars/ Approval or otherwise with in 7 (seven)
clarifications issued from time to time. working days from the date of receipt, to the
The following procedure shall be adopted by all the Insurers for Insurer in respect of the Fresh/Renewal of
seeking prior approval from the Authority, before issuing Fresh Licence to act as Corporate Agent.
Licence / Renewal of Licence to the Corporate Agents: 6. Fresh/Renewal Licence shall be issued by
1. All the Insurers shall send to the Authority, the Checklist-cum- the Corporate Designated Person of the
Certification as per Annexure-1, in respect of all Fresh Licences Insurer from the IRDA portal (as per the
and the Renewals to obtain prior approval of the Authority. existing procedure) only after obtaining
prior approval of the Authority.

2. The Checklist shall be duly filled in and signed by the Corporate
Compliance Officer, who shall be designated as the Corporate These Guidelines will apply with immediate
Designated Person of the Insurer. effect.
3. The scanned copy (.pdf document) of Checklist along with Sd/-
Certification shall be mailed to the Authority at the email address (A Giridhar)
corp.agent@irda.gov.in for the purpose of processing at the office Executive Director
08
UNIT LINKED INSURANCE PRODUCTS
Date : 28th June, 2010
Guidance notes on recent regulatory changes selling, IRDA has identified Distance Marketing as yet another area of
related to unit linked insurance products concern and draft guidelines in this regard have been put up as an
(ULIPs) exposure note for all stakeholders to respond to.
Introduction: Mention must be made of what is perhaps the most important step that
IRDA has, from time to time, taken various the Authority has taken keeping in view the interests of policyholders.
initiatives for protecting the interests of IRDA set up an exclusive Consumer Affairs Department that focuses
policyholders by bringing out Regulations, on consumer related issues and initiatives including grievance
Guidelines, Circulars etc applicable to insurers redressal and consumer education through Insurance Awareness
and intermediaries covering the various stages Campaigns. With a view to creating a central repository of industry-
in the lifecycle of an insurance product, wide insurance grievance data and facilitating monitoring of disposal
commencing from solicitation, sale, policy of grievances by insurers, IRDA is on the verge of implementing the
servicing, to claims servicing and grievance Integrated Grievance Management System (IGMS). IGMS will not
redressal. only help monitor the redress systems of insurers but also create a
gateway for policyholders to register complaints with insurance
With expansion of the insurance sector and
companies first and if need be escalate them to the IRDA Grievance
more and more innovative insurance products,
Cells. The Consumer Affairs department goes beyond facilitation and
in particular the Unit Linked Insurance
works towards taking grievances to their logical end by calling for
Products coming into the life insurance
explanations where required, carrying out enquiries and inspections
market, IRDA has been sensitive to the
etc. It is proposed to make the institution of the Insurance
changing scenario and the challenges that go
Ombudsman handle all types of complaints including those relating
with it. In particular, IRDA has been conscious
to policy sale and servicing rather than just restricting it to claims.
of how these changes have been impacting the
IRDA is also shortly making its Call Centre operational for
policyholder and has taken several steps to
policyholders to lodge their grievances and also seek their status over
bring in changes in the regulatory framework
phone/e-mail.
to address various concerns of the
policyholder. Further, keeping in view the need for efficient functioning of the
insurance sector for protecting the interests of policyholders, it is
IRDA had stipulated that insurers must provide
necessary to have reliable, timely and accurate data relating to
the prospect/policyholder all relevant
insurance. In order to ensure that proper data is collected, processed
information regarding amounts deducted
and disseminated in the manner required, IRDA has set up an
towards various charges for each policy year so
independent body, namely the Insurance Information Bureau (IIB).
that the prospect could take an informed
The IIB has started functioning and has already made good progress.
decision. Insurers were required to provide
Benefit Illustrations giving two scenarios of Recent Regulatory Initiatives
interest rates, 6% and 10% respectively. The More recently, IRDA has taken a holistic view of the features of ULIPs
prospect was required to sign on the and addressed issues impacting the policyholders including the way
illustration while signing the proposal form. such products are sold/bought; how ULIPs can be better financial
This was done to ensure transparency and instruments for providing risk coverage; how sale by unlicensed
proper disclosures by the insurers. personnel and several other malpractices existing in this market may
be curbed by plugging legal loopholes and tightening of the

It is necessary to demystify complex products
regulatory ambit; legal mandate to initiate direct penal action against
and ensure that proper product disclosures are
Corporate Agents etc. IRDA therefore initiated exposure drafts
made to the prospect/policyholder. Towards
covering these areas and received considerable feedback from
this end, IRDA has already come out with an
various stakeholders on the issues put forth. The issues were then
exposure draft on need to issue Key Features
presented to and discussed with the members of the Insurance
Documents. Responses received by the
Advisory Committee as well as the members of the Board of the
Authority are under examination and the
Authority. The following regulatory initiatives have been approved by
initiative will be taken forward further.
the Authority during the Board meeting on 31.05.10.
Similarly, Needs Analysis is another initiative
09
identified by IRDA as a step in curbing wrong I. Distribution channel related changes:

advice and mis-selling. An exposure draft on 1. IRDA has amended the IRDA (Insurance Advertisements and
this requirement is already circulated and Disclosure) Regulations to remove any scope for the involvement
responses are coming in. Whilst on mis- of unlicensed personnel/entities in the sale of insurance products.
in the air
2. IRDA has amended the IRDA (Licensing of Corporate Agents) less than 105 percent of the total premiums
Regulations to further tighten the Code of Conduct of corporate (including top-ups) paid.
agents to ensure that the prospect does not deal with any
Single Premium (SP) contracts: 110 percent
unlicensed person. The Regulations have also been amended to
of single premium
ensure that there is no scope for any kind of remuneration other
than commission where sale has been effected. This measure will Regular Premium (RP) including limited
reduce the expenses of the insurer, thereby lowering premiums to premium paying (LPP) contracts: 7 times the
be paid by the policyholder. annualized premiums or (0.25 X T X
annualized premium) whichever is higher. At
3. Regulations for referrals: IRDA has also addressed the issue of
no time the death benefit shall be less than 105
Referrals by bringing out separate Regulations leaving no scope for
percent of the total premiums (including top-
misuse of the system. Companies which wish to share their
ups) paid.
database of customers with insurers would need to get approval
from IRDA after having conformed to the requirements as laid (In case of whole life contracts, term (T) shall be
down in the Regulations. Further, there are restrictions on the taken as 70 minus age at entry)
business activities of the referral company to ensure that there is no
(ii)The minimum health cover per annum
misuse of the system. For instance, the referral company shall not
should be as follows:
be in any business of extending loans and advances or accepting
Minimum annual health cover for age at entry
deposits etc though there are exceptions such as for Regional
of below 45 years
Rural Banks, Co-operative banks etc. The Regulations cast
obligations on the referral company as well as the insurer Minimum annual health cover for age at entry
including submission of data as and when called for by the of 45 years and above
Authority. Regular Premium (RP) contracts: 5 times the
II. ULIP Structure Related Changes: annualized premiums or Rs.100,000 per
annum whichever is higher,
(1) Lock in period increased to five years:
IRDA has increased the lock-in period for all Unit Linked Products At no time the annual health cover shall be less
from three years to five years, including top-up premiums, thereby than 105 percent of the total premiums paid.
making them long term financial instruments which basically provide Regular Premium (RP) contracts: 5times the
risk protection. annualized premiums or Rs.75,000 per annum
(2) Level Paying Premiums: whichever is higher.
Further, all regular premium/limited premium ULIPs shall have At no time the annual health cover shall be less
uniform/level paying premiums. Any additional payments shall be than 105 percent of the total premiums paid
treated as single premium for the purpose of insurance cover.
(6). Minimum Guaranteed Return for Pension
(3) Even Distribution of Charges: Products:
Charges on ULIPs are mandated to be evenly distributed during the As regards pension products, all ULIP
lock in period, to ensure that high front ending of expenses is pension/annuity products shall offer a
eliminated. minimum guaranteed return of 4.5% per
(4). Minimum Premium Paying Term Of Five Years: annum or as specified by IRDA from time to
All limited premium unit linked insurance products, other than single time. This will protect the life time savings for
premium products shall have premium paying term of at least five the pensioners, from any adverse fluctuations
at the time of maturity.
years.
(5). Increase In Risk Component: (7). Rationalisation of Cap on Charges:
Further, all unit linked products, other than pension and annuity With a view to smoothening the cap on
products shall provide a mortality cover or a health cover thereby charges, the capping been rationalized to
increasing the risk cover component in such products. ensure that the difference in yield is capped
from the 5th year onwards. This will not only
(i) The minimum mortality cover should be as follows: reduce the overall charges on these products,
Minimum Sum assured for age at entry of below 45 years but also smoothen the charge structure for the
Minimum Sum assured for age at entry of 45 years and above policyholder.
10
Single Premium (SP) contracts: 125 percent of single premium.

III. Discontinuance Of Charges:
Regular Premium (RP) including limited premium paying (LPP) IRDA has also addressed the issue of
contracts: 10 times the annualized premiums or (0.5 X T X annualized discontinuance of charges for surrender of
premium) whichever is higher. At no time the death benefit shall be ULIPs. The IRDA (Treatment of Discontinued
Linked Insurance Policies) Regulations absolute value. The Regulations also clearly define the Grace Period
brought out by IRDA in this regard ensure that for different modes of premium payment. Upon discontinuance of a
policyholders do not get overcharged when policy, a policyholder shall be entitled to exercise an option of either
they wish to discontinue their policies for any reviving the policy or completely withdrawing from the policy
emergency cash requirement. The Regulations without any risk cover. Further, the regulations also enable IRDA to
stipulate that an insurer shall recover only the order refund of discontinuance charges in case they are found
incurred acquisition costs in the event of excessive on enquiry.
discontinuance of policy and that these
These regulations are applicable to all new ULIP products approved
charges are not excessive. The discontinuance
by IRDA after these regulations are notified.
charges have been capped both as percentage
of fund value and premium and also in J Hari Narayan
Chairman
CIRCULAR
DATE: 16/06/2010 REF: IRDA/F&I/CIR/AML/99/06/2010
To business falls under clause 3.1.4 and is not covered under AML.
THE CEOs OF ALL INSURERS guidelines). It is emphasized that no distinction be made between
'individuals' and 'other than individual entities' for the purposes of
Anti Money Laundering (AML) Guidelines
clause 3.1.1
A review of AML guidelines has been carried
out to address various issues identified out of b. Guidance on 'Detailed due diligence':
inspections carried out, interactions with FIU- Guidance has been sought on what constitutes detailed due diligence
IND and FATF's Mutual Evaluation and under clause 3.1.1 (ii) of the AML guidelines. Conducting detailed
Assessment process. due diligence would mean having measures and procedures which
are more rigorous and robust than normal KYC. These measures
2. The following amendments to/clarifications should be commensurate to the risk. While it is not intended to be
on the guidelines are issued: exhaustive, the following are some of the reasonable measures in
a. Know Your Customer (KYC): carrying out detailed due diligence:
Various queries have been raised by insurers
l More frequent reviews of the customers activities/
on who can be termed as customer(s) for the
profile/transactions
purposes of AML guidelines. Keeping the
objective of the PMLA and AML guidelines in l Application of additional measures like gathering information
view, it is hereby clarified that details of the from Public available. Sources or otherwise
person who funds/pays for an insurance l Review of the proposal/contract by a senior official of the
contract, either as beneficial owner or insurance company etc.,
otherwise become relevant and important
Stipulations under clause 3.1 of the AML It is further clarified that detailed due diligence should not be limited
guidelines will therefore have to be applied to to merely documenting income proofs. Measures laid down should
such persons. The term customers also refer to be in such a way that it would satisfy competent authorities
the Proposer/policyholder; Beneficiaries and (Regulatory/enforcement authorities), if need be at a future date, that
Assignee for the purposes of AML guidelines. due diligence was in fact observed by the insurer in compliance with
the guidelines and the PML Act based on the assessed risk involved in
At any point in time during the contract period, a transaction/contract.
where an insurance company is no longer
satisfied that it knows the true identity of the c. Reduced Customer Due Diligence (CDD) measures:
customer, an STR should be filed with FIU- It is reiterated that while deciding on the extent of due diligence to be
IND. carried out on any customer, risk profile of the product and the
customer should be taken into consideration as indicated at
There have been queries on whether due dause3.1.3 of the AML guidelines.
diligence requirements under clause 3.1.1 (ii)
11
are to be applied on 'other than individual Notwithstanding the above, detailed due diligence measures should
entities'. It is clarified that reference to be applied in the event where there are suspicions of money
'individual' policies' to be read to mean laundering or terrorist financing, or where there are factors to indicate
'individual' business. (As 'group' insurance a higher risk.
in the air
d. Establish Sources of Funds: cases, the background and purpose of such

It has come to the notice of the Authority, there are instances where transactions will as far as possible, have to be
merely income proofs are collected as illustrated under Annexure III examined and written findings maintained for
of the AML guidelines in compliance with clause 3.1.5. It is clarified assisting competent authorities. Agents/
that such documentation does not constitute establishing 'source of Corporate agents will have to be appropriately
funds'. Insurers should take appropriate measures commensurate alerted to ensure compliance with this
with the assessed risk of customer and product profile as part of their stipulation. While using the FATF Public
due diligence measures which may include: Statements being circulated through the
Insurance councils, insurers should go beyond
l conducting independent enquiries on the details collected
the FATF statements and consider publicly
on/provided by the customer where required,
available information when identifying
l consulting a credible database public or other, etc., countries which do not or insufficiently apply
Relevant records and details must be maintained in such a way that it the FATF Recommendations.
enables verification at a later date and support the fact of having g. Reporting of Counterfeit Currency/Forged
established sources of funds involved in the insurance contract. Bank notes (CCR):
e. Assignments to entities regulated by RBI, SEBI, IRDA: Rule 3 (1) (C) of PMLA Rules obligates financial
Reference is drawn to clause 3.1.9 (iii) of the AML guidelines. institutions to report to FIU-IND the following:
Notwithstanding the existing stipulation where AML checks gain
'all cash transactions where forged or
relatively lesser importance in cases where the policy has been
counterfeit currency notes or bank notes have
assigned to entities regulated by IRDA/RBI/SEBI, insurers are required
been used as genuine and where any forgery of
to ensure that no vulnerable cases go undetected. Especially where
a valuable security or a document has taken
there is suspicion of money laundering or terrorist financing, or where
place facilitating the transactions'
there are factors to indicate a higher risk, AML checks will have to
carried out on such assignments and STR should be filed with FIU- Insurance companies should therefore report
IND, if necessary. such transactions within 7 days of
identification to FIU-IND
f. Stand on FATF deficient countries:
In continuation of our circular letter ref. 30/IRDA/AML/Jan-09 dated 3. This circular is being issued in exercise of
13th January 2009 on FATF's pubUcstatetpentdated28th February powers conferred under section 14 (1) (e) of the
2008, it is hereby advised that special attention should be paid to Insurance Regulatory and Development
business relationships and transactions, especially those which do Authority Act, 1999 and would be effective
not have apparent economic or visible lawful purpose. It is imperative immediately. Insurance Companies shall
to conduct detailed due diligence while taking insurance risk ensure strict compliance.
exposure to individuals/entities connected with countries which do
(R.K. Nair)
not, or insufficiently apply, the FATF Recommendations. In all such
Member (F&I)
CIRCULAR
7th June, 2010 IRDA/CAGTS/CIR/LCE/093/06/2010
To In view of the above market practices, the

All the Insurers Authority hereby orders that the insurers shall
carry out regular, annual on-site Inspection of
Re: Inspection of Corporate Agents by the Insurer. the Corporate Agents with whom they have
Instances have come to the notice of the Authority that a large number Corporate Agency Agreement. The process of
of firms were floated by the same set of individuals under different or Inspection of the Corporate Agents may be
similar names to act as Corporate Agents. Some of corporate agents completed by 30th September every year
were observed to utilize the services of a large number of people not starting from 2010. The insurer shall submit a
having requisite Licence/Certificate to solicit or procure the insurance copy of the Inspection Report to the Authority
12
business, and paid remuneration for procuring the insurance along with a summary of the violations of
business. The Authority has also noticed that some Corporate Agents Insurance Act, 1938, IRDA Act, 1999, IRDA
have resorted to the use of introducers or finders or sub-agents who, in (Licensing of Corporate Agents) Regulations.
fact, sell the insurance contracts and that the Corporate Agents passed 2002 and Guidelines/instructions issued by
on varying levels of commission to them.
the Authority from time to time with regard to a) Another Corporate Agent
each corporate agent. The report may be sent
b) Broker or TPA or
to the corporate agent for placing before their
board. The report shall also be placed before c) Be on the rolls of an insurer as its employees or officer or
the Audit Committee and the Board of Director
Directors of the insurer along with action taken 5. That the specified person on his ceasing to be an employee of the
report. The same shall be made available to corporate agent has surrendered his certificate to the designated
IRDA Inspection team as and when required. A person as required under Regulation 10(6). The said certificate
check list for such inspections is given below. shall not be used by any other person and needs to be destroyed.
This checklist is also relevant for individual
agents with substantial distribution business 6. That every corporate agent has maintained a register which
and may be used by the insurers with contains the name, address, telephone numbers, photographs,
appropriate changes. The insurers may add any date of commencement of employment, date of leaving the
other relevant points to the checklist. service, if any, salary paid to the specified person as required
under Regulation 14.
Checklist for on-site Inspection of Corporate
Agents: 7. That the Group insurance sold through Corporate Agents
complies with the guidelines on group insurance. Circular no.
A. The insurer shall verify and satisfy himself: 015/IRDAlLlFE/Circular/GI Guidelines/2005 dated 14-7-2005.
1. That the policies are being sold by licensed
agents or specified persons only. This is 8. That the commission or brokerage paid within the limits on
critical and compliance shall be in letter payment of commission on general insurance business as set in
and spirit. It is observed that several IRDA Cir 011/IRDA/Brok-comm/Aug 08 dated August 25, 2008.
corporate agents are employing army of 9. That no payment other than the commission allowed as per law
distributors by several names, to carry out including administration or servicing charges or payment by any
actual sales, while the paper work is being other name is paid to the agents in respect of the business for
done by a specified person. This practice is which he is paid agency commission.
against the section 42 (7) of Insurance Act,
1938 and Serial number 2 of guidelines on 10. Where insurance is sold as an ancillary product along with a
licensing of Corporate agents. product being sold (like any banking product) by any of the major
shareholders or their associates, (who may be Agents or
2. The corporate insurance executive and Corporate Agents of the insurer) verify that the shareholder/s or its
Specified Person/s of the Corporate Agent associates has not compelled the buyer of the other product to
i) Possesses the qualifications as specified necessarily buy the insurance product through such Corporate
under Regulation 4; Agent.
ii) Possesses the practical training as 11. The complete set of records of sale process in respect of the
specified under Regulation 5' business solicited by the Corporate Agent, including proposal
forms, copies of policies or certificates of insurance, need
iii) Has passed the examination as specified analysis, benefit illustrations and premium register, etc. are
under Regulation 6; available for the use of insurer as and when required by him and
iv) Has the requisite knowledge to solicit and for any other judicial proceedings.
procure Insurance Business; and 12. That the agent is complying with See 64VB & Payment of advance
v) Is capable of providing the necessary premium or any of the forms specified in IRDA regulations
service to the Policyholders. pertaining to in manner of receipt of premium.

vi) That every specified person shall be an 13. That the claims records are maintained by the Corporate Agent to
employee of the corporate agent as ensure compliance to Regulation 9 (1) (f), as the agent is expected
required under Regulation 8(2). to extend all possible help and co-operation to an insured/client
in completion of all formalities and documentation in the event of
3. That the Corporate Agent is acting as
a claim.
Corporate Agent for only one life or one
non life or both (in case of Composite 14. That the agent or any of its persons have not violated the
Corporate Agency). provisions of section 40A, 41 and 43 of the Insurance Act.
13
4. That no director of a company or a partner of 15. That the monthly statistics of business transacted by the
a firm or the chief executive or a corporate Corporate Agent (At least for the preceding two full financial
insurance executive or a specified person years) is in order.
shall hold any position with
in the air
16. Verify the audited accounts along with the schedules of the and Development Authority (Licensing of
Corporate Agent. (At least for the preceding two full financial Corporate Agents) Regulations. 2002;
years). This audit shall, inter alia establish that the commission is
C. Inspect the status of compliance of
not shared down the line and that all the specified persons and
relevant Regulation 3, 4, 6, 8, 12, 13 of
other employees do not get any share of the commission.
IRDA (Insurance Advertisements and
B. The Inspection should verify on the date of Inspection that: disclosure) Regulations, 2000 and
recommend action under regulation 11 of
1. Corporate insurance executive is not a minor.
the said regulations.
2. Corporate insurance executive has not been found to be of
D. Inspect the conduct of agents in respect of
unsound mind by a court of competent jurisdiction;
compliance of IRDA (Protection of
3. Corporate insurance executive has not been found guilty of Policyholders' interests) Regulations,
criminal misappropriation or criminal breach of trust or cheating 2002. In respect of matters pertaining to
or forgery or an abetment of or attempt to commit any such proposal from prospectus; point of sale;
offence by a court of competent jurisdiction; claims servicing & other general
4. Corporate insurance executive has not been found guilty of or to parameters of policy holders servicing
have knowingly participated in or connived at any fraud. including their duties to address the
dishonesty or misrepresentation against an insurer or an insured policyholder's complaints.
in the course of any judicial proceeding relating to any policy of The above list is only illustrative and not
insurance or the winding up of an insurance company or in the exhaustive. The Insurers may add any
course of an investigation of the affairs of an insurer; other relevant item to the above list which
5. Corporate insurance executive has not violated the code of they deem fit in this regard.
conduct specified under Regulation 9 of Insurance Regulatory A. Giridhar
Executive Director
CIRCULAR
June 28, 2010 Cir. No. IRDA/ACT/CIR/ULIP/102/06/2010
To be payable on the expiry of the lock in

CEOs of All Life Insurance Companies period and in accordance with the
relevant Regulations of IRDA.
Sub: Unit Linked Insurance Products (ULIPs)
Please refer following circulars: 2. All regular premium/limited premium
ULIPs shall have uniform/level paying
1. IRDA/Actl/032/ Dec 2005 dated December 21, 2005 and
premiums. Any additional payments shall
subsequent clarifications issued
be treated as single premium for the
2. 061/IRDA/Actl/March-2008 dated 12th March, 2008 purpose of insurance cover.
3. IRDA/Actl/ULIP/055/2009-10 dated 24th September, 2009, 3. All limited premium unit linked insurance
4. IRDA/Actl/CIR/ULIP/071/066/04/2010 dated 27th April, 2010 products, other than single premium
and products, shall have premium paying term

of at least 5 years.
5. IRDA/Actl/CIR/ULIP/071/05/2010 dated 3rd May, 2010
4. The insurers shall distribute the overall
In order to meet the emerging needs of prospective insurance charges, in ULIPs in an even fashion
policyholders, this circular specifies certain elements which shall be during the lock-in period.
incorporated in all ULIPs which may be offered for sale to the public
commencing from September 1, 2010. 5. All unit linked products, other than
pension and annuity products shall
1. The three year lock-in period for all Unit Linked Products will be provide a minimum mortality cover or a
increased to a period of five years, including top-up premiums. health cover, as indicated below:
14
During this period, no residuary payments on policies which are

lapsed/surrendered/discontinued will be made. The residuary 6. All top-up premiums made during the
payments for policies arising out of policies which stand currency of the contract, except for
lapsed/surrendered/discontinued during the lock-in period shall pension/annuity products, must have
(i ) Minimum mortality cover should be as follows:
Minimum Sum assured for age at entry of below 45 Minimum Sum assured for age at entry of below 45
years years
Single Premium (SP) contracts: 125 percent of single Single Premium (SP) contracts: 110 percent of single
premium. premium
Regular Premium (RP) including limited premium paying Regular Premium (RP) including limited premium paying
(LPP) contracts: 10 times the annualized premiums or (LPP) contracts: 7 times the annualized premiums or
(0.5 X T X annualized premium) whichever is higher. At (0.25 X T X annualized premium) whichever is higher. At
no time the death benefit shall be less than 105 percent of no time the death benefit shall be less than 105 percent of
the total premiums (including top-ups) paid. the total premiums (including top-ups) paid.
(In case of whole life contracts, term (T) shall be taken as 70 minus age at entry)
(ii) The minimum health cover per annum should be as follows:
Minimum annual health cover for age at entry of below Minimum annual health cover for age at entry of below
45 years 45 years
Regular Premium (RP) contracts: 5 times the annualized Regular Premium (RP) contracts: 5times the annualized
premiums or Rs. 100,000 per annum whichever is premiums or Rs. 75,000 per annum whichever is higher.
higher.
At no time the annual health cover shall be less than 105
At no time the annual health cover shall be less than 105 percent of the total premiums paid
percent of the total premiums paid.
insurance cover treating them as single one-third of the surrender value can be commuted after the lock-
premium, as per above table. in period. The remaining amount 2 must be used to purchase an
annuity, subject to the provisions of Section 4 of Insurance Act,
7. The accumulated fund value of unit linked
1938.
pension/annuity products is the fund value
as on the maturity date. All ULIP 9. Vide circular 3rd cited above, caps on charges were fixed on Unit
pension/annuity products shall offer a Linked contracts with a tenor of 10 years or less and for those with
minimum guaranteed return of 4.5 per tenor above 10 years. However, taking into account the
cent per annum or as specified by IRDA discontinuance/lapsation/surrender behavior and with a view to
from time to time, on the maturity date. smoothen the cap on charges, the following limits are prescribed
This guaranteed return is applicable on the starting from the 5th policy anniversary:
maturity date, for policies where all due
Annualized Premiums Paid Maximum reduction in yield
premiums are paid. Mortality and/or
(Difference between Gross and
health cover could be offered along with
Net Yield (% pa))
the pension/annuity products as riders,
giving enough flexibility for the 5 4.00%

policyholders to select covers of their 6 3.75%
choice. 7 3.50%
8. In the case of unit linked pension/annuity 8 3.30%
products, no partial withdrawal shall be
9 3.15%
allowed during the accumulation phase
and the insurer shall convert the 10 3.00%
accumulated fund value into an annuity at 11 and 12 2.75 %
the vesting date. However, the insured 13 and 14 2.50 %
15
will have an option to commute up to a

15 and thereafter 2.25 %
maximum of one-third of the accumulated
value as lump sum at the time of vesting. In 10.The net reduction in yield for policies with term less than or equal
the case of surrender, only a maximum of to 10 years shall not be more than 3.00% at maturity. For policies
in the air
with term above 10 years, the net reduction in yield at maturity 13. All insurers are directed to conform to
shall not be more than 2.25%. these features so that they can introduce
the products with due approval from
11.The maximum loan amount that can be sanctioned under any
IRDA. From September 1, 2010 all unit
ULIP policy shall not exceed 40% of the net asset value in those
linked products offered for sale shall
products where equity accounts for more than 60% of the total
conform to this circular,
share and shall not exceed 50% of the net asset value of those
products where debt instruments accounts for more than 60% of R. Kannan
the total share. Member (Actuary)
12. Circular No: 2 cited above will stand superseded by this circular
and circular numbers 1, 3, 4 and 5 will stand modified to the
extent prescribed in this circular.
CIRCULAR
07th June, 2010 IRDA/CAGTS/CIR/LCE/092/06/2010
To 25 & 26 of the Guidelines on Licensing of

All the insurers Corporate Agents issued vide IRDA
Circular Ref: 017/IRDA/Circuiar/CA
Re: Transfer of Corporate Agency from one Insurer to another.
Gudelines/2005 dated 14th July, 2005 for
IRDA has issued instructions vide its Circular Ref: 31/IRDA/CA/CIR/ at least two preceding financial years from
SEP09 dated 02.09.09 to all the Insurers and Agents/Corporate Agents the Corporate Agents who are intending to
on the steps be taken to ensure the policyholders' interest are have a Corporate Agency agreement with
protected before issuing 'No Objection Certificate' to the Agent/ them.
Corporate Agent who is leaving their organization.
7. The Officer so designated shall be
In order to bring in uniformity in processing the applications for responsible for ensuring that the Corporate
transfer of Corporate Agency, the following procedure shall be Agents comply with the relevant
adopted by all the Insurers. provisions of the Insurance Act, 1938,
1. The decision to engage any 'Person' who is holding a valid IRDA Act, 1999, Regulations/Guidelines
License to act as Corporate Agent, on transfer from other insurer, and instructions issued by the Authority
will be taken only in the Corporate Office of the Insurance from time to time.
Company. 8. These guidelines shall form part of Cir
2. The proceedings appointing the 'Person' as Corporate Agent will 017/IRDA/Circular/CA Gudilenes/2005
be issued by the CEO/CFO/Chief Marketing/Sales Officer, Chief dated 14th July, 2005 and further
of Channel Operations etc, designated for that purpose by the Circulars/instructions issued from time to
board. time.
3. The Officer so designated shall carry out due diligence of the 9. All the insurers are here by directed to
Corporate Agent with whom they are proposing to enter into a notify IRDA, details of designated officer
Corporate Agency Agreement and record the same while taking a so designated for Licensing of Corporate
decision to engage the services of that Corporate Agent. Agents on or before 30.06.2010.
4. The Officer so designated shall obtain and. record, from all the
available sources, the reasons leading to cancellation of A. Giridhar
Corporate Agency Agreement with the earlier Insurer. Executive Director
5. The Officer so designated shall fully satisfy and record that the
provisions of Point No.4 of the Circular Ref: 31/IRDA/CA/
16
CIR/SEP09 dated 02.09.09 are complied by the Corporate Agent.

6. The Officer so designated shall obtain, prior to entering into an
agreement, all the periodical returns mentioned at Point Nos.24,
vantage point
'While it is very essential for the insurers to weed out fraudulent claims, they should be
careful in ensuring that genuine claims are not repudiated indiscriminately which
could lead to the detriment of the industry' says U. Jawaharlal.
Using the Right Discretion

- Managing Claims Efficiently
The debate on claims management is a never-ending one. If not for the a death knell – for an organization, and for the
adverse claims ratios that has become a perennial feature for various society at large; and should be unpardonable.
classes of business, the continuing nature of the controversies
The incidence of additional hazards has to be
associated with insurance claims begs a frequent revisiting. It is not
addressed properly in order that both the
unusual to observe that many of the disputes that lead to a legal
selection and the classification of such risks are
intervention end up against the insurers. Is it that the courts take a
made objectively. While physical hazards call
lenient view of the low awareness levels of the insuring public and
for being compensated properly, the real threat
hence support them; or that insurers are necessarily at the wrong end
comes from the moral hazard which no
of the case; or a combination of both? In any case, if it has become a
amount of additional premium can
trend; there is strong reason to look for avenues to arrest the trend.
compensate. Insurers would however do well
On the part of the insurers, it is necessary to be transparent in laying not to be over-zealous in accepting/rejecting
down the terms of the contract; and where the policyholder is not risks as also in the admission and repudiation
given to understand the terms easily, put in place measures to be of claims. An indiscriminate rejection of a
additionally explicit so that controversies at a later stage are reduced. claim for an inadvertent lapse on the part of an
It has been uttered and written ad nauseum that absolute openness at average policyholder is bound to dent the
the beginning of the contract would certainly lead to a drastic confidence of the policyholder community.
reduction of claims related disputes. We all need to look back and There is need for insurers to be additionally
analyze whether we have achieved any progress in this regard. alert in identifying fraudulent elements from
genuine policyholders. In a nutshell,
The element of fraudulent claims is a bothersome factor affecting the
fraudulent claims as also excessive claims are a
health of claims ratios. Managements should work on keeping in
big drain on the resources of an insurer and
place efficient systems to fight this evil. One thing that stands out in
lead to their bleeding. There must be effective
this regard is the weak punitive action that is meted out to a willful
practices in place to keep a check on such
fraudulent claimant – thereby almost encouraging the average
claims in order that managements can boast of
individual to take a chance. How often does this happen in a more
healthy claims ratios.
advanced society where one is conscious of the deterrent punishment
that is in store for such a fraudulent attempt? Particularly, when it is 'Claims Management' will be the focus of the
observed that there is either a direct or a tacit support of an insider; next issue of the Journal. We will look at some
necessary stringent action should be taken. White collar crime sounds areas that have not been covered earlier.
Claims Management
17
in the next issue...

issue focus
Yegnapriya Bharat emphasizes the need for better policyholder education in order that
the overall levels of policyholder protection take a quantum jump.
Changing the Way Insurance

is Transacted
- Enabling Policyholder Protection
The insurance sector is rapidly moving towards a scenario wherein framework. The Insurance Regulatory and
the maxim –'Insurance is sold and not bought' would soon fade away. Development Authority (IRDA) has ensured
The consumer and market dynamics; and the regulatory interventions that such a framework, in the form of
triggered by them would ensure that insurance is bought rather than regulations, guidelines, circulars etc, is in
sold. place. While the basic framework to some
extent could remain static, the dynamic
One of the most important components of a sound and competitive
elements created by the ever changing market
insurance market is effective policyholder protection. Where this is
scenario need periodical review and revisiting.
lacking, prospects and policyholders would be exposed to unfair
IRDA has been carrying this out to meet the
treatment by insurers. They would become an easy prey to abusive
new challenges and concerns that are created
in the market for the policyholder.
Transparency
Consumer protection is deemed to have
The consumer and market dynamics; and the succeeded if certain basic parameters are
regulatory interventions triggered by them would achieved. The primary one is transparency in
transactions. This cannot be truer for
ensure that insurance is bought rather than sold. insurance. A prospect should be provided with
full, plain, adequate and comparable
information about the rates, terms and
conditions, risks involved etc. There should be
utmost transparency at the time of sale and

promotion so that the policyholder is made to
market practices, especially when the products are complex. The feel confident that he or she is being given
crux of the problem, from the consumer protection point of view, is complete information regarding the product.
the imbalance of the power, information and resources between Provision of clear and complete information
policyholders and insurers. Prospects and policyholders are at a about products is not only a fundamental
disadvantage though theoretically (and sometimes in practice), the expectation but also a necessity, to ensure fair
information asymmetry may work the other way round as well. treatment to policyholders by insurance
However, most times it is the policyholder who is vulnerable to the companies. The IRDA (Protection of
Policyholders Interest) Regulations, 2002
18
asymmetry.
define the obligations of insurers and
The Regulator, therefore, has the duty of not only preventing market
intermediaries regarding matters to be stated in
failure but also ensuring that there is no imbalance or asymmetry in it.
life and general insurance policy and lay down
A pre-requisite for this is a well designed policyholder protection
time-frames for compliance of various
policyholder servicing parameters covering distribution of insurance products) Regulations, 2010 that will ensure
the life cycle of the insurance product, from that sale process is as per the standards prescribed.
sale to servicing - including claims servicing.
Needs Analysis is another initiative identified by IRDA as a step in
The regulations for the intermediaries—agents,
curbing wrong advice and mis-selling. The proposed guidelines to
corporate agents and brokers, among other
deal with issues relating to distance marketing would address new
things, lay down the Code of Conduct
challenges of mis-selling that have cropped up with the advancement
including at the point of sale. The IRDA
of technology. While the benefits of having new and faster channels
(Insurance Advertisement and Disclosure)
need to be reaped, the loopholes created by them need plugging. This
Regulations, 2000 address advertising and
is precisely what the draft guidelines on the subject propose to do.
disclosure requirements at the point of sale.
The File and Use procedure of IRDA is also a
drill from the point of view of product
simplicity and its understanding, apart from
other parameters. One of the recent initiatives
of IRDA, to ensure that clear information
regarding products is given to the prospect or There are several distribution related
policyholder in a way he or she can improvements which ensure that there is no scope
understand, is the proposal to introduce Key for the involvement of unlicensed personnel or
Feature Document (KFD) in simple language.
The test of a KFD is whether or not the target entities in the sale of insurance products.
customer for a particular product understands
its main features and is able to take a decision
as to whether the product is suitable for him or
her. A KFD would also ensure disclosure by Fair Treatment
insurers of other important information such as While liberalization has helped create choice, there is need to ensure
premium details, payment modes, various that in the name of choice, the policyholder is not inundated with
charges, risks involved, what happens in the unwanted product information or ill fitting products. Insurers shall
event of discontinuance etc. offer stable, well designed specific products that are useful to the
consumers, meeting their needs. The terms and conditions of the
Sales and Distribution
product shall ensure fair treatment to the policyholder. The Regulator
Another important element of policyholder
steps in, wherever required, to ensure this. Recently, IRDA has taken
protection is that insurers and intermediaries
several steps with regard to the product structure of ULIPs to clearly
shall be non-coercive while selling. Not only
position them as long term savings cum insurance instruments rather
shall they be non-coercive but more
than as short term speculative products. This kind of product
importantly, they shall not mis-sell. The
differentiation will ensure that the insurers have very little scope to
Policyholder Protection Regulations, and
position them differently than what these products are.
regulations for the various intermediaries,
brought out by IRDA are geared to address Further, all limited premium unit linked insurance products, other
these issues. However, given the complexity of than single premium products shall have premium paying term of at
some of the products, IRDA felt the need for least five years. All unit linked products, other than pension and
more specific solutions for mis-selling. annuity products shall provide a mortality cover or a health cover
thereby increasing the risk cover component in such products. The
IRDA has taken certain initiatives in further
minimum cover to be offered has been specified for these segments.
tightening the policyholder protection norms
With a view to smoothening the cap on charges in ULIP products, the
by amendment of regulation. There are several
capping been rationalized by IRDA to ensure that the difference in
distribution related improvements which th
yield is capped from the 5 year onwards. This will not only reduce
ensure that there is no scope for the
the overall charges on these products, but will also ensure
involvement of unlicensed personnel or
smoothening of the charge structure for the policyholder.
entities in the sale of insurance products. Any
scope for payment of any remuneration other IRDA has also addressed the concerns of policyholders who are
than commission where sale has been effected unable to continue premium payment by drafting IRDA (Treatment of
has been eliminated by amending regulations. Discontinued Linked Insurance Policies) Regulations, 2010. These
These measures will reduce the expenses of regulations ensure that policyholders do not get overcharged when
19
the insurers, thereby lowering the premiums to they wish to discontinue their policies for any emergency cash
be paid by the policyholder. Further, IRDA has requirement. The regulations stipulate that an insurer shall recover
also addressed the issue of referrals with the only the incurred acquisition costs in the event of discontinuance of
proposed IRDA (Sharing of database for policy and that these charges are not excessive. The discontinuance
issue focus
charges have been capped both as percentage of fund value and The disclosures were made effective from the
premium, and also in absolute value. The regulations also clearly period ended 31st March, 2010. Insurers shall
define the grace period for different modes of premium payment. publish the Balance Sheet, Profit & Loss
Upon discontinuance of a policy, a policyholder shall be entitled to Account, Revenue Account and Key Analytical
exercise an option of either reviving the policy or completely Ratios on a half yearly basis in at least one
withdrawing from the policy without any risk cover. Further, the English daily newspaper circulating in the
regulations also enable IRDA to order refund of discontinuance whole or substantially the whole of India; and
charges in case they are found excessive on enquiry. in one newspaper published in the regional
language of the region where the registered
The other significant area where the regulator has recently intervened
office is situated or in Hindi in the stipulated
is the pensions. A pension contract is a form of savings vehicle that
font size and within the time-frame laid down.
caters to the needs of retired or the aged population. The
Insurers shall also host all the forms including
contributions that have been used to fund the pension contracts shall
Revenue Account, Profit & Loss Account,
not only be intact but also increase, to enable the individual to
Balance Sheet, segmental reporting, schedules
purchase an annuity which can at least meet his or her basic needs.
to accounts and other forms on their website as
Unit linked pension contracts without any guarantee of return may
per the periodicity and other parameters
either provide increased benefits or erode the funds accumulated.
stipulated.
The downside risk is too much to be ignored. If the US example where
the pension funds nose-dived due to the global financial crisis is Grievance Redress
anything to go by, government authorities and regulatory bodies Policyholders must be provided with
would do well to ensure that any major crisis which could involve inexpensive and speedy mechanisms for
unexpected calls for huge infusion of money into the system to complaints disposal. The IRDA (Protection of
safeguard the old age provisions and retain the system confidence, is Policyholders Interests) Regulations, 2002
require insurance companies to have in place,
effective and speedy grievance redress
mechanisms. However, the effectiveness of
the mechanisms needs to be monitored by the
With a view to going beyond facilitation of Regulator. To enable this as well as create a
central repository of industry-wide insurance
complaints resolution, IRDA has begun to drill
grievance data, IRDA is on the verge of
down into details of complaints to identify implementing the Integrated Grievance
instances of violation or non-compliance of Management System (IGMS). IGMS will not
only help monitor the redress systems of
various provisions of the applicable regulations insurers but also create a gateway for
through enquiries and inspections. policyholders to register complaints with
insurance companies first; and if need be,
escalate them to the IRDA Grievance Cells.
IRDA is also shortly introducing the IRDA
Grievance Call Centre (IGCC) which will
provide an additional channel for
policyholders to lodge their grievances and
prevented. Hence IRDA has introduced a prudential regulatory
also seek their status over phone or e-mail.
approach whereby it has stipulated that all ULIP pension or annuity
With a view to going beyond facilitation of
products shall offer a minimum guarantee of 4.5% per annum or as

specified by IRDA, from time to time. Although such guarantee may complaints resolution, IRDA has begun to drill
result in 1% hike in risk charge, the policyholders will receive down into details of complaints to identify
protection for their lifetime savings from severe market risks. This will instances of violation or non-compliance of
protect the life time savings for the pensioners, from any adverse various provisions of the applicable
fluctuations at the time of maturity. regulations through enquiries and inspections.
The institution of Ombudsman is also being
Public disclosures
reviewed for possible changes and expansion
Public disclosure of risks faced by the insurers is critical for
of jurisdiction, to ensure that grievances that
policyholder protection. They help policyholders make informed
are not resolved by insurers and get escalated
20
decisions before entering into insurance contracts. Reliable and

to the Regulator and/or Ombudsman are
timely disclosures also ensure a fair and orderly insurance sector.
decided conclusively, except where they
With this in view, early this year, IRDA stipulated public disclosure
would fall necessarily within the ambit of the
requirements for all insurance companies.
courts.
Further, insurers are advised to strengthen their recent financial crisis. The importance of consumer education,
redress procedures where they are found therefore, needs no further emphasis.
weak. The mandatory requirement of a
In the insurance sector; liberalization, leading to the entry of several
Policyholder Protection Committee as one of
new insurance companies and introduction of hordes of new
the Board committees as part of the corporate
insurance products created a very strong case for scaling up efforts in
governance guidelines issued by IRDA is
the area of consumer education on the part of all stakeholders
another step in the direction of ensuring that
involved. Consumer education and policyholder protection being
the insurers have their own internal systems
two sides of the same coin, the Regulator has as onerous a
monitored effectively at the highest level.
responsibility towards consumer education as it has for policyholder
Insurance Data protection. In fact, consumer education is a part and parcel of
The insurance industry must have access to policyholder protection. Towards this end, IRDA has, over the years
reliable, timely and accurate data for its
efficient functioning. In order to ensure that
proper data relating to policies and claims is
collected, processed and disseminated in the
manner required, IRDA has set up an
independent body, namely the Insurance
Information Bureau (IIB). The IIB has started In the insurance sector; liberalization, leading to
functioning and has already made good the entry of several new insurance companies and
progress. The data that is disseminated is introduction of hordes of new insurance products
generic, with the privacy and confidentiality
issues being addressed adequately, both from created a very strong case for scaling up efforts in
the policyholder as well as the insurer point of the area of consumer education on the part of all
view.
stakeholders involved.
Consumer Education
Consumer protection and consumer education
complement each other. They have the same
goal, namely the well-being of the consumer.
Consumer education not only helps taken several initiatives through various media. IRDA also
individuals understand the products and the encourages and supports consumer bodies to conduct seminars on
risks involved better but is also a necessity for insurance, thereby not only educating the consumer but also
market efficiency as it contributes to more providing a platform for the consumer to interact with its
efficient, transparent and competitive practices representatives who it makes sure participates in such seminars. This
by the financial service providers. It also apart, the IRDA itself conducts or participates and supports several
produces better educated citizens who can national level seminars on different insurance topics or subjects as
monitor markets through their own decisions. well as consumer related issues through which it reaches out to the
It may not be out of place to mention that in an public.
OECD survey of the members of the
International Network on Financial Education
(INFE) composed of financial education
experts from 110 public authorities in over 50
OECD countries and non-member economies,
The author is Joint Director, Consumer Affairs Dept., IRDA. The views
a vast majority of respondents indicated that
expressed in the article are her own.
financial illiteracy was a determinant of the
21
issue focus
Vishwavijay Singh suggests that a persistent practice of customer support, whenever

needed, will go a long way in building up the reputation of the insurers.
Need to Demonstrate and Deliver

- Protection of Policyholders' Interests
The Policyholder Protection Act 2002 was formed by the Insurance In a wider context, the protection of policy
Regulatory and Development Authority (IRDA) to safeguard the holders' interests would cover three areas:
interests of the policyholders at large. The act comprises a set of
a) transparency of information
guidelines for insurers including areas of point of sale, proposal
details, grievance redressal, policy details, claims process and policy b) customer centric service and
servicing. These guidelines facilitate transparency and fair business
c) ability to settle genuine claims.
Insurance companies that are investing in
these areas are creating customer trust leading
to loyalty, advocacy and superior lifetime
Legalese is never easily understood and there is value. Furthermore, as competition increases
always potential scope of misunderstanding the giving customers wider choice, differentiation
in these areas would become a source of
contract, on the part of the customer.
competitive advantage.
Transparency
Customers need to have transparency of
information at every stage of the policy
lifecycle. All touch-points can be 'information
practices, thus establishing a healthy business environment. The empowered' - be it website, call centre, branch
guidelines cover the entire policy lifecycle, allowing the insured to or channel. For customers who are net savvy,
make an informed buying decision and avail of the policy benefits. the website is a powerful source of information
The act mandates insurers to provide sufficient information to giving clarity on policy coverage, exclusions,
prospects and customers regarding the aforementioned areas. premiums and claims process. For instance,
some players publish all policy wordings
Insurance is a promise
online in downloadable PDF format which the
The context of policy holder protection becomes clear once customer can peruse even before buying the
insurance is seen as a promise made by the insurance company to pay policy. The insurer's website can also be
the insured at the time of the claim. This promise is governed by the supported with 24x7 support via online chat
policy wordings and insurance is as such a legal contract between the and toll free telephone access which allows the
insurer and the insured. However the policy wordings are drafted by customer direct access to the insurer at any
legal teams while the closure is done on the ground between the time of day or night, weekday or weekend as
advisor and the customer. Legalese is never easily understood and per their convenience. Audit of all interactions
there is always potential scope of misunderstanding the contract, on with the customer is much easier with
the part of the customer. It is incumbent on the insurance company to
22
electronic channels as chat transcripts are

ensure that transparency and trust is engendered throughout the easily available and calls can be recorded for
process keeping the customer's interests in mind. This is essential later reference. Regular training and quality
from a longer term perspective to build customer confidence on the control of call centre executives becomes a
core proposition of insurance. critical aspect to ensure that right
communication is delivered to the customer garage cash covers are designed to give the customer mobility even
after proper understanding of their needs. while their vehicle is under repair.
Appropriate CRM applications are able to
Customer centric service also hinges around delivering on the
guide the call centre executives appropriately
promise and ISO certification undertaken by insurance companies is
through a knowledge tree on what to say to the
an indication of their commitment to deliver on their service
customers in different scenarios.
promises.
The policy sale process represents the start of
the insurance contract; and clarity of the terms
to the customer is important to avoid
dissonance later at the time of claim. Correct
presentation of the policy terms through
promotional material before the sale, proper Along with the willingness to pay genuine
information capture during the sale and
claims, insurers also need to demonstrate the
availability of all details of risk assumption after
the transaction help build a strong foundation ability to service the risk on their books.
to the insurer-insured relationship.
Customer Centric Service
Insurance being a legal contract can be subject Settlement of genuine claims
to amendment through endorsements or even
Insurance is the business of distress management and the process of
cancellation. Insurers must set up options and
claims settlement is the final moment of truth. The insurer's first step is
processes for policy servicing that are
to ascertain if the claim is genuine and sensitivity is required at this
convenient and hassle free for the customer
stage. The policy terms come in to play here and if the customer has
who has entered into the insurance contract in
been well educated of what he has bought into, the claims process
good faith.
should be smooth and hassle free with minimal dissonance. The
Technology plays an important role in making ability of an insurer to put in place a robust claims assessment process
the process easy, quick and frictionless. Robust ensures that genuine claims are cleared speedily and fraudulent
CRM systems allow the provision of service claims are identified and blocked. Moral hazard is a burden on honest
request reference numbers that can then be policy holders who would finally end up paying a higher premium to
tracked till closure. Status updates via sms and make up for the portfolio imbalance.
email are now the norm which keeps the
Along with the willingness to pay genuine claims, insurers also need
customer abreast of the progress of their
to demonstrate the ability to service the risk on their books. Positive
request. The internet is increasingly being used
ratings from agencies such as ICRA and A M Best are an indicator of
to lodge and track service requests.
being in a fundamentally strong position with the ability to pay large
Regardless of the channel from which the claims. Maintaining a higher solvency ratio above the regulator's
policy may have been purchased, companies norms is also a signal to the customer of the stability of the insurer. The
are now offering their customers 24x7 access reinsurance program must be built on a robust foundation with
via a single toll free number providing the adequate cover with the objective of protecting value at risk at all
confidence to the insured that the insurer is just times.
a call away.
In conclusion
Contactability is the anchor for all customer Finally, it would be pertinent to highlight that policy holders also have
communication and both the insurers as well the responsibility of understanding the contract they are entering with
as insured need to take ongoing measures to
their insurer. They have a right to ask for information and must ensure
ensure contact details are kept current so that that they provide correct and complete information to the insurer.
service updates and renewal notices are Doing so will also assist them while seeking redressal of grievances if
delivered on time. The insurance product goes any, be it with the insurance company or through the ombudsman.
beyond just the sale transaction and extends to
the post sales service as well as renewal. Keeping in mind the interests of the policy holder is a core tenet of
customer centricity. This philosophy should become a governing
Service processes must be designed by principle of the industry's approach to designing insurance products
stepping into the customer's shoes. For and services. The pay off would be seen over time in the form of
instance, an endorsement request for travel enhanced image of the industry as well as long term growth and
insurance should be executed speedily in time penetration of insurance in the country.
23
before the departure of the trip. An emergency

cashless pre-authorisation request will require
a shorter turn-around time as compared to The author is Vice President, Process Excellence, ICICI Lombard General
planned treatment. Replacement cars or Insurance Co. Ltd.
issue focus
Prof. Rajni M. Shah asserts that the world order is changing and there is increasing
emphasis on finding newer methods to ensure that the best service is being rendered.
Contours of World Class

Organizations
- New Practices in Value Creation
World class is a journey, not a destination. Jim Collins takes us l its organizing principles
through this journey in his three classics - “Build to last” followed by l its people processes.
another bestseller “From Good to Great”. And as if to reflect upon all,
his next Title “How the mighty fall”. In the process, some truisms It is this passion to compete that has seen great
unfold by themselves. In summary, new focus for value creation rests companies graduating from 'Good to Great'
with customer at the centre stage. This constitutes the main theme for and from Great to 'World-class' status. This
this article. status denotes setting new benchmarking
standards of performance in terms of product
design, delivery, quality, customer satisfaction
and value creation. Striving continuously to
improve its own benchmark standards of
It is this passion to compete that has seen great
performance is the hallmark of world-class
companies graduating from 'Good to Great' and organizations. As for insurance industry
from Great to 'World-class' status. domain, Protection of Policyholders' interests
thus becomes a matter of prime concern.
World Class Motto: Passion and commitment

to excel
When rules of a game change, the player's
What is World Class Organization?
strategies and actions must also change so as to
World-Class in India: win that game. The same goes for business. In
st
the 21 century the nature of doing business
In order to win, companies must win at three very different stages of
has tremendously changed. The new
competition.
upheavals of global financial meltdown since
September, 2008 have transformed the
l competition for markets
financial services sector for ever and proven to
l competition for competencies be an eye opener to economies across the
l competition for dreams. globe.
24
To manage sustainable growth, a company needs to create an For organizations, good is no more good
effective alignment between three key elements: enough, and excellence has lost its meaning to
a new phenomenon called “world class
l its value creation logic organizations”.
World class organization status is a new ideal individual experiences are created. This is more so for 'services'
relentlessly pursued by ambitious and daring rather than products. As a result, the focus of innovation will shift from
organizations worldwide because this status products and services to experience environments that individuals
alone promises maximum rewards and the can interact with to co-construct their own experience. These
victor's stand. World-class organizations do personalized co-creation experiences are the source of unique value
not emerge by chance. People build them by for consumers and companies alike.
design. They are created by vision, nurtured by
ambitions and perfected by actions. They
believe in being 'Best of the Bests'; and seeking
continuous improvement, redefine own
benchmarking standards of performance with
relentless focus on consumer with a high Products are but an artifact around which
passion and commitment. Characterized by
compelling individual experiences are created.
high performance leadership, world-class
organizations strive to raise the bar all through.
For reaching the zenith of excellence,

companies need to carefully formulate
To compete in this complex marketplace, companies must
strategies and deliberately implement them so
fundamentally alter their value creation architecture. They ought to
as to arrive at the desired destination. The
make information and operations transparent and accessible to all
following are some of the few strategies and
collaborators, and transform their interactions with customers from
terms of reference which are instrumental in
transactions to meaningful dialogues. For their part, customers must
developing best of the best companies.
be able to understand and assess all the risks, as well as the rewards, of
the choices they make.
A New Paradigm of value creation:
Consumers have greater product variety today This is the future of competition as articulated by Prof. C.K. Prahlad in
than ever, yet they are less satisfied. Top his path-breaking Title “The Future of Competition: co-creating
management has more strategic options, yet unique value with customer”. Let us elaborate.
they deliver less value. What do these
paradoxes suggest about future of competition? Co-Creation of Value:
Despite unbounded opportunities for A profound but silent transformation of our society is afoot. With the
innovation, companies still can't satisfy burgeoning complexity in offerings, services, risks, rewards and
customers and sustain profitable growth. The information the consumer is confounded and frustrated. Product
explanation for this apparent paradox lies in variety has not necessarily resulted in better consumer experience.
recognizing the structural changes brought st
The paradox of the 21 century lies in the fact that the consumers have
about by the convergence of industries and more choices that yield less satisfaction and top management has
technologies; ubiquitous connectivity and more strategic options that yield less value. Are we on the cusp of a
globalization; and, as a consequence, the new industrial system with characteristics different from those we
evolving role of the consumer from passive now take for granted - towards a new paradigm shift?
recipient to active co-creator of value.
Managers need a new framework for value What is the evolving role of the customer in the value creation
creation. And, all said and done, this is process? No longer do customers receive value through the purchase
considered as the building block for world- of products and services alone. Instead, individual customers are
class organizations. Let us examine further. interacting with a network of firms and consumer communities in
order to satisfy their unique preferences – and the value they obtain
Increasing individual customer's interaction comes from the sum total to those personal experiences.
with a network of firms and consumer
communities can co-create value. No longer Traditional notion of value and its creation that firms create and
25
can firms autonomously create value in exchange value with consumers does no longer hold good.
isolation. Neither is value embedded in Increasingly, the joint efforts of the consumer and the firm are co-
products and services per se. Products are but creating value through personalized experiences that are unique to
an artifact around which compelling each individual consumer.
issue focus
Protection of Insurance Policyholders' interests: Insurance as a 'service', unlike a product, has

Policyholders are a major stakeholder for insurance companies and its own characteristics. Insurers ought to follow
protecting their interests becomes a major priority. It becomes the Rule Book of Services Management &
obligatory for insurers as service providers to protect interests of Marketing to assist and protect interests of
policyholders, as 'consumers' of insurance services. Insurance policyholders. This will go a long way to retain
Regulatory and Developmnet Authority (IRDA) has notified clients, add on through word of mouth and
regulations for Protection of Policyholders' Interests in 2002. As per relate to them as a part of relationship
the regulations, all insurers have to set up grievance redressal management - in the process, building trust
mechanisms to address complaints and grievances of policyholders and, hopefully, customer loyalty.
efficiently with a sense of urgency. IRDA has been monitoring such
systems in operation with insurance companies to ensure their It is time to re-examine the traditional system to
efficacy. Such regulations empower policyholders for a hassle-free company-centric value creation that has
and transparent interface with insurance companies to safeguard their served organizations so well over the past
legitimate interests and going beyond that to suggest proactive hundred years. We now need a new frame of
measures and practices for insurance industry. Setting up of reference for value creation. The answer lies in
Ombudsmen across the country is a major milestone as an institution a different premise centered on co-creation of
set up to safeguard interests of insurance policyholders. What is value. It begins with the changing role of the
needed is greater awareness and understanding on the part of service consumer in the industrial system - from
providers and policyholders – service users - to be proactive and isolated to connected, from unaware to
informed, from passive to active.
Companies can no longer act autonomously,

designing products, developing production
It is time to re-examine the traditional system to processes, crafting marketing messages, and
company-centric value creation that has served controlling sales channels with little or no
organizations so well over the past hundred years. interference from consumers. These
personalized co-creation experiences with
new-age customers are the source of unique
value for consumers and companies alike.
Thus organizations need to move from the

benefit from such set up. Yet another recent milestone on the part of traditional approach of value creation to the
IRDA relates to corporate governance domain which is crucial not new frame of reference for value creation. The
only for insurance industry but for India Incorporated; and in similar focus is on people interacting with people and
context, IRDA guidelines on Anti-Money Laundering (AM) effective serving the consumer what he expects through
st
1 July, 2005 for insurance companies relating to important aspects to newer experiences. Co-creation is possible by
protect interests of customers. merging the company think with the consumer
think.
One simple tenet for organizations to move from 'good to great' is to
provide customer orientation in every possible way. At the heart of Many companies rarely seem to consider
this tenet is customer orientation. One decade of liberalized aspirations, frustrations and wishes of the
insurance industry in India has seen some turbulent times for most of heterogeneous group of consumers who
the players. Organizations are therefore moving from organization experience their product or service. Instead
orientation to customer orientation and protection of policyholders in they focus on the efficiency of production and
the case of insurance service providers. logistical systems. Misled by company think,
operational managers cluster the marketplace
As is common knowledge, consumer awareness for insurance in India with products that are feature rich but
is far too low, and surprisingly, quite so even for urban populace in experience poor. For the consumers,
26
general. Claims is the defining moment when insurance technology convergence can create
policyholders specially need to be protected – to be treated fairly and experience divergence. These are some new
expeditiously for settlement of claims, with insurers providing learning for Indian insurers and India
facilitation to do so. Incorporated in the domain of product
innovation; more so at this point of time when and implementation plan; distinct from what traditionally applies to
insurance industry in India is poised for 'products' of manufacturers.
charting new growth curve through financial
inclusion and seeking transformation. Strategies for developing world-class organizations - some pointers:
l Global economic awareness
Services Sector: Insurance industry in India The first requirement to venture into this journey is to acquire
Understanding nuances of 'services' knowledge and understanding of global business environment
management and marketing, in contrast to and global market place.
'products', is vital to accelerate growth of
services segment. Service industry of which l Quality Excellence
insurance forms a significant constituent forms Quality is a dynamic state associated with products, service,
the backbone of social and economic people processes, and environments that meet or exceed
development of a nation. It has emerged as the customer's expectations. In today's market place quality is the
largest and fastest growing sector in world- creed for winning.
economy, so also in India. Insurance services
are intangible. Managing a service requires
knowledge and understanding of its four
characteristics: intangibility, inseparability,
variability and perishability. For each one
there are important implications for marketing The greatest challenge is how to achieve accelerated
mix and reaching a 'scale' and volume of
and sustainable growth in the backdrop of huge
operations to sustain accelerated and
profitable growth. untapped market potential, intrinsic strength to seek
inclusive growth.
Growth story of insurance industry in India is
inspiring, never mind some hiccups on the
way. The upswing observed in business
growth curve is robust what with impressive
GDP for the economy with sound l Focus on Performance Management: output oriented organization
fundamentals and business optimism
l Innovation: a gateway to growth
unabated. The greatest challenge is how to
achieve accelerated and sustainable growth in In a dynamic business environment, a reinvention exercise is the
the backdrop of huge untapped market only way to avoid demise and obtain eternal organizational life, as
potential, intrinsic strength to seek inclusive practised by most of the top companies in the world.
growth. To sustain this level of performance
l World Class Leadership
and provide a fillip for inclusive growth, it is
High Performance Leadership is at the centre-stage to strive for
imperative to overhaul traditional 5 Ps of
world-class. And trust is the foundation of leadership. Leaders
marketing-mix and master new
who are fiercely ambitious and driven by passion have their
comprehension for services marketing and
ambitions directed towards their company and industry rather
management per-se.
than themselves.
In today's complicated, differentiated
marketplace, success often means tailoring Summation: Concluding observations
service offerings to the price level and Growth dynamics at the emerging market place provide a context
expectation level of new age customers. Great around which leaders and captains of industry do visioning and
companies know how to discern the difference strategizing. What does fundamentally determine growth and profit
and give specific customers exactly what they potential of business? What does a company do to protect its territory
want at the price they can bear. from another firm seeking to dislodge it and from designs of new
27
entrants? How is it able to forecast its future under shifting and

That's why every service organization such as uncertain conditions – or predict how its rivals will behave under
in insurance segment in its quest to become those same conditions? Insurance industry ought to ponder on these
world-class should develop a service strategy key riders and respond proactively.
issue focus
Major concerns of organizations are with regard to survival, growth, distribution matrix, new business models,
managing business cycles, corporate governance and corporate customer centricity and possibly mergers and
citizenship with varying degree of emphasis. Emerging market acquisitions. The game is changing.
dynamics shape the color and shade of competition. Also a series of
new initiatives unleashed by the regulator will have far reaching Indian insurance industry is a reservoir of great
implications to foster growth and development, apart from inventive talent and resourcefulness. Over the past ten
genius of insurance companies. years since private sector participation, the
industry has been on the move to create new
pace in the emerging market. Yet the path
ahead needs to be pursued head-on with zeal
and passion to earn world-class status. Hyper
Indian insurance industry is a reservoir of great competition is a key feature of the new
talent and resourcefulness. Over the past ten years economy. Customers want it quicker, cheaper
and want it their way. Hyper competition
since private sector participation, the industry has
ensures a fast changing equilibrium where no
been on the move to create new pace in the organization's competitive advantage lasts for
emerging market. long. Early mover advantage has become
transitory with market forces moving at a
galloping speed. And the best open secret is
that insurance industry constituents and
thought leaders are aware of this proposition.
Interesting, isn't it?
The change in the global canvass has changed the way the world As Asia emerges from the global economic
perceives India surging ahead with robust growth propelled by a crisis faster than the rest of the world, it is
booming economy with sound fundamentals. The need of the hour is increasingly clear that the world's centre of
to rethink and revisit strategy - to review business models, processes gravity is shifting from the Atlantic to the
and products and innovate at every stage to gain and sustain Pacific. This could be Asia's hour. And this
advantage over competitors; and to re-engineer human capital and could be India's hour to build a super economy
human resource through inventive HR policies and practices that bestowed by world-class organizations and
empower 'people' and 'organizations'. Briefly put, HR policies that industries. For insurance industry in India, this
are people oriented and 'Put People First'. is destined to be a long drawn journey. And the
best is yet to come.
Organizations ought to have a re-look at their present strengths and
weaknesses in a market that has been on the move, and go back to Source References :
basics. The changes underway that shape market equilibrium are only l 'First break all the Rules' – Coffman
a tip of an iceberg. Soon the insurance market is expected to witness
new equations of supply, demand, distribution matrix and l 'From Good to Great' – Jim Collins
overwhelming might of customers - a total paradigm shift. l 'The New Age of Innovation' – C K Prahalad
And it is time to get into a state of readiness on all fronts to meet new l 'The Future of Competition: Co-creating
challenges and benefit from vast opportunities. The competitive Unique Value with Customers ' –
landscape of the industry has been changing rapidly. Public sector C K Prahalad, V. Ramaswamy
enterprises are back in saddle with all their might and continue to l IRDA Journals
drive market both life and non-life insurance. So also private insurers,
more so life insurers, who are set to garner market share and achieve a
scalability for break-even and operating surplus. The next decade of
free insurance market in India is expected to witness major re- The author is Sr. Consultant, Asia Insurance Post; and
engineering drive on all fronts including product design and pricing,
28
Former GM, GIC of India.

Anand Pejawar opines that there is increasing emphasis on prompt customer service
and adds that companies have to be imaginative in finding new ways of rendering it.
Pro-active Customer Service

- Key to Success in Life Insurance
In every service industry, customer is always industry more knowledgeable and demanding.
the king and customer service is the key to the
The role of the customer is also very important as he / she needs to
success. This is also true in the Indian life
know the rights, privileges and obligations of the customer in a much
insurance industry. In other segments, which
better manner so that it can be exercised more effectively.
are non-service in nature or where there is a
'tangible object' available with the customer, In spite of this, certain aspects which the customer needs to keep in
the question of 'service' does not arise largely, mind and attentively look at in terms of pre sales service are
though it cannot be completely ruled out. enumerated below:
However, in segments like hospitality industry
and insurance (both Life and Non life), this
word 'service' attains great importance.
Especially in life insurance industry, this word
'service' has a different connotation depending
upon the stage at which the sale is and can be The pre sale service, though of a different nature
roughly bifurcated into two categories:
is equally important as the post sale service,
a) Pre Sale Service
unlike other service industry.
b) Post Sale Service
The pre sale service, though of a different
nature is equally important as the post sale
service, unlike other service industry. In case
A) Right product offering:
of life insurance, the post sale service is quite
unique and attains more importance due to its In today's scenario where the nature and type of life insurance
long nature / tenure of the product, as it has to products have undergone a sea change and each one having a varied
run throughout the tenure of the policy. This, structure, it has become imperative for the customer to first fully
as we all know, could range anywhere understand the basic features of the product. A proper “FABing
between 3-5 years to life long i.e. 40 -50 years. exercise” (Features, Advantages and Benefits) with the advisor will be
more beneficial to the customer. Customer should also find out what
In today's jet speed technical environment,
advantages do the features in the product provide him and what
where the customer expects things at the click
benefits can be derived from the same to meet his insurance “needs”.
of the button, this aspect of service has gained
The customer must also understand how the product performs on a
higher prominence. Especially with the private
comparative basis with the similar product lines available in the
sector insurance companies opening shop and
industry, in case of an investment product offered.
bringing in latest technology and newer
methods of providing service, this is being What is the insurance requirement? How much insurance do I need?
29
used by the industry as a cutting edge over their Is the advisor recommending the right product to me? How will the
competitors. The Regulator is also playing a product look like in its full term? What are the survival and death
very important role in educating the general benefits and how will the same function and fall due? How would the
public of its rights and obligations which has proposed product stand out? These are certain questions that would
also made today's consumer in insurance hit the mind of the customer. Such an intangible product runs for a
issue focus
long tenure and most of the time the benefits are derived by the family Both these documents, i.e. Copy of need
members and not seen by the person who is actually taking the policy. analysis and CBI would then form a part of the
final policy document and will be sent to the
The Regulator has brought in adequate regulation, which now takes
customer for his record.
care of all these questions, exclusively for the benefit of the customer.
This requires the customer to provide the insurance advisor full The customer is expected to and must go
information on his family background, investments, insurance needs, through the policy document and if the same is
etc., and the output generated, based on the information provided not as per the agreed terms and conditions or as
(called need analysis), from such tools are rightly understood by the explained and understood by the Advisor, the
customer in the right way / manner. customer has the option of canceling the
policy under the Free Look Cancellation (FLC)
i) Need Analysis: With effect from July 1, 2010 this is a very important
option. This can be exercised by the customer
tool available to the customer wherein after answering the questions
within the first 15 days of the receipt of the said
and giving relevant information, the customer along with his advisor
policy document.
can fully understand the insurance needs and decide upon how the
recommended product will help the customer to meet his “need”. This is what should be known by the customer
This then becomes the basis for recommendation of the required in the first leg of the transaction which starts
product. from Pre Sale (sourcing of business) to sales
(conversion of proposal into actual policy).
Once the need analysis is done and the desired insurance need has
been identified, the product which meets the need is suggested / Some of the companies have also started the
recommended and accepted, if found suitable, by the customer. This service of 'Welcome calls', which also helps
need analysis has to be signed, both by the customer and the advisor the companies to verify the details mentioned
confirming the data provided for and accepting recommendation in the proposals and ensure proper selling.
given by the advisor. In case the customer does not wish to provide This has reduced the instances of mis-selling to
the data required then the same has to be noted on the same and a large extent.
signed by the customer. Here the onus is on the customer to provide
iii) Policy Bond The policy bond itself is a very
the correct data which will enable the advisor to identify the need and
important document and must contain all the
then recommend the right product to meet the requirement.
relevant information pertaining to the product
in a simple and lucid language. It is also
preferred, if the full or important pages of the
policy bond are printed in local language, so as
to make it easy for the customer to understand.
This need analysis has to be signed, both by the It is also recommended that technical jargons
used, if any, should be clearly defined /
customer and the advisor confirming the data clarified to make proper sense to the customer.
provided for and accepting recommendation given This policy bond is very important as in many
cases; the usage of the document would arise
by the advisor. when the purchaser of the policy (life assured)
is no more. The policy document is actually the
culmination and receipt of the contract as all
life insurance policies are covered under the
Contract Act. The authority has recently issued
instructions for companies to come out with
smaller versions of the bond, which should
ii) Customised Benefit Illustrator (CBI): Once having decided to go in contain all the necessary information that is
for a particular product, which is based on the outcome of the Need useful to the customer.
Analysis, the customer would be given a CBI which clearly

B) Post Sale Service:
demonstrates the true picture of the policy and how it would run over
its entire tenure. This typical CBI would include all the required In the normal post sale service, issues like
information like the premium amount payable, tenure, the change in nomination, assignment of the
periodicity/mode of premium, survival benefits payable, if any, death policy, reassignment of the policy, address
claim etc. In case of an investment plan, it would also give an change etc., are taken care of.
indicative return at a predetermined rate of 6% and 10% p.a.
i)Nomination: This is a very important noting
(mandated by the Regulator). It would also show the mortality risk
that needs to be done on the policy document
cover charges, administration charges, policy servicing charges,
as the monies in case of the death of the life
service tax, etc., that would be deducted at regular intervals from such
assured will be only payable to the nominee.
investment. This CBI also needs to be signed by customer in token of
30
In case the nomination is not made or the

his acknowledging having read and understood the data/information
nominated person pre-deceases the life
provided in the CBI. From 1st July 2010, all CBI's also provide the
assured then fresh nomination needs to be
details of commission payable to the advisor on that particular
done and recorded on the original policy
product which will be seen by the customer in the CBI.
document. Many a times it is seen that the
nomination is not done or the person internet banking service, the payment of renewal premium has
nominated has already expired before the life become very easy. Many banks, which are in mobile banking
assured. In such cases the payment of claims technology have the facility of making payment towards the life
takes a long time and in most of the cases it insurance policy premium making it very convenient and hassle free
involves legal issues. for the customer.
ii) Assignment of the policy: Usually when the C) Interactive Customer Service Portal:
life insurance policy is given as a collateral Companies today have designed and developed special dedicated
security to the lending organization, it is interactive customer service portal wherein the customer can transact
necessary to ensure that the policy is assigned
in its favour. This has to be recorded on the
policy document. In such assigned policies
the nomination automatically gets inoperative.
iii) Reassignment of such assigned policy: In
case where the insurance policy has been On getting a request from the customer, the
assigned in favour of the lending organisation,
and the underlying liability is cleared off; the insurance company should promptly do the
lending institution needs to issue a No necessary changes and notify the same to the
Objection Certificate (NOC). On receipt of
the same this has to be again notified to the customer.
insurance company and endorsed on the
original policy document. Upon reassignment
the customer must do a re-nomination. This is
very crucial activity, which the customer needs
to do and which is usually missed out by the their business with the insurance company. Through this portal
customer. service, payment of renewal premium, redirection of future premium,
switching from one fund to another, logging of partial withdrawal
iv) Other services provided: Any change notices, posting various enquiries regarding the policy, fund values,
which is different from the original instructions fund statement etc. can be easily seen and/ or extracted at any point of
given at the time of entering into the contract time at the convenience of the customer. All these have been made
with the insurance company such as Change of possible by closely integrating technology.
address, change in the mode of premium
payment, etc., have to be notified to the Certain companies have also tied up with banks to enable their
insurance company and the same needs to be customer to pay the renewal payment through large ATM network in
notified and endorsed on the original policy the banking segment.
document. On getting a request from the
D) Grievance Redressal Mechanism: When we talk of service
customer, the insurance company should
industry, there are chances of customer's dissatisfaction, wrong
promptly do the necessary changes and notify
selling, mis-selling, deficiency in service etc. resulting in customer
the same to the customer.
dissatisfaction. Almost all life insurance companies have set up
Use of Technology in customer service: effective customer Grievance Redressal System, which is also closely
Technology plays a very important role in monitored by the Regulator from time to time. The Regulators have
enhancing customer service. The cell phone also instituted a Quasi – judicial redressal system by appointing
has become a very important instrument and Insurance Ombudsman where customer can approach for redressal of
the medium through which service is today their grievances, if they are not satisfied with the insurance
provided to the customer: companies. IRDA is also in the process of setting up an integrated
customer grievances mechanism (ICGM) and the process is expected
a) SMS alerts: When the customer provides the to be completed very soon. This will bring further transparency into
cell number on the proposal form, (which is the system and customer service is expected to drastically improve
highly recommended) it can be made use of, further.
for sending out various SMS alerts either giving
information or certain reminders, which are Though this seems to be a long list of things available with the
delivered to the customer at the shortest customer to 'demand' better customer service, there is still a large
possible time. Companies are using this scope for improvement. With the help of better technology and spirit,
facility to be in touch with their customers, the company can work/aim towards the change of 'customer
sending birthday/anniversary greetings, details satisfaction' to 'customer delight', which will be the slogan of the
of the additional requirements, if any to help future in customer service.
faster resolution of the policy, policy delivery
31
details, lapse intimation, ECS activation/

deactivation, etc.
b) Payment of renewal premiums: With the
cell phone technology closely interacting with The author is Executive Director – Marketing, SBI Life Insurance Company Ltd.
issue focus
CP Udayachandran observes that while there are provisions for protecting the
interests of policyholders in the regulations, there is need for stronger methods of
ensuring their implementation.
Commitment towards Protection

- Interests of Policyholders
The ULIP affair has had an interesting fallout. It has brought out into concerning the manner in which a regulated
focus the issue of protection of policyholders. There were large-scale entity is required to operate in its dealings with
complaints about non-ethical selling and lack of transparency in customers, such as:
policy terms that took centre-stage of the debate. The questions that it l Sales (Point of Sale),
raised also were substantial and significant from the viewpoint of the
insurance consumers. l Documentation (Proposal and Policy
document)
There are two pieces of legislation available to the insurance
consumers for protection of their rights and interests. The first one is l Claims procedure
l Response deadline to certain identified
processes.
Other than the general directions contained, it
only mentions that the Regulator shall initiate
The existing legislation has, beyond any action against insurers for breaches and
reasonable doubt, helped create and sustain faith violations. Notwithstanding the clause [Clause
and confidence among the insurance customers. 11(4)] that the Regulator may initiate action
against the insurer, it leaves one guessing as to
how the regulation proposes to locate
digression/s on the part of insurers and initiate
action.
The compliance and the corrective facets
should go hand in hand with exemplary
the institution of Insurance Ombudsman set up under the Redressal of punitive measures whenever and wherever
Public Grievances Rules 1998; and the other one, the Protection of there is a digression; and especially so, if the
Policyholders' Interests Regulation introduced in 2002 under the digression is patent and deliberate. Without a
IRDA Act 1999. While there is no denying the fact that these two aim definite mechanism to collect or examine the
at legally safeguarding and protecting the policyholder's interests, the cases of service deficiency at a regular interval,
essential question that remains is whether the existing legal would it offer definite clues on the breaches?
provisions are contemporary and adequate enough. How would the Regulator get timely and
The existing legislation has, beyond any reasonable doubt, helped proper feedback on the deficiency and assess
create and sustain faith and confidence among the insurance whether the same is a serious breach and also,
customers. However, curiously, these two pieces of legislation (are if there is a steady pattern to the service-
32
and) remain separate and independent of each other. The deficiency cases and initiate class action to
Policyholders' Interests Regulation contains a legally binding set of address the generic deficiency, if noticed?
rules for regulated entities, and does not offer any remedial measures While so, parallelly, the institution of
for the consumers. These include overarching general principles Insurance Ombudsman is aimed at providing
remedial action to individual customers, but in Maybe what happened in ULIP came out into the open as there was a
respect of personal line insurances, and general uproar on account of a mass of digressions falling in the same
confining to defined areas, like: category and a few Public Interest Litigations, thanks to active
l Any partial or total repudiation of claims by individuals and organisations. But, without a system like what is
an insurer. suggested earlier, how would the Regulator get to know of digressions
by insurers, if the breaches are individual in nature, yet grave in effect?
l Any dispute in regard to premium paid or Maybe, the forum and the Ombudsmen may give fair decisions in
payable in terms of the policy. such cases presented to them and they may award damages and
l Any dispute on the legal construction of the compensations, but is there presently any mechanism for these cases
policies in so far as such disputes relate to
claims.
l Delay in settlement of claims.
l Non-issue of any insurance document to Fair treatment of customers must be central to
customers after receipt of premium.
the way in which the industry members regulate
A reading of the lists would reveal that there are
apparent gaps that need to be filled to make the
themselves and their businesses.
protection of consumers wholesome and
comprehensive. Ideally, both can and need to
be brought under a single umbrella and a
single piece of legislation to address the issues
to be compiled and collected by the Regulator, and examined and
in a holistic and comprehensive manner.
analyzed for breaches in terms of the Regulation? In the absence of it,
Instead of having multivarious channels for how can the Regulator honour the commitment of fairness given
remedies like Ombudsman and consumer under the Regulation, to the insuring public?
forum, the remedial action should be kept
Irrespective of the fact that the legal and regulatory aspects are tough
under a single channel, which should be kept
and stringent, growth of the industry would also depend on how
as an extended arm of regulation. All the cases
quickly its members start internalizing and practicing self-regulation
currently falling under the Consumer Forum
for the benefit of creating confidence and trust on the consumers. Fair
and the Ombudsman can be transferred to the
treatment of customers must be central to the way in which the
new arm. The new position attached to the
industry members regulate themselves and their businesses.
Regulator may continue to be called the
Ombudsman or the Registrar of Complaints The core principle driving regulation of the insurance industry
and shall open an easy channel for conclusion together with the enforcement of insurance laws ought to be
of cases swiftly and act as the repository of protection for consumers. For this, the regulatory system and the
cases offering a steady feedback on the cases monitoring that go hand in hand should be compatible with the
coming up against the insurers. This can be common law and offer a well ordered redressal system. Such a system
analyzed for breach of regulatory mandates alone would ensure that all insurance industry members conduct
and action appropriate initiated. their insurance activities in a fair and equitable manner, while being
legally and financially responsible for errors and/or wrongful actions.
Where the Registrar determines that there has
been a breach of the disclosure rules after an
enquiry suo motu or a complaint lodged by a
consumer, the Registrar can require the insurer

by written notice, to take corrective steps
within a specified time table, and may also take
any other step in connection with the breach The author works for Star Health and Allied Insurance Co. Ltd. The views are
which is available to the Registrar in law. strictly personal.
33
issue focus
K.Nagaraja Rao and Dr Y.Raja Ram write that in spite of all the measures taken, the level
of confidence of the rural customer as regards the private players is still very low; and
add that there is need for arresting this trend forthwith.
A Myth or a Reality?
- Rural Policyholder Protection
Customer retention is the upper-most concern for any industry and whole population. Based on 2001 census, the
insurance is not an exception to this general rule. An informed and a villages contiguous from North West to South
satisfied customer is a brand ambassador for the industry. The East covering approximately 20,000
opening up of insurance industry in the last one decade to private population were identified as a cluster. From
players and the establishment of IRDA are the landmark events in the the data of insured population taken from the
insurance sector towards innovations in designing need-based records of the agents, one out of 500
policies and laying down regulatory obligations towards policyholder policyholders is taken out by simple random
protection. An attempt is made in this article to analyze the existing sampling to ensure that all policyholders in the
population have an equal chance of being
selected. The secondary data is taken from
insurance journals, magazines, insurance
websites and books on insurance.
The intangibility of the product is an added
concern and people in general still prefer to keep Introduction:
insurance as a last priority. Policyholders pay for a future promise that is
redeemable at a later date. The intangibility of
the product is an added concern and people in
general still prefer to keep insurance as a last
priority. The low levels of awareness about
insurance and the regulating body tend to keep
policyholder protection mechanism on the basis of secondary data them investing in government companies and
and the rural realities through primary data collected from 500 policy also in government brand companies. The
holders of two rural districts of Karnataka. regulatory mechanisms relating to
policyholder protection are confined to urban
Methodology for collecting primary data:
environments and there is a need to address
For studying the behavior of the rural customers, a study is made by
rural policyholders in this aspect.
contacting 500 customers of Bangalore rural and Kolar rural districts.
Since almost all private life insurance companies have operations in Limitations:
these two districts, it provided an opportunity to study the customer l The results obtained are based on the
34
preferences. For collecting the responses from the customers, 'Cluster information provided by the customers and
Sampling' technique followed by 'Simple Random Sampling' is agents of life insurance at the time of
adopted by the author to ensure the representation of the data for the survey.
l The area covered is representative and not claimant form (Claim form A) and death certificate. (Source: The
exhaustive. Stream by V.V.S. Rama Sharma).
l As it is not possible to cover the entire For any repudiation of claim, the corporation writes a detailed letter to
population of customers, a cluster sampling the claimant stating therein the reason for repudiating the claim. It is
method of population is adopted to select compulsory for the insurer to provide the address of Claims Review
the clusters; and questionnaires are Committee for appeal in case the claimant prefers an appeal. On
collected from 250 Bangalore rural district receiving the appeal, the Review Committee, consisting of Zonal
and 250 Kolar rural district customers, officials and the retired judges of District Court or High Court once
selected by simple random sampling to again go through the claim papers and review the decisions of the
represent the whole population of these lower office. If the claim is still not payable, the claimant is given the
two rural districts. option to appeal to the Chairman. The repudiations are however very
low. All this ensures trust in the minds of the people.
The existing policyholder protection
mechanisms: In order to solve customer grievances, a grievance redressal
Any life insurance company, or for that matter mechanism is also perfected with the formation of various forums at
any financial institution, cannot think of different levels of operation – starting from the branch office right up
keeping its shop open in the market without to the corporate office. A Citizen's Charter also is in place which
the trust of its customers. Trust is reinforced reiterates its commitments to customers and the standards for general
when the pledges are redeemed. The contract procedures, the standards of policy servicing, the standards for easy
of insurance ordains the insurance company to access to information and standards for fairness in dealing with
settle the maturity claims on the due date and customers. All this goes to instill trust in the general public.
all the death claims within a reasonable time
Some of the private players have developed a robust IT department
frame. A hassle free simple claim process
and generate claim intimation letters in advance. To avoid pitfalls and
mechanism with a provision of simple
loopholes, there is an IT backed initiative of generating policy specific
redressing systems in case of delays instills
claim forms with bar codes to be dispatched to the claimants. This
confidence in the minds of the people.
ensures curbing the unethical practice of not registering claims until
The public sector life insurance behemoth has receiving the requirements at the branch level for avoiding delays.
developed and perfected a robust claim
The other different life insurance companies have similar hassle free
intimation procedure. An auto list of claims
claim settlement procedures suiting to their convenience for building
payable for the entire year is generated at the
and sustaining the trust levels.
beginning of the year itself. At least 3 months in
advance one more auto list with additions and The marketing problems:
deletions is generated at the policy servicing a. In order to understand the pattern of life insurance sales in rural
department for sending auto generated letters. areas, a specific question (question no) is asked to the policy
If requirements do not come forth at least a holders and the results are tabulated and discussed in the
month before the due date, a registered letter is following Table 1.
sent and would be entrusted to the agent.

Table 1 showing whether the customers feel that the agents
Vigorous follow up is made until the
have resorted to deceptive sale of the policies.
requirements are received; and claims are
Name of Agents Agents not Percentage of agents
settled within one month before due date. For
the District resorted to resorted to who resorted
all survival benefits up to Rs.2 lakh, a hassle
mis selling mis selling to mis selling
free settlement without calling for the basic
requirements of policy bond and discharge Bangalore 128 122 51.20%
Rural
35
voucher is devised. For death claims, all non

early claims that arise after two years from the Kolar Rural 101 149 40.40%
date of acceptance of risk need to be settled Totals 229 271 45.80%
immediately on the strength of abridged Source: Primary data.
issue focus
51.20% of Bangalore rural and 40.40% of Kolar rural customers felt some purpose are mis-utilized for getting
that the agents sold the policies by distorting facts of the policies. new policies.
Though there is a provision in the policy terms and conditions that the
l Presenting a healthy customer before
policyholders can take full refund of the premiums within the cooling
medical examiner in place of the real
period of fifteen days from the date of receipt of the policy bond
customer who has medical history of major
which is also called as free look cancellation, this is rarely done in
diseases to ensure issuing of policy.
rural areas, thanks to low levels of insurance awareness. Most of the
people do not read the terms and conditions in full. Some normal b. Insurance Regulatory and Development
deceptive sales practices are as follows: Authority (IRDA) was established by an act
of Parliament (IRDA Act, 1999) to protect
l Canvassing single premium policies and while presenting the
the interests of the policyholders and bring
proposal, the mode of premium is mentioned as regular.
about speedy and orderly growth of the
Policyholder will generally know the deceptive sale when he
insurance industry in India. People can
receives renewal notice. Since the commission for single
look for justice if the insurance companies
premium is less (only 2%) when compared regular mode (ranging
violate the prescribed norms and rules or
15% to 35%), agents some times resort to this deceptive selling.
commit frauds or commit other
l Canvassing one product and taking signature of the customer for malpractices. A question is asked to all
another product. respondents whether they think that their
investments in life insurance companies
l Forging customer signature in benefit illustrations presented to the
shall be protected by the regulatory body,
companies.
i.e., IRDA. It revealed that 131 out of 250
l Unofficial benefit illustrations with rate of yields showing 18% to respondents constituting 52.4% from
24% which are normally not attainable. Bangalore rural district and 129 out of 250
respondents constituting 51.6% from Kolar
l Canvassing high sum assured for low premiums to attract
rural district do not believe in the efficacy
customers, who in the process, would not know that more
of IRDA in safe guarding their investments.
mortality charges would be deducted for higher sum assureds.
It can be referred from Table 2.
l In Bancassurance, the documents provided by the customers for
Table 2 showing the responses of customers with regard to

efficacy of IRDA in protecting the investments.
Name of the Number of respondents Values in percentages.

District
IRDA can IRDA cannot Percentage of people Percentage of people

guarantee guarantee believing in the not believing in the

investments investments efficacy of IRDA in efficacy of IRDA in
taking care of their taking care of their
investments investments
Bangalore rural 119 131 47.6 52.4
Kolar rural 121 129 48.4 51.6

36
Total 240 260 48 52
Source: Primary data.

It can be seen from the above table that investment profile, the net asset values, the assets under
majority of the rural customers still doubt the management etc.
efficacy of regulating body. If this is the case
l The disclosure norms with regard to solvency margins and
the rules framed for policyholder protection
solvency ratios.
are not taken with all seriousness in the rural
areas. They still look at only government l The grievance redressal structure, the pending complaint details
companies with respect before investing their and the efficacy of the company in closing the complaints to the
hard earned monies. satisfaction of the customers.
It can be assumed that customers in rural areas l Five year lock in period for ULIPs.
still go by brand name before investing. An
analysis of the marketing problem from the
primary data indicate that the insurance
awareness levels are still low and customers by
and large go by brand image and tend to invest The initiatives of the regulatory body are laudable
in government companies. The role of IRDA is from the perspective of the policyholder. They have
still not well appreciated. In this back ground it
certainly minimized the deceptive selling and
is doubtful whether regulatory protections
have their impact on the rural customers.
helped in better yields to the customers.
c. The regulatory protections:
The Insurance Regulatory and Development

Authority (IRDA) has been consistently taking
d. Some suggestions for better customer protection:
efforts and imposing regulatory obligations to
all insurers with a view to protect the interests The initiatives of the regulatory body are laudable from the
of the customers. Some of the important perspective of the policyholder. They have certainly minimized the
measures are as follows: deceptive selling and helped in better yields to the customers. Still in
order to increase insurance awareness and for better protection
l A mandatory pre recruitment training to
norms, the following points may be thought of.
agents to professionalize the agency force.
l The IRDA can unleash a publicity campaign in mass media such
l The obligation of the agent to disclose his
as print media (news papers and magazines), broadcast media
commission structure.
(radio &TV), electronic media (audio& video tapes to be played in
l The need of dispatching the photo copy of village Panchayats) and display media (hoardings, sign boards
the proposal to the customer along with the and posters). A sense of trust towards the regulatory body can be
policy bond. instilled in the minds of the rural population.
l The necessity of obtaining duly signed
l The IRDA can insist the insurers to print in the policy bonds the
benefit illustration before the issue of the Grievance Redressal Mechanism available for grievances and the
policy. role of the regulatory authority in the policy document in a
l Capping of expenses under ULIPs. separate ink and font understandable in the local language.
l The disclosure norms with regard to l A disciplinary mechanism should be introduced in the system to
company profile, which, inter alia seek the check wrong selling of policies and each company has to provide
companies to disclose company financials, the statistics related to free look cancellation of policies related to
shareholding pattern, the management deceptive selling and the action taken report thereon.
37
structure to the IRDA. l The IRDA can think of networking with the systems of insurance
l The disclosure norms with regard to companies and personally supervise the grey areas viz, free looks,
issue focus
claims repudiations, customer complaints and certain other areas is still low and the efficacy of IRDA in
things. guaranteeing the returns is yet to be
appreciated by the majority. The deceptive
l In order to educate the rural customers, a consortium of all selling is still practised and very little has been
insurance companies may be encouraged and the object of the done on this front. The regulations on
consortium would be to educate the customers with pure policyholder protection, though laudable, are
professionalism. still urban-centric in the absence of low
insurance literacy. The IRDA needs to take pro-
l Encourage the companies to print the policy bonds both in English
active steps in insurance education and
and the regional languages for better understanding by the
monitor the grey areas of the insurance
customers. companies with an eagle eye to ensure that the
l The training to agents may be re oriented in rural marketing, rural regulations are not a myth but a reality.
product need analysis, the rural aspirations etc. The consortium of
life insurance companies can think of establishing a Rural
Insurance Academy on the lines of NIA, Pune exclusively for the
training needs of rural agents.
l Ambiguity in nomenclature, allocations, charges levied,

periodicity of charges etc are to be carefully monitored by IRDA;
and a note of the IRDA about the particular product be attached
to the policy document for more clarity for the benefit of the
customers.
K.Nagaraja Rao is Manager (Risk Control Unit), Bajaj
Summary: Allianz Life Insurance Company Ltd, Coimbatore;
and Dr Y.Raja Ram is Dean, Ramaiah Institute of
An analysis of primary and the secondary data indicate that there is
Management Sciences, Bangalore.
much to be done at the ground level. The insurance awareness in rural
38
J«mhH {hV
S m°.gw~moY Hw _ma Ed§ hare M§Ð aVy‹Sr Ho emoYmZwgma ~r_m J«mhH d ~r_m H Vm© XmoZm| njm| na na_
gX² ^mdH m{Z`_ bmJy hmoVm h¡, `Wm CZH mH V©ì`h¡ {H g§{dXm V` H aVo g_` g_ñV _hËdnyU©
VÏ`m| H mo nyU©ê noU àH Q H a|&
thou chek esa xzkgd fgr j{kk

- miHkksDrk jkT; vk;ksx fu.khZr ekeyksa ds vkyksd esa
chek ds {ks= esa u;s m|fe;ksa ds vkus ds ckn] nks l nq?kZVuk fgrykHk lEcU/kh
iz'u cgqr egRo ds gSa& igyk] lkoZtfud {ks= ds l îw.kZ izdVu fu;e* lEcU/kh
miØe viuh l'kDr fLFkfr dks fdl izdkj v{kq..k
j[ksa( nwljs] u;s cheknkrkvksa ds O;olk; esa miHkksDrk vk;q izek.ku ¼vYio; lEcU/kh½
iHkksDRkk laj{k.k vf/kfu;e] 1986] /kkjk 2 ¼1½ lh ds vUrxZr ifjokn ntZ gqvk
fgr lajf{kr jgsA xzkgd fgr iks"k.k ds fy, lHkh
fd chek lafonk fof/k ekU; ugha gS D;ksafd chfer }kjk izLrko i= esa viuh
chekdrkZvksa ij fuxjkuh dh t:jr gSA cSafdax
vk;q ds ckjs esa xyr lwpuk nh x;hA ikWfylh ysus ds le; chfer us
m|ksx esa bl fn'kk esa ,d igy dh xbZ ftlesa ^cksMZ
vV~Bkjg o"kZ dh vk;q izkIr ugha dh FkhA chek/kkjd chek lafonk esa 'kkfey
vkWQ dksM ,.M LVSUMMZ~l bu cSafdax vkWQ bf.M;k*
gksus ds fy, oS/kkfud :Ik ls gdnkj ugha Fkk] bl vk/kkj ij nkok fujkd`r
dh LFkkiuk dh x;hA cksMZ us O;fDrxr xzkgdksa ds
fd;k x;kA ftyk Qksje us nkosnkj ds i{k esa fu.kZ; fn;kA jkT; vk;ksx }kjk
fy, dksM vkSj LVSUMZM~l cukdj tqykbZ 2006 esa
izpkfjr dj fn;s gSaA ,slk gh iz;kl chek m|ksx esa
ok¡fNr gS] rkfd lHkh cheknkrk ,d:i dksM vkSj
ekudksa ds nk;js esa vk tk;saA miHkksDrk fgr lEo/kZu
dh n`f"V ls ,sls mik; 'kh?kz gh fd;s tkus visf{kr xzkgd lEcU/k izcU/ku fo"k; nksuksa i{kdkjksa ds fy;s leku
gSaA xzkgd lEcU/k izcU/ku fo"k; nksuksa i{kdkjksa ds :i ls fgrdkjh gSA ,d rjQ] O;kikj lEo/kZu dk
fy;s leku :i ls fgrdkjh gSA ,d rjQ] O;kikj dkjxj mik; gS] nwljh vksj xzkgd fgr laj{k.k ds fy,
lEo/kZu dk dkjxj mik; gS] nwljh vksj xzkgd fgr
laj{k.k ds fy, ltx izgjh gSA miHkksDrk fgr
ltx izgjh gSA
laj{k.k dh n`f"V ls lsok xq.koRrk lEcU/kh v/;;u
mi;ksxh gksrs gSaA xzkgd lUrks"k dk ijh{k.k iwjs

O;olk; ds fy, iks"k.k dk dk;Z djrk gSA cnyrs vkns'k fn;k x;k fd dsoy cheknkj}kjk fn;k x;k izhfe;e ifjoknh dks
O;olkf;d i;kZoj.k esa xzkgd lEcU/k vf/kd Hkqxrku fd;k tk;sA Hkkjrh; thou chek fuxe dh vksj ls jkT; vk;ksx esa
izklafxd gq;s gSaA bl n`f"V ls xzkgd lEcU/kksa dh vihy nk;j dh x;h tks fd ftyk miHkksDrk Qksje gfj}kj ds fu.kZ; ds
tk¡p fdlh Hkh O;olk; ds fy, vkSj mlds fo:) FkhA Hkkjrh; thou chek fuxe cuke Jh jkedqekj ¼2007] ;w,Mh 152½
miHkksDrk ds fy, leku :i ls fgrdkjh gksxhA ekeys esa lat; dqekj dk nl gtkj :Ik;s dk chek fd;k x;kA mlus N% lkS
jkT; vk;ksx esa thou chek esa fu.khZr miHkksDrk fN;kuCcs :Ik;s izhfe;e dk Hkqxrku dj fn;kA pkj ekg ckn lk¡i ds dkVus
ds dkj.k lat; dqekj dh e`R;q gks x;hA e`rd ds HkkbZ jkedqekj us chek nkok
41
ekeys
izLrqr fd;k] ftls chek dEiuh us bl vk/kkj ij fujLr dj fn;k fd
l vk;q dk izek.ku ¼vYio;½ lEcU/kh
l vk;q dk izek.ku ¼vf/ko;½ lEcU/kh

cheknkj us viuh vk;q ds ckjs esa vlR; o.kZu fd;k vkSj og chek lafonk
l fufoZokfnrk [k.M lEcU/kh
djrs le; vV~Bkjg o"kZ ls de vk;q dk FkkA cheknkrk us nkosnkj dks lwfpr
J«mhH {hV
fd;k fd bl ekeys esa cheknkj }kjk tek dh x;h izhfe;e dh jkf'k ykSVk nh lEcU/k esa dksbZ okn ugha dj ldrkA fdUrq] diV
tk,xhA }kjk rF;ksa dks fNikus ij cheki= dHkh Hkh O;FkZ
nkosnkj us ftyk miHkksDrk Qksje esa cheknkrk ds fu.kZ; ds fo:) f'kdk;r fd;k tk ldrk gSA ;g fu;e vfuok;Z :Ik ls
ntZ djds lEiw.kZ chek jkf'k dk Hkqxrku djk;s tkus dh ek¡x dhA ftyk izLrkod dks crk;k tkuk pkfg,A bl lUnHkZ esa]
Qksje esa ekeys dh lquokbZ gqbZ fuxe dh vksj ls fnoaxr cheknkj dh tUe chek vfHkdrkZ dh Hkwfedk cgqr izklafxd gks tkrh
frfFk dk izek.k i= izLrqr fd;k x;k tks fd cheknkj ds Ldwy ds iz/kkukpk;Z gSA oLrqr%] vfHkdrkZ dk nkf;Ro gS fd lafonk
dh vksj ls fuxZr FkkA tUefrfFk izek.k i= esa iz/kkukpk;Z ds gLrk{kj ds uhps lEcU/kh egRoiw.kZ izko/kkuksa dks izLrkod ds lEeq[k
vafdr frfFk esa ,d vad esa vksoj jkbfVax FkhA chek dEiuh dh vksj ls izLrqr HkyhHkk¡fr Li"V dj ns] vU;Fkk ;g chek lsok esa
vfHkys[k esa iz/kkukpk;Z ds 'kiFk i= dk vHkko FkkA bl izdkj cheknkrk }kjk U;wurk dk ekeyk cu ldrk gSA
nkok [kkfjt fd;k tkuk] lsok esa U;wurk ekuh x;h vkSj cheknkrk dks vkns'k vk;q izek.ku ¼vf/ko;½ lEcU/kh
fn;k x;k fd chek jkf'k 10]000 :i;s nq?kZVuk fgrykHk vkSj cksul dk miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 15 ds
Hkqxrku nkosnkj dks fd;k tk,A lkFk gh 2000 :Ik;s {kfriwfrZ o 1000 :Ik;s vUrxZr vihy dh x;h tks fd ftyk miHkksDrk
okn O;; ds :Ik esa ,d ekg ds vanj Hkqxrku djuk lqfuf'pr fd;k tk;sA Qksje gfj}kj ds ml fu.kZ; ds fo:) Fkh ftlesa
f'kdk;rdrkZ dk cheknkok Lohdkj fd;s tkus dk
vkns'k FkkA nkosnkj] fnoaxr chfer dk nRrd iq=
thou chek lafonk vfuok;Z :Ik ls fyf[kr gksrh gS] vkSj ikWfylh dk ukekafdrh gSA chek dEiuh us
ftldk vk/kkj izLrko i= gksrk gSA nÙkd iq= gksus ds izek.kd dh ek¡x dh] ftls
nkosnkj izLrqr ugha dj ldk] fdUrq Qksje us
ukekafdrh gksuk i;kZIr ekukA ukekafdrh dksbZ Hkh
O;fDr gks ldrk gSA cheknkrk dh vksj ls nwljh
vkifRr Fkh fd chek izLrko ds le; izLrkod dh
cheknkrk us ftyk miHkksDRkk Qksje ds fu.kZ; ds fo:) jkT; vk;ksx esa vk;q 73 o"kZ Fkh tcfd chek izLrko i= esa 64 o"kZ
vihy nk;j dhA ekeys dh lquokbZ gqbZA nkosnkj dh vksj ls vk;ksx esa dksbZ fy[kdj feF;ko.kZu fd;k x;k vkSj 73 o"kZ dh vk;q
mifLFkr ugha gqvkA chek dEiuh }kjk izLrqr tUefrfFk izek.k i= dks mfpr esa izLrkod dk chek ugha gks ldrk FkkA vr%
ekurs gq, vkSj iz/kkukpk;Z ds 'kiFk i= dh vko';drk u ekurs gq, vihy Hkkjrh; thou chek fuxe us nkok fujkd`r dj
Lohdkj dj yh xbZA ekeys esa chek nkos dks vLohdkj djuk lsok esa U;wurk fn;kA vk;q izek.ku ds fy, oksVj fyLV lk{; ds
ugha ekuk x;k vkSj cheknkrk dks vkns'k fn;k x;k fd dsoy tek izhfe;e :i esa izLrqr dh x;h vkSj Jh fot;iky flag dks
dh jkf'k dk Hkqxrku nkosnkj dks dj fn;k tk,A xokg ds :i esa izLrqr fd;k x;kA Qksje us oksVj
fyLV dks vk;q izek.kd ds :i esa Lohdkj ugha fd;k
foe'kZ cfYd nkosnkj }kjk izLrqr ifjokj jftLVj dh
thou chek lafonk vfuok;Z :Ik ls fyf[kr gksrh gS] ftldk vk/kkj izLrko izfof"V dks ekU;rk iznku dhA nkosnkj vkSj
i= gksrk gSA vkbZvkjMh, ¼xzkgd fgr j{kk½ fofu;e 2002 ds fu;e 4 ¼1½ esa fot;iky flag ds e/; lEifRr lEcU/kh dbZ fookn
mYys[k gS fd izLrko dh Lohd`fr ds 30 ds vanj cheknkrk }kjk izLrko i= U;k;ky; esa py jgs FksA vr% fot;iky flag dk
dh izfrfyfi chfer dks fu%'kqYd miyC/k djkbZ tk,xhA ;g fu;e cheknkrk fo}s"k Hkkouk ls izsfjr gksuk LokHkkfod Fkk vkSj
vkSj cheknkj nksuksa ds fgrksa dh j{kk djrk gS vkSj Hkfo"; esa chek lafonk esa mudh xokgh vLohdkj dj nh x;hA Qksje us
lEHkkfor fooknksa dk U;wuhdj.k djrk gSA lkFk gh bl fu;e ls foØsrk o fuxe dks nkok Lohdkj djus dk vkns'k fn;kA
Øsrk ds e/; xzkgd lEcU/kksa esa ikjnf'kZrk dk iks"k.k lqfuf'pr gksrk gSA jkT; vk;ksx us Qksje ds fu.kZ; esa dksbZ gLr{ksi ugha
xzkgd lEcU/k izcU/ku ds Øe esa *VªhVhax dLVej Qsvjyh* vo/kkj.kk ds fd;k vkSj fuxe dh vihy dks [kkfjt dj fn;kA
vUrxZr ikjnf'kZrk dks izeq[k vo;o ekuk x;k gSA thou chek esa vk;q dk Hkkjrh; thou chek fuxe cuke Jh jktsUnz flag
izek.ku vfuok;Z gS] ftlds fy, ekud vkSj miekud izek.kdksa dh lwph gSA ¼2005 ;w,Mh 173½
Ldwy }kjk fuxZr tUefrfFk izek.k i= dks ekud izek.kd ekuk x;k gSA
thou chek lafonk ds ckjs esa xzkgd f'k{kk esa ;g vfuok;Z :Ik ls lfEefyr vihy esa ftyk miHkksDrk Qksje gfj}kj ds fu.kZ;
42
fd;k tkuk pkfg, fd xzkgd dks izLrko i= vkSj tUefrfFk izek.kd ds egRo dks pqukSrh nh xbZ ftlesa nkosnkj dh f'kdk;r dks
vkSj nwjxkeh izHkko ls voxr djk fn;k tk,A chek vf/kfu;e 1938] /kkjk 45 Lohdkj djrs gq, Hkkjrh; thou chek fuxe dks
ds vuqlkj chekdrkZ cheki= tkjh djus ds nks o"kZ ckn] vKkuo'k nkos dk Hkqxrku djus dk vkns'k fn;k x;kA Jh
feF;ko.kZu vFkok egRoiw.kZ rF;ksa ds izdV u djus ds vk/kkj ij chek i= ds Qwy flag us thou chek djk;k Fkk] ftudh ckn esa
e`R;q gks x;hA f'kdk;rdrkZ] chfer ds nRrd iq= lko/kkuh cjrs] rc chek lsok esa fooknksa dh la[;k esa mYys[kuh; deh gks
vkSj ukekafdrh us nkok izLrqr fd;kA Hkkjrh; thou ldrh gSA thou chek esa vk;q vkSj LokLF; nks egRoiw.kZ rF; gSaA chek ,tsaV
chek fuxe us nkosnkj ds nRrd iq= gksus dk izek.k ds izeq[k drZO;kas esa lfEefyr gS fd og ;g ns[ks fd chek izLrko fu/kkZfjr
i= ek¡xk tks fd nkosnkj ds ikl ugha FkkA Qksje us vk;q dh vof/k lhek esa fd;k x;k gksA ;gk¡] ;g lq>ko fn;k tk ldrk gS fd
nRrd iq= gksus lEcU/kh rF; dks bl izlax esa vk;q ds izek.ku ds lEcU/k esa cheknkrk dk ;g vf/kdkj lhfer gksuk pkfg,
fujFkZd ekuk vkSj fu.kZ; fn;k fd nkosnkj dk fd og tUefrfFk izek.kd dks dc rd pqukSrh ns ldrk gSA chek vf/kfu;e
ukekafdrh gksuk i;kZIr gSA lkFk gh] ukekafdrh dksbZ
Hkh O;fDr gks ldrk gSA nkok fujkd`r djrs le;
cheknkrk dh nwljh vkifRr Fkh fd chfer us izLrko
ds le; izLrko i= esa viuh vk;q 64 o"kZ fy[kh
tcfd mldh vk;q 73 o"kZ Fkh vkSj bl vk;q esa vxj cheknkj us izLrko i= esa dksbZ feF;k o.kZu fd;k gS]
mldk chek ugha gks ldrk FkkA fuxe us Qwy flag rc chek dEiuh vius nkf;Ro ls eqDr gks tkrh gS vkSj
dh vk;q ds izek.ku ds fy, oksVj fyLV izLrqr dhA tek izhfe;e dh jkf'k Hkh tCr dj ysrh gSA
nkosnkj us chfer ds vk;q izek.ku ds fy, iapk;r
}kjk fuxZr ifjokj jftLVj dh izfof"V izLrqr dhA
cheknkrk }kjk Jh fot;iky flag dks vk;q ds fo"k; dh /kkjk 45 ds vUrxZr fufoZokfnrk [k.M esa lfEefyr fd;k tkuk pkfg, fd
esa xokg cuk;k x;kA Qksje us vk;q izek.ku ds fy, chek dEiuh ,d le; vof/k ds ckn tUefrfFk izek.kd dks pqukSrh ugha ns
oksVj fyLV dks Lohdkj ugha fd;kA iapk;r }kjk ldsxhA izdj.k esa izLrkod dh vk;q 63 o"kZ gSA fookn esa mldh vk;q 73 o"kZ
fuxZr ifjokj jftLVj dh izfof"V dks vk;q dk gksuk crk;k x;kA vk;q esa ukS o"kZ ds vUrj dks] laHkor% ,tsaV }kjk vklkuh ls
i;kZIr lcwr ekuk x;kA lEifRr lEcU/kh eqdneksa idM+k tk ldrk FkkA thou chek O;olk; esa ;g mYys[kuh; gS fd ,tsaV
ds dkj.k xokg] fot; iky flag dh nkosnkj ls vius fj'rsnkjksa ds e/; chek mRiknksa dk foi.ku djrs gSaA ,slh fLFkfr esa
nq'euh FkhA blfy, fot;iky flag dh xokgh vius fudV lEcU/kh ds izfr mudh vfrfjDr mnkjrk chek lafonk esa fookn
Lohdkj ugha dh x;hA ds tUe dks izsfjr dj ldrh gSA 'kk[kk dk;kZy; esa izLrko i= ds fujh{k.k ds
lEcU/k esa Li"V fu;e gS fd ogk¡ tUefrfFk dh tk¡p dh tkrh gSA 19 o"kZ ls
jkT; vk;skx esa ekeys dh lquokbZ gqbZ vkSj lk{;ksa
de rFkk 50 o"kZ ls vf/kd vk;q ds izLrkoksa dh vk;q ds lEcU/k esa izLrqr
dk ijh{k.k gqvkA jkT; vk;ksx us Qksje ds fu.kZ;
izek.k i=ksa dh fo'ks"k lko/kkuh ls tk¡p dh tkrh gSA bl izdkj izLrko ds
dks nqjLr ik;k vkSj fuxe dh vihy dks [kkfjt
le; chek vfHkdrkZ dh FkksM+h lko/kkuh vkSj chek dEiuh dh FkksM+h ltxrk
dj fn;kA vk;q izek.ku ds fy, iapk;r ds ifjokj
chek lsok esa gksus okys fooknksa dh la[;k de djus esa cgqr lgk;d gks ldrh gSA
jftLVj dks mi;qDr ekuk] oksVj fyLV dks vk;q
izek.ku ds fy, mi;qDr ugha ekukA fufoZokfnrk [k.M lEcU/kh
miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 2¼th½] ¼0½ ds vUrxZr lsok esa
foe'kZ
U;wurk ds fy,] Hkkjrh; thou chek fuxe }kjk chek nkok fujkd``r fd;s
chek lafonk esa ije ln~Hkko dk fl)kUr ykxw gksrk
tkus vkSj Qksje ls jkgr u feyus ij] Qksje ds fu.kZ; ds fo:) vihy dh
gS] ftldk izHkko ;g gksrk gS fd vxj dksbZ i{kdkj
x;hA fuxe us cheknkj }kjk lafonk ls lEcfU/kr egRoiw.kZ rF;ksa dks
lafonk ls lEcfU/kr egRoiw.kZ rF; dks ugha crkrk
tku&cw>dj fNikus ds dkj.k nkok [kkfjt fd;kA lk{;ksa ds vk/kkj ij
gS] xyr crkrk gS] vFkok fNikrk gS] rc lafonk
Qksje us fuxe }kjk nkok fujkd`r fd;k tkuk mfpr Bgjk;k vkSj lsok esa
O;FkZ gks tkrh gSA bl fu;e ds vk/kkj ij chek
U;wurk ugha ekuh xbZA jkT; vk;ksx us Hkh Qksje ds fu.kZ; dk leFkZu fd;k
dEiuh dk ;g vf/kdkj lnSo lqjf{kr jgrk gS fd
vkSj nkosnkj dh vihy [kkfjt dj nhA
vxj cheknkj us izLrko i= esa dksbZ feF;k o.kZu
fd;k gS] rc chek dEiuh vius nkf;Ro ls eqDr gks chek vf/kfu;e] 1938] /kkjk 45 ds vuqlkj tc vfHkys[k ls iw.kZr% fl) gks
tkrh gS vkSj tek izhfe;e dh jkf'k Hkh tCr dj tk;s fd chek djkrs le; /kks[ks ls chekfj;ksa ds rF;ksa dks tku&cw>dj
ysrh gSA ije ln~Hkko ds fl)kUr ds dkj.k thou fNik;k x;k] rc nks lky dh vof/k chr tkus ds Ik'pkr~ Hkh ikWfylh dks
chek esa ,slh fLFkfr vk tkrh gS fd cheknkj yEcs pqukSrh nh tk ldrh gSA Jherh yfyrk peksyh cuke Hkkjrh; thou chek
43
le; rd izhfe;e dk Hkqxrku djrk jgrk gS vkSj fuxe ¼2006 ;w,Mh 854½
nkos ds le; fookn mRiUu gks tkrk gSA thou chek
esa fooknksa ij n`f"V Mkyus ls ,d ladsr feyrk gS f'kdk;rdrkZ us miHkksDrk laj{k.k vf/kfu;e 1986 dh /kkjk 15 ds vUrxZr
fd vxj thou chek djrs le; ,tsaV FkksM+h ftyk miHkksDrk Qksje ds fu.kZ; ds fo:) vihy dh ftlesa nkosnkj dks
J«mhH {hV
chek jkf'k dk Hkqxrku djkus dh izkFkZuk vLohdkj dj nh xbZA fookn bl Hkkjrh; thou chek fuxe ,oa vU; cuke Jherh
fo"k; ij Fkk fd e/kqesg jksx gksus dh ckr u crkuk nkok fujkd`r djus ds 'kf'kckyk( ¼IV½ lhihts 91 ¼,ulh½ ekeys esa fuxe
fy, Ik;kZIr dkj.k gS vFkok ughaA ikWfylh ysrs le; izLrko i= esa cheknkj us bl vk/kkj ij nkok fujkd`r fd;k fd ikWfylh
us e/kqesg u gksus dk Li"V mYys[k fd;kA chek dEiuh }kjk miyC/k djk;s ysrs le; izLrkod us e/kqesg ls ihfM+r gksus dh ckr
x;s] fnoaxr ds fpfdRlk vfHkys[k ls fl) gksrk gS fd og chek djkus ls fNik;hA chfer dh e`R;q ân;k?kkr ls gqbZA jk"Vªh;
rhu lky igys ls e/kqesg jksxh jgk FkkA ihthvkbZ p.Mhx<+ ds fpfdRld] vk;ksx us ekuk fd MkbZfcVht+ eSyhVl vkSj
,lksfl,V izksQslj us HkrhZ djrs le; fy[kh x;h dsl fgLVªh esa Li"V fy[kk ân;k?kkr ijLij vR;f/kd vkfJr jksx gSaA e/kqesg
fd og fiNys ik¡p o"kkZsa ls e/kqesg jksxh gS vkSj rhu o"kZ iwoZ risfnd dh jksx gksus lEcU/kh rF;ksa dks izdV u djuk] lafonk esa
fpfdRlk Hkh ys pqdk gSA ckn esa ijh{k.k mijkUr mls ân; vkSj xqnkZ jksx Hkh egRoiw.kZ rF;ksa dk fNiko ekuk x;kA jk"Vªh; v;ksx
ik;s x;sA e`R;q izek.k i= esa mYys[k fd;k x;k Fkk fd chfer dk nsgkUr us jkT; vk;ksx ds nkok Hkqxrku djus ds fu.kZ; dks
ân; vkSj 'olu lEcU/kh dfBukbZ ls gqvk vkSj mls rhoz xqnkZ jksx Hkh FkkA iyV fn;k vkSj fuxe dh vihy Lohdkj dhA
chek dEiuh us cheknkj ds esfMdy vodk'k ij jgus dk fooj.k miyC/k Hkkjrh; thou chek fuxe cuke eUlk nsoh ( f}rh;
djk;k] ftlds vuqlkj og chek djkus ls rhu o"kZ iwoZ dh vof/k esa ik¡p ckj ¼2003½ lhihts 135 ¼,ulh½ ekeys esa cheknkj dh
,d lIrkg ls vf/kd jksxh izek.k i= ds vk/kkj ij NqV~Vh ij jgkA izLrko nks o"kZ ckn e`R;q gks x;hA chek dEiuh us bl vk/kkj
i= esa iz'u Fkk fd fiNys ik¡p o"kkZsa esa vkius fdlh jksx dh fpfdRlk ds ij nkok fujkd`r fd;k fd chfer us tku&cw>dj
lEcU/k esa ,d lIrkg ls vf/kd ds fy, fdlh MkWDVj ls ijke'kZ fy;k gSA /kks[kk nsus ds mn~ns'; ls MkbZfcVht+ eSyhVl gksus
bl iz'u ds mRrj esa chfer us *ugha* fy[kkA e/kqesg jksx vkSj fpfdRlk vkSj rRlEcU/kh mipkj bfrgkl o`Rr dks fNik;kA
bfrgkl dks fNikuk] lafonk ls lEcfU/kr egRoiw.kZ rF;ksa dks tku&cw>dj og vkB o"kZ ls e/kqesg dh fpfdRlk djk jgk FkkA
fNikuk ekuk x;k D;kasfd budh tkudkjh ls chek dEiuh dk fu.kZ; izHkkfor dk¡Vk pqHkus ds dkj.k iSj dkVuk iM+k vkSj xqnsZ Qsy
gksus ds dkj.k e`R;q gqbZA ekeys esa egRoiw.kZ rF;ksa
dk Nqiko ekuk x;kA fuxe }kjk nkok fujkd`r
djuk mfpr Bgjk;k x;kA jkT; vk;ksx ds vihy
lHkh chek vuqcU/k ije ln~Hkko ds fl)kUr ij vk/kkfjr Lohdkj djus ds fu.kZ; dks fujLr dj ftyk Qksje
gksrs gSaA ds fu.kZ; dh iqf"V dh x;h] ftlesa nkosnkj dh vthZ
[kkfjt dh xbZ FkhA ekeys ds rF;ksa vkSj iwoZ fuf.kZr
oknksa ds vkyksd esa nkok fujkd`r fd;k tkuk] chek
lsok esa U;wurk ugha ekuh x;h vkSj ftyk Qksje }kjk
f'kdk;r dks [kkfjt djuk mfpr ekuk x;kA vr%
gks ldrk FkkA Qksje dk ;g fu"d"kZ nqjLr ekuk x;k fd izLrkod us vihy [kkfjt dj nh x;hA ¼2006 ;w,Mh 854½
tku&cw>dj /kks[kk nsus ds mn~ns'; ls feF;k o.kZu djds egRoiw.kZ rF;ksa dks
foe'kZ
fNik;kA chek dEiuh us *fl) djus ds Hkkj dks* c[kwch vatke fn;kA
chek vf/kfu;e] 1938 dh /kkjk 45 ds vuqlkj
vihydrkZ ds vf/koDrk dk rdZ Fkk fd chek vf/kfu;e dh 1938 dh /kkjk 45 chekdrkZ dks ;g 'krZ tksM+uh iM+rh gS fd cheki=
ds vuqlkj chek lafonk ds nks o"kZ ckn ikWfylh fufoZokn gks tkrh gS vkSj tkjh djus ds nks o"kZ ckn vKkuo'k feF;ko.kZu
cheknkrk feF;ko.kZu ds vk/kkj ij ikWfylh ds fo"k; esa fookn ugha dj vFkok egRoiw.kZ rF;ksa ds izdV u djus ds dkj.k
ldrk] fdUrq bl /kkjk esa Li"V gS fd vKkurko'k fd;s x;s feF;ko.kZu dh cheki= ds lEcU/k esa dksbZ okn izLrqr ugha fd;k tk
n'kk esa nks o"kZ ckn ikWfylh fufoZokn gks tk,xh vkSj tku&cw>dj /kks[kk nsus ldrk gSA diV }kjk rF;ksa dks fNikus ij chek
ds mn~ns'; ls fd;s x;s nqO;Zins'ku vFkok fNiko dh n'kk esa ikWfylh vof/k ds nkSjku lafonk dHkh Hkh jn~n fd;k tk
fufoZokn ugha gksxhA vr% diV dh n'kk esa chek dEiuh dk fookn djus dk ldrk gSA lHkh chek vuqcU/k ije ln~Hkko ds
vf/kdkj lnSo lqjf{kr jgsxkA fuxe us cheknkj }kjk fd;s x;s diV dks fl)kUr ij vk/kkfjr gksrs gSaA *iw.kZ izdVu dk
izek.kksa }kjk fl) Hkh dj fn;k fd chek djkrs le; tku&cw>dj e/kqesg fu;e* nksuksa i{kdkjksa ij ykxw gksrk gS] fdUrq fQj
vkSj fpfdRlk bfrgkl dks fNik;k x;kA e/kqesg ds dkj.k gh chfer dks Hkh nks dkj.kksa ls chfer dk nkf;Ro izeq[k ekuk
ân;] 'olu vkSj xqnkZ lEcU/kh jksx Hkh gq, vkSj e`R;q Hkh gqbZA fpfdRlk tkrk gS & izFke] chfer dks chek fo"k;&oLrq ds ckjs
44
lkfgR; esa LFkkfir rF; gS fd e/kqesg ds dkj.k 'kjhj ds izeq[k thouh vo;o esa vf/kd tkudkjh gksrh gS( f}rh;] chekdrkZ rks
jksxxzLr gks tkrs gSaA vr% fNik;h x;h chekjh dk e`R;q dk dkj.k cuuk fl) tksf[ke mBkus okyk i{kdkj gksrk gSA thou chek
gksrk gSA dEiuh vuqcU/k ds le; izLrkod ds fiNys ik¡p
lky dk fpfdRlk bfrgkl iwNrh gSA bl vof/k dks Qksje ds fu.kZ; dh iqf"V dj nh] ftlesa C;kt lfgr nq?kZVuk fgrykHk
nks vFkok rhu o"kZ rd lhfer fd;k tkuk pkfg,A Hkqxrku djus dk vkns'k FkkA Hkkjrh; thou chek fuxe cuke Jherh ehuk
ik¡p o"kZ dh vof/k bruh yEch gS fd lk/kkj.kr;k iUr ¼2005 ;w,Mh 768½
fdlh O;fDr dh Le`fr ifjf/k esa lekfo"V u gks
ik;sA nwljh vksj] blls chek dEiuh dk vf/kdkj ftyk miHkksDrk Qksje mRrjdk'kh ds fu.kZ; ds fo:) jkT; vk;ksx esa vihy
vf/kd foLr`r gks tkrk gSA rhljh ckr ;g gS fd dh x;hA Qksje esa nkosnkj us f'kdk;r dh] fd mlds ifr 'kkjhfjd o
yEch vof/k xzkgd dks feF;ko.kZu ds fy, izsfjr ekufld :i ls LoLFk O;fDr Fks vkSj mUgksaus vkRegR;k ugha dh] mudh e`R;q
djrh gSA vis{kkd`r de vof/k ds lVhd fooj.k nq?kZVuk ds dkj.k gqbZ] blfy, nkosnkj dks nksgjk nq?kZVuk fgrykHk feyuk
dh izLrkod ls vis{kk dh tk ldrh gSA
lh,uchlh vkokt+ pSuy ij ,d miHkksDrk

ftKklk lquh] ftldk mYys[k djuk cgqr mi;qDr
gSA efgyk] LokLF; chek ikWfylh ysus dh bPNqd lk/kkj.kr;k e`R;q gksus ij chek dEiuh lk/kkj.k ,dy
gSA bUgsa Lru dSalj gks pqdk gS vkSj vc ;s iw.kZr% jkf'k dk Hkqxrku djsxh vkSj nq?kZVuk ls e`R;q gksus ij
jksxeqDr gSaA bUgksaus LokLF; chek ikWfylh ds fy, nksxquh chek jkf'k dk Hkqxrku fd;k tk;sxkA
dbZ chek dEifu;ksa ls lEidZ fd;k] ysfdu fdlh
dh vksj ls Hkh bUgsa Li"V mRrj ugha fey ldk fd
budk chek gks ldsxk vFkok ughaA cgqr jkspd ckr
;g gS fd dbZ dEifu;ksa ds vfHkdrkZvksa us bUgsa pkfg,A lk/kkj.k ,dy chek jkf'k dk Hkqxrku nkosnkj dks dj fn;k x;kA
lq>ko fn;k fd vius iwoZ jksx dh lwpuk izdV u fdUrq] fuxe us nq?kZVuk fgrykHk ds viotZu [k.M ds vk/kkj ij nksgjs
djsa vkSj chek djk ysaA pSuy ds chek fo'ks"kK us fgrykHk dk nkok fujkd`r fd;k] ftlds vuqlkj tkucw> dj vius dks pksV
xzkgd dks lko/kku fd;k fd os chek djkrs le; igq¡pkus] vkRegR;k dk iz;kl djus] ikxyiu ;k vuSfrd vkpj.k ds dkj.k
jksx lEcU/kh rF; dks dnkfi u fNik;saA vU;Fkk vFkok fdlh eknd nzO; inkFkZ] vkS"kf/k ;k u'khyh oLrq dk lsou djus ls gqbZ
nkos dh n'kk esa fookn gksxk vkSj chek dEiuh vius e`R;q dh n'kk esa nksgjk nq?kZVuk fgrykHk ugha feyrk gSA
nkf;Ro ls eqDr gks tk;sxhA vkbZlhvkbZlhvkbZ
yksEckMZ esa dSalj jksfx;ksa ds fy, Hkh rhu yk[k :Ik;s ikWfylh esa Li"V :i ls ^viotZu [k.M* dk mYys[k jgrk gS fd lkekU;
rd dh jkf'k dh ikWfylh miyC/k gSA chek chek jkf'k ds fy, nkok fujkd`r djus ij fl) djus dk Hkkj chek dEiuh ds
vfHkdrkZvksa dh vksj ls nh xbZ ;g lykg fd Åij gksrk gS] tcfd nksgjk nq?kZVuk fgrykHk ds lEcU/k esa ;g fl) djus dk
cheknkrk dks jksx fo"k;d tkudkjh u nsdj Hkkj fd e`R;q viotZu [k.M dkj.kksa ls ugha gqbZ] nkosnkj ij gksrk gSA
ikWfylh ys yh tk;sA ;g vR;ar fpUrktud fo"k; chek/kkjd ljdkjh lsok esa dk;Zjr Fkk vkSj mlds }kjk ikxyiu ds dkj.k
gSA ;gk¡ ;g Hkh vuqeku yxrk gS fd vusd ekeyksa vodk'k ij jgus vFkok vuqifLFkr jgus dk dksbZ izek.k ugha fn;k x;kA
esa vfHkdrkZvksa ds blh izdkj ds ijke'kZ ds vk/kkj iqfyl esa ntZ izFke lwpuk fjiksVZ vkSj iqfyl }kjk yxk;h x;h Qkbuy
ij chek djk;k tkrk gSA chek O;olk; esa bl fjiksVZ ls fl) gqvk fd deys'k pUnz iar dk fnekx dqN fnu iwoZ ls dqN
fLFkfr esa lq/kkj yk;s tkus dh vis{kk gSA fod`r py jgk FkkA e`rd us vkRegR;k ugha fd cfYd vdLekr~ xaxk esa fxj
iM+sA U;k;ky; us dqN fnu ls fnekx fod`r gksus vFkok ekufld vlarqyu
nq?kZVuk fgrykHk esa viotZu [k.M lEcU/kh
gksus dks ikxyiu ugha ekukA f'kdk;rdrkZ us 'kiFkiwoZd c;ku fn;k fd
miHkksDrk laj{k.k vf/kfu;e 1986 dh /kkjk 14¼Mh½ mlds ifr ikxy ugha FksA chek dEiuh dh vksj ls e`rd ds fdlh ekufld
ds vUrxZr lsok esa U;wurk ds lEcU/k esa Hkkjrh; vLirky esa bykt djkus vFkok HkrhZ gksus dk dksbZ izek.k ugha fn;k x;kA
thou chek fuxe us ftyk Qksje ds fu.kZ; ds jkT; vk;ksx us Qksje ds fu.kZ; dks cjdjkj j[kk ftlesa C;kt lfgr nq?kZVuk
fo:) vihy dh ftlesa nq?kZVuk fgrykHk nsus dk fgrykHk fn;s tkus dk vkns'k FkkA
vkns'k fn;k x;k FkkA chek/kkjd dh ikWfylh nksgjk
nq?kZVuk fgrykHk lfgr dh x;h FkhA chek dEiuh us foe'kZ
ikxyiu vkSj vkRegR;k lEcU/kh viotZu [k.M ds losZ{k.k esa cgqr egRoiw.kZ rF; izdk'k esa vk;k fd izcq) xzkgd oxZ esa nksgjk
45
vk/kkj ij nq?kZVuk fgrykHk nsus ls budkj dj nq?kZVuk fgrykHk lqfo/kk dk lgh vFkZ ekywe ugha FkkA izdj.k esa nkosnkj dks
fn;kA cheknkj dk ikxy gksuk vkSj vkRegR;k bl lqfo/kk dk vFkZ ekywe FkkA blfy, mUgksaus chek dEiuh ds fo:)
djuk fl) ugha gqvkA nkosnkj dks nq?kZVuk fgrykHk f'kdk;r ntZ dh vkSj mipkj Hkh gkfly fd;k] vU;Fkk og lk/kkj.k ,dy
dk gdnkj ?kksf"kr fd;k x;kA jkT; vk;skx us chek jkf'k ysdj larq"V gks tkrsA losZ{k.k esa ;g Hkh ekywe gqvk fd xzkgd dbZ
J«mhH {hV
ckj nq?kZVuk fgrykHk dk cgqr HkzkfUriw.kZ vkSj xyr vFkZ dj ysrs gSaA dqN vfHkys[k esa ,slk dksbZ lk{; ugha Fkk] ftlls
xzkgdksa us nq?kZVuk fgrykHk ls viuk vk'k; O;Dr fd;k fd nq?kZVuk ls e`R;q fuf'pr gksrk gks fd e`R;q dk dkj.k vfrlkj FkkA
dh n'kk esa chek dEiuh dqN Hkh Hkqxrku ugha djsxh] tcfd lgh vFkZ ;g gS cheknkj ds mipkj djkus] vLirky esa HkrhZ jgus
fd lk/kkj.kr;k e`R;q gksus ij chek dEiuh lk/kkj.k ,dy jkf'k dk Hkqxrku vFkok fu;ksDrk ls dksbZ fpfdRlk O;; ysus dk
djsxh vkSj nq?kZVuk ls e`R;q gksus ij nksxquh chek jkf'k dk Hkqxrku fd;k izek.k miyC/k ugha FkkA jkT; vk;ksx us Qksje ds
tk;sxkA vr% ;g vuq'kalk dh tk ldrh gS fd chek esa xzkgd f'k{kk dh fu.kZ; ls lgefr O;Dr dhA vk;ksx ds laKku esa
fo"k;oLrq esa ikWfylh lEcU/kh 'krksZa ds vUrxZr nksgjk nq?kZVuk fgrykHk dks ;g Hkh yk;k x;k fd tYnh&tYnh yxkrkj ik¡p
vfuok;Z :i ls lfEefyr fd;k tk;A ikWfyfl;k¡ ysuk lansg dks LFkku nsrk gSA izhfe;e dk
Hkqxrku fu;ksDrk ds ek/;e ls gksrk FkkA vr%
îw.kZ izdVu fu;e* lEcU/kh cheknkj dHkh fMQkWYVj ugha jgk vkSj ;g dguk fd
miHkksDrk laj{k.k vf/kfu;e] 1986] /kkjk 15 ds vUrxZr Hkkjrh; thou chek chek mldh {kerk ls vf/kd Fkk] ;g mfpr ugha gSA
fuxe us jkT; vk;ksx ds lEeq[k vihy dh ftlesa ftyk miHkksDrk Qksje ds ,d gh ,ts.V] ,d gh 'kk[kk dk;kZy; vkSj ,d gh
fu.kZ; dks pqukSrh nh x;hA Qksje us chfer thou dh ik¡p ikWfyfl;ksa dh dqy chek dEiuh }kjk vYi vof/k esa fcuk fdlh
/kujkf'k :i;s 3]55]000 nkosnkj dks Hkqxrku djus dk vkns'k fn;kA fuxe us iwNrkN vFkok LokLF; ijh{k.k ds yxkrkj
bl vk/kkj ij chek nkok fujkd`r fd;k fd chek/kkjd us izLrko i= esa vius ikWfyfl;k¡ csph xb±A vr% ,slh fLFkfr esa ckn esa chek
th.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kA vk;ksx us ekuk fd vfrlkj dEiuh dk ;g iz'u djuk fd izLrkod jksxxzLr
,slk jksx ugha gS] ftlesa lkekUr;k jksxh dh e`R;q gksrh gks] lkFk gh vfHkys[k Fkk] mfpr ugha gSA
esa ,slk dksbZ lk{; ugha gS fd chfer dh e`R;q dk dkj.k vfrlkj jgk gksA
Qksje ds fu.kZ; dks mfpr Bgjkrs gq, vihy [kkfjt dh xbZA Hkkjrh; thou foe'kZ
chek fuxe cuke Jherh es?korh ¼2005 ;w,Mh 81½ thou chek esa tksf[ke dk p;u djrs le; izLrko
esa fufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksa
dk ewY;kadu fd;k tkrk gS] ;|fi thou chek esa
uSfrd ladV rqyukRed :Ik ls de gksrk gS] rFkkfi
thou chek esa tksf[ke dk p;u djrs le; izLrko esa pkj voljksa ij thou chek esa uSfrd ladV dh
fufgr HkkSfrd vkSj uSfrd nksuksa izdkj ds ladVksa dk lEHkkouk jgrh gS& vf/kd jkf'k dk thou chek(
vf/kd vk;q esa thou chek( nwljs O;fDr dk thou
ewY;kadu fd;k tkrk gS] chek( efgyk chekA uSfrd ladV ds ijh{k.k esa chek
,ts.V vkSj chek dk;kZy; dh Hkwfedk vge~ gSA ubZ
ikWfylh djrs le; izLrkod dh iqjkuh ikWfyfl;ksa
dk lanHkZ fy;k tkrk gSA ;gk¡ ,ts.V vkSj chek
dEiuh nksuksa dks ;g ns[k ysuk pkfg, fd bl
ftyk miHkksDrk Qksje us f'kdk;rdrkZ ds vkosnu dks Lohdkj djrs gq, ikWfylh ds ckn /kkjd ds thou esa dqy chek jkf'k
Hkkjrh; thou chek fuxe dks chek jkf'k ds Hkqxrku dk vkns'k fn;kA fuxe fdruh gks tk,xh vkSj ;g mldh foRrh; fLFkfr
}kjk jkT; vk;ksx esa Qksje ds vkns'k dks pqukSrh nh x;hA Jh ekaxsjke us nks vkSj {kerk ds vuq:Ik gS vFkok ughaA izLrko ds
o"kZ dh vof/k esa fofo/k frfFk;ksa ij fuxe ls ik¡p ikWfyfl;k¡ yh] ftuesa dqy le; gh cheknkrk }kjk HkkSfrd vkSj uSfrd ladVksa
chek jkf'k :i;s 3]55]000 FkhA nkosnkj dh iRuh us chek nkok izLrqr fd;k]
dk leqfpr vkadyu fd;k tkuk pkfg,A ckn esa]

ftls fuxe us bl vk/kkj ij vLohd`r dj fn;k fd cheknkj us chek djkrs nkos ds le; ek= lansg ds vk/kkj ij xgu vUos"k.k
le; izLrko i= esa vius th.kZ jDr vfrlkj jksx dk mYys[k ugha fd;kA mfpr izrhr ugha gksrkA
vr% og lafonk ls lEcfU/kr egRoiw.kZ rF; fNikus dk nks"kh gSA igyh chek
ikWfylh fpfdRldh; ijh{k.k ds mijkUr dh x;h Fkh vkSj 'ks"k lHkh (eof ^mJ AJbo A§H ‘|.....)
ikWfyfl;k¡ fcuk esfMdy ds gqbZ FkhaA chek dEiuh us chek/kkjd ds jksxh gksus
lEcU/kh lk{; ds fy, mlds fu;ksDrk] ch,pbZ,y ls mldh NqV~Vh dk 1
fjdkMZ ysdj izLrqr fd;k] ftlesa mikftZr vodk'k vkSj fpfdRlk MkW. lqcks/k dqekj] jhMj] okf.kT; foHkkx gs.u.c.x.
dsUnzh; fo'ofo|ky;] Lokeh jkerhFkZ ifjlj]
46
izek.k&i= ds vk/kkj ij vodk'k dk fooj.k FkkA vk;ksx us vodk'k ij

ckn'kkghFkkSy] fVgjh x<+oky] ¼m kjk[k.M½ 249199
jgus dks jksx xzLrrk dk Ik;kZIr izek.k ugha ekuk D;ksafd deZpkjh izk;% fdlh 2
gjh'k pUnz jrwM+h] 'kks/k Nk=] gs.u.c.x. dsUnzh;
nwljs iz;kstu ds fy, Hkh jksxh izek.k i= ds vk/kkj ij vodk'k ys ysrs gSaA fo'ofo|ky;] Lokeh jkerhFkZ ifjlj] ckn'kkghFkkSy]
vfrlkj lkekU;r;k ,slk jksx ugha gS] tks e`R;q dk dkj.k curk gksA lkFk gh] fVgjh x<+oky] ¼m kjk[k.M½ 249199
statistics - non-life insurance
Report Card: General

GROSS PREMIUM UNDERWRITTEN FOR AND UP TO THE MONTH OF MAY, 2010
(Rs.in Crores)
MAY APRIL-MAY GROWTH OVER THE

INSURER CORRESPONDING
2010-11 2009-10* 2010-11 2009-10* PREVIOUS YEAR
Royal Sundaram 81.16 64.50 171.22 142.66 20.02
Tata-AIG 84.38 59.51 245.45 206.95 18.60
Reliance General 138.16 169.23 276.80 385.62 -28.22
IFFCO-Tokio 124.35 114.59 333.37 284.18 17.31
ICICI-lombard 240.95 206.71 728.91 631.37 15.45
Bajaj Allianz 225.20 192.35 490.46 424.60 15.51
HDFC ERGO General 75.47 46.75 235.92 136.17 73.26
Cholamandalam 75.00 62.15 166.59 166.86 -0.16
Future Generali 45.15 28.70 115.41 62.49 84.70
Universal Sompo 22.03 8.60 50.04 27.24 83.71
Shriram General 47.70 17.03 90.22 44.20 104.12
Bharti AXA General 36.86 12.49 91.40 28.33 222.60
Raheja QBE 0.60 0.00 1.05 0.01 18565.94
SBI General# 0.19 0.00 0.41 0.00
New India 475.70 416.97 1365.83 1174.00 16.34
National 443.65 334.69 979.91 773.46 26.69
United India 496.94 410.24 1094.72 893.87 22.47
Oriental 380.31 345.27 954.89 836.43 14.16
PRIVATE TOTAL 1197.20 982.61 2996.84 2540.66 17.96
PUBLIC TOTAL 1796.60 1507.17 4395.35 3677.76 19.51
GRAND TOTAL 2993.80 2489.78 7392.19 6218.42 18.88
SPECIALISED INSTITUTIONS:
1. Credit Insurance
ECGC 68.29 57.07 133.56 57.07 134.03
2. Health Insurance
Star Health & Allied Insurance 18.16 9.98 222.20 151.16 47.00
Apollo MUNICH 12.50 9.57 31.00 14.71 110.71
Max BUPA @ 0.68 0.00 1.01 0.00
Health Total 31.35 19.54 253.20 165.87 52.65
3. Agriculture Insurance
AIC 50.60 33.63 96.45 79.45 21.40
Note: Note: Compiled on the basis of data submitted by the Insurance companies.
@ Commenced operations in April, 2009.
# Commenced operations in April, 2010
* Figures revised by insurance companies.
Premium underwritten by non-life insurers Note: 1. Total for 2009-10 is for 12 month period.
upto May, 2010 2. Total for 2010-11 is upto May, 2010.
40000
35000
30000
Premium (Rs. In Crores)
25000
20000
15000
10000
47
5000
0
April May Total
Month 2009-10
* Excluding ECGC, AIC & Standalone Health Insurers 2010-11
round up
The Insurance Institute of India moved into its own premises

at Bandra-Kurla Complex, Mumbai which was
dedicated to the nation by the
Hon'ble Finance Minister Shri Pranab Mukherjee,
on 8th June, 2010
Shri Pranab Mukherjee and Shri Ashok S. Chavan,

Chief Minister of Maharashtra
engrossed in a conversation
A memento being presented to

Shri J. Hari Narayan, Chairman, IRDA by
Shri M. Ramadoss, CMD, New India Assurance Co. Ltd.

Also seen in the picture are Shri Pranab Mukherjee
and Shri T.S. Vijayan, Chairman, LIC of India
48
Shri Sharad Shrivastav, Secretary General,

Insurance Institute of India proposing a
vote of thanks
Statistical Supplement
(Monthly - April, 2010)
non-life insurance
Name of the Insurer: Bajaj Allianz General Insurance Company Limited
BUSINESS FIGURES:
Total No. of Accretions during

Total Premium u/w Sum Assured
Policies Issued the month (premium)
LINE OF BUSINESS
For the Up to For the Up to For the Up to For the Up to
month the month month the month month the month month the month
Fire 3479 3478.70 27475 27475 760.64 760.64 49363494.00 49363494.00
Previous year 2718.06 2718.06 28110 28110 -1018.40 -1018.40 22026146.00 22026146.00
Marine Cargo 1164 1163.66 13092 13092 287.90 287.90 22346653.00 22346653.00
Previous year 875.75 875.75 13348 13348 -747.80 -747.80 12310318.00 12310318.00
Marine Hull (Including
Onshore & Offshore oil energy) 57.16 57.16 35 35 -13.37 -13.37 559583.00 559583.00
Previous year 70.53 70.53 150 150 -365.32 -365.32 376633.00 376633.00
Marine (Total) 1220.82 1220.82 13127 13127 274.53 274.53 22906236.00 22906236.00
Previous year (Total) 946.29 946.29 13498 13498 -1113.12 -1113.12 12686951.00 12686951.00
Aviation 350.62 350.62 18 18 344.81 344.81 3959829.00 3959829.00
Previous year 5.81 5.81 16 16 -94.18 -94.18 680914.00 680914.00
Engineering 793.02 793.02 1291 1291 -31.11 -31.11 7662167.00 7662167.00
Previous year 824.13 824.13 1387 1387 -861.59 -861.59 10890094.00 10890094.00
Motor Own Damage 9752.42 9752.42 319917 319917 1284.15 1284.15 728710.00 728710.00
Previous year 8468.27 8468.27 282898 282898 -1370.71 -1370.71 592518.00 592518.00
Motor Third party 3576.66 3576.66 336464 336464 -24.84 -24.84
Previous year 3601.50 3601.50 301126 301126 -139.90 -139.90
Motor (Total) 13329.08 13329.08 336464 336464 1259.30 1259.30 728710.00 728710.00
Workmen's compensation /
Employer's liability 209.77 209.77 1762 1762 51.25 51.25 32526.00 32526.00
Previous year 158.52 158.52 1427 1427 -24.76 -24.76 39788.00 39788.00
Public Liability 20.08 20.08 36 36 -2.30 -2.30 44104.00 44104.00
Previous year 22.38 22.38 46 46 -1.29 -1.29 61709.00 61709.00
Product Liability 253.82 253.82 42 42 153.80 153.80 61814.00 61814.00
Previous year 100.02 100.02 49 49 -22.08 -22.08 114992.00 114992.00
Other Liability Covers 677.79 677.79 324 324 50.49 50.49 217609.00 217609.00
Previous year 627.31 627.31 338 338 299.04 299.04 232079.00 232079.00
Liability (Total) 1161.46 1161.46 2164 2164 253.23 253.23 356053.00 356053.00
Previous year (Total) 908.22 908.22 1860 1860 250.92 250.92 448568.00 448568.00
Personal Accident 654.32 654.32 6605 6605 -103.89 -103.89 1808022.00 1808022.00
Previous year 758.21 758.21 7389 7389 -125.00 -125.00 5527362.00 5527362.00
Medical Insurance 2377.18 2377.18 57470 57470 -65.77 -65.77 2488167.00 2488167.00
Previous year 2442.95 2442.95 139509 139509 475.65 475.65 3060993.00 3060993.00
Overseas Medical Insurance 669.27 669.27 55717 55717 225.16 225.16 70541.00 70541.00
Previous year 444.11 444.11 37961 37961 -406.81 -406.81 11180.00 11180.00
Health (Total) 3046.45 3046.45 113187 113187 159.39 159.39 2558708.00 2558708.00
Crop Insurance 0 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Credit Guarantee 128.70 128.70 20 20 87.77 87.77 297763.00 297763.00
Previous year 40.94 40.94 36 36 9.52 9.52 510422.00 510422.00
50
All Other Miscellaneous 2362.75 2362.75 32925 32925 296.38 296.38 46502824.00 46502824.00
Previous year 2066.37 2066.37 48546 48546 4.64 4.64 43097392.00 43097392.00
Grand Total 26525.92 26525.92 533276 533276 3301.05 3301.05 136143806.00 136143806.00
* Wherever applicable
(Premium in Rs Lakhs)
FOR AND UP TO THE MONTH OF APRIL, 2010
Amount of Premium No. of Policies Amount of Premium No. of Lives covered No. of
u/w in Rural Areas in Rural Areas u/w in Social Sector in Social Sector Lives covered *
For the Up to For the Up to For the Up to For the Up to For the Up to
month the month month the month month the month month the month month the month
207.95 207.95 3858 3858 0.00 0.00 0.00 0.00
225.00 225.00 2594 2594 0.00 0.00 0.00 0.00
43.83 43.83 768 768 0.00 0.00 0.00 0.00
50.00 50.00 355 355 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00

0.00 0.00 0 0 0.00 0.00 0.00 0.00
43.83 43.83 768 768 0.00 0.00 0 0 0 0
50.00 50.00 355 355 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
225.21 225.21 161 161 0.00 0.00 0.00 0.00
198.00 198.00 89 89 0.00 0.00 0.00 0.00
90.40 90.40 2900 2900 0.00 0.00 0.00 0.00
143.03 143.03 5239 5239 0.00 0.00 0.00 0.00
1196.24 1196.24 34310 34310 0.00 0.00 0.00 0.00
977.97 977.97 19619 19619 0.00 0.00 0.00 0.00
1286.64 1286.64 34310 34310 0.00 0.00 0 0 0 0
1121.00 1121.00 19619 19619 0.00 0.00 0 0 0 0
30.80 30.80 341 341 0.00 0.00 0.00 0.00

16.40 16.40 170 170 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
141.90 141.90 20 20 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
172.70 172.70 361 361 0.00 0.00 0 0 0 0
16.40 16.40 170 170 0.00 0.00 0 0 0 0
289.52 289.52 181 181 0.31 0.31 2050.00 2050.00
250.00 250.00 3576 3576 1.05 1.05 4200.00 4200.00 irda journal July 2010
56.00 56.00 1313 1313 0.00 0.00 0.00 0.00 80782.00 80782.00
34.00 34.00 850 850 0.00 0.00 0.00 0.00 91554.00 91554.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0.00
56.00 56.00 1313 1313 0.00 0.00 0 0 80782 80782
34.00 34.00 850 850 0.00 0.00 0 0 91554 91554
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
51
285.13 285.13 10354 10354 0.00 0.00 0.00 0.00

220.00 220.00 10224 10224 0.00 0.00 0.00 0.00
2566.98 2566.98 51306 51306 0.31 0.31 2050 2050 80782 80782
2114.40 2114.40 37477 37477 1.05 1.05 4200 4200 91554 91554
non-life insurance
Name of the Insurer: Bharti Axa General Insurance Company Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 1545.11 1545.11 709 709 1545.11 1545.11 2789996.06 2789996.06
Previous year 539.62 539.62 326 326 539.62 539.62 329609.29 329609.29
Marine Cargo 233.41 233.41 149 149 233.41 233.41 921321.19 921321.19
Previous year 30.29 30.29 76 76 30.29 30.29 118322.72 118322.72
Onshore & Offshore oil energy) 0.00 0.00
Previous year
Marine (Total) 233.41 233.41 149 149 233.41 233.41 921321.19 921321.19
Aviation 0.00 0.00
Previous year 0.00 0.00
Engineering 99.66 99.66 103 103 99.66 99.66 405827.47 405827.47
Previous year 216.09 216.09 85 85 216.09 216.09 566212.59 566212.59
Motor Own Damage 1928.77 1928.77 27400 27400 1928.77 1928.77 96411.53 96411.53
Previous year 481.12 481.12 5697 5697 481.12 481.12 40714.87 40714.87
Motor Third party 359.62 359.62 27400 27400 359.62 359.62
Previous year 117.56 117.56 5697 5697 117.56 117.56
Motor (Total) 2288.40 2288.40 27400 27400 2288.40 2288.40 96411.53 96411.53
Employer's liability 21 21 132 132 21.37 21.37 3888 3888
Previous year 10 9.80 72 72 9.80 9.80 1343 1343.12
Public Liability 0.00 0.00
Previous year
Product Liability 0.00 0.00
Previous year
Other Liability Covers 14 14 19 19 13.58 13.58 3633 3633
Previous year 2 1.84 14 14 1.84 1.84 1372 1371.50
Liability (Total) 34.95 34.95 151 151 34.95 34.95 7520.77 7520.77
Personal Accident 360.28 360.28 940 940 360.28 360.28 1753925.90 1753925.90
Previous year 99.35 99.35 302 302 99.35 99.35 535895.85 535895.85
Medical Insurance 679.88 679.88 807 807 679.88 679.88 4069.30 4069.30
Previous year 80.03 80.03 271 271 80.03 80.03 1096.98 1096.98
Overseas Medical Insurance 0.00 0.00
Previous year
Health (Total) 679.88 679.88 807 807 679.88 679.88 4069.30 4069.30
Crop Insurance 0.00 0.00
Previous year
Credit Guarantee 0.00 0.00
Previous year
52
Previous year 17.14 17.14 191 191 17.14 17.14 92930.60 92930.60
Grand Total 5265.80 5265.80 30585 30585 5265.80 5265.80 6033095.78 6033095.78
0.08 0.08 1 1
0.00 0.00 0 0 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
24.08 24.08 878 878
11.64 11.64
35.72 35.72 878 878 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
23.86 23.86 25 25
0.90 0.90 3 3
0.90 0.90 3 3 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
53
0.40 0.40 9 9
60.96 60.96 916 916 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
non-life insurance
Name of the Insurer: Cholamandalam Ms General Insurance Company Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 1,447.60 1,447.60 6,953 6,953 (292.77) (292.77) 4,433,506 4,433,506
Previous year 1,740.38 1,740.38 1,190 1,190 128.01 128.01 4,555,207 4,555,207
Marine Cargo 509.08 509.08 870 870 (16.36) (16.36) 1,885,380 1,885,380
Previous year 525.44 525.44 792 792 94.04 94.04 1,934,325 1,934,325
Onshore & Offshore oil energy) - - - - (2.61) (2.61) -
Previous year 2.61 2.61 - - 2.61 2.61 2,818 2,818
Marine (Total) 509.08 509.08 870 870 (18.97) (18.97) 1,885,380 1,885,380
Previous year (Total) 528.05 528.05 792 792 96.65 96.65 1,937,143 1,937,143
Aviation - - - - - - - -
Previous year - - - - - - - -
Engineering 292.40 292.40 524 524 44.94 44.94 347,172 347,172
Previous year 247.46 247.46 271 271 (138.54) (138.54) 432,136 432,136
Motor Own Damage 3,057.32 3,057.32 55,402 55,402 320.82 320.82 178,223 178,223
Previous year 2,736.50 2,736.50 41,679 41,679 430.21 430.21 121,069 857,716
Motor Third party 1,341.70 1,341.70 - - 528.45 528.45 - -
Previous year 813.25 813.25 - - 278.81 278.81 - -
Motor (Total) 4,399.02 4,399.02 55,402 55,402 849.27 849.27 178,223 178,223
Previous year (Total) 3,549.75 3,549.75 41,679 41,679 709.02 709.02 124,038 124,038
Employer's liability 41.90 41.90 198 198 (5.23) (5.23) 5,369 5,369
Previous year 47.13 47.13 177 177 (29.66) (29.66) 17,897 17,897
Public Liability 132.26 132.26 207 207 (19.54) (19.54) 70,522 70,522
Previous year 151.80 151.80 275 275 11.30 11.30 38,780 38,780
Product Liability - - - - - - - -
Other Liability Covers - - - - - - - -
Liability (Total) 174.16 174.16 405 405 (24.77) (24.77) 75,891 75,891
Previous year (Total) 198.93 198.93 452 452 (18.35) (18.35) 56,676 56,676
Personal Accident 322.98 322.98 1,483 1,483 (27.30) (27.30) 299,802 299,802
Previous year 350.29 350.29 1,048 1,048 56.54 56.54 118,205 118,205
Medical Insurance 1,736.95 1,736.95 2,207 2,207 (1,407.35) (1,407.35) 73,063 73,063
Previous year 3,144.30 3,144.30 1,986 1,986 19.11 19.11 106,554 106,554
Overseas Medical Insurance - - - - - - - -
Health (Total) 1,736.95 1,736.95 2,207 2,207 (1,407.35) (1,407.35) 73,063 73,063
Crop Insurance - - - - - - - -
Credit Guarantee - - - - - - - -
54
All Other Miscellaneous 276.52 276.52 12,057 12,057 (435.34) (435.34) 641,352 641,352
Previous year 711.86 711.86 6,394 6,394 114.47 114.47 554,501 554,501
Grand Total 9,158.73 9,158.73 79,901 79,901 (1,312.28) (1,312.28) 7,934,388 7,934,388
Previous year (Total) 10,471.01 10,471.01 53,812 53,812 966.91 966.91 7,884,460 7,884,460
- - -
0.21 0.21 1 1 459.40 459.40 - -
- - - - -
- - - - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - -
- - 54.92 54.92 - -
162.99 162.99 2407 2407 - - - -
129.79 129.79 1917 1917 - - - -
- - - - - -
- - - - - -
162.99 162.99 2407 2407 - - - -
129.79 129.79 1917 1917 - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - - irda journal July 2010
782.97 782.97 - 547,470 547,470
129.00 129.00 1 1 - -
- - - - - -
- - - - - -
782.97 782.97 - - 547,470 547,470 - -
129.00 129.00 1 1 - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
55
- - -
0.40 0.40 2 2 169.96 169.96 - -
945.97 945.97 2,407 2,407 - - 547,470 547,470 - -
259.40 259.40 1,921 1,921 684.28 684.28 - - - -
non-life insurance
Name of the Insurer: Future General India Insurance Co. Ltd.
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 1553.44 1553.44 994 994 1030.27 1030.27
Previous year 523.17 523.17 535 535 360.57 360.57
Marine Cargo 448.70 448.70 2144 2144 314.59 314.59
Previous year 134.11 134.11 1151 1151 101.63 101.63
Onshore & Offshore oil energy) 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
Marine (Total) 448.70 448.70 2144 2144 314.59 314.59
Previous year (Total) 134.11 134.11 1151 1151 101.63 101.63
Aviation 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
Engineering 252.33 252.33 263 263 65.72 65.72
Previous year 186.61 186.61 130 130 174.53 174.53
Motor Own Damage 1635.10 1635.10 37596 37596 728.49 728.49
Previous year 906.60 906.60 26436 26436 768.81 768.81
Previous year 331.19 331.19 26436 26436 309.39 309.39
Motor (Total) 2269.01 2269.01 37596 37596 1031.21 1031.21
Employer's liability 57.25 57.25 300 300 37.43 37.43
Previous year 19.82 19.82 153 153 18 18
Public Liability 0.00 0.00 0 0 -1.08 -1.08
Previous year 1.08 1.08 17 17 1 1
Product Liability 79.07 79.07 95 95 50.18 50.18
Previous year 28.89 28.89 29 29 28 28
Other Liability Covers 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0
Liability (Total) 136.32 136.32 395 395 86.53 86.53
Personal Accident 249.90 249.90 1303 1303 36.65 36.65
Previous year 213.25 213.25 146 146 -431.69 -431.69
Medical Insurance 1821.88 1821.88 641 641 953.90 953.90

Previous year 867.98 867.98 1056 1056 867.98 867.98
Overseas Medical Insurance 91.08 91.08 6055 6055 91.08 91.08
Previous year 0.00 0.00 0 0 0.00 0.00
Health (Total) 1912.96 1912.96 6696 6696 1044.97 1044.97
Crop Insurance 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
Credit Guarantee 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
56
All Other Miscellaneous 203.72 203.72 9751 9751 37.51 37.51

Previous year 166.21 166.21 6211 6211 144.21 144.21
Grand Total 7026.38 7026.38 59142 59142 3647.46 3647.46
109.90 109.90 130 130
5.62 5.62 39 39
60.07 60.07 120 120
11.31 11.31 86 86
60.07 60.07 120 120 0.00 0.00 0 0

11.31 11.31 86 86 0.00 0.00 0 0
23.03 23.03 24 24
0.55 0.55 7 7
120.58 120.58 4067 4067
51.68 51.68 -
112.09 112.09 2783 2783
172.26 172.26 4067 4067 0.00 0.00 0 0
112.09 112.09 2783 2783 0.00 0.00 0 0
5.27 5.27 22 22
1.94 1.94 15 15
5.27 5.27 22 22 0.00 0.00 0 0

1.94 1.94 15 15 0.00 0.00 0 0
21.32 21.32 50 50

33.32 33.32 24 24
135.86 135.86 65 65
33.32 33.32 74 24 0.00 0.00 0 0 0 0

135.86 135.86 65 65 0.00 0.00 0 0 0 0
57
51.92 51.92 9137 9137

17.11 17.11 2101 2101
477.10 477.10 13574 13574 0.00 0.00 0 0 0 0
284.47 284.47 5096 5096 0.00 0.00 0 0 0 0
non-life insurance
Name of the Insurer: HDFC ERGO General Insurance Company Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 4,134.67 4,134.67 2,125 2,125 2,222.42 2,222.42 21,480,697 21,480,697
Previous year 1,912.25 1,912.25 142 142 1,827.97 1,827.97 4,155,124 4,155,124
Marine Cargo 458.11 458.11 115 115 237.07 237.07 1,789,609 1,789,609
Previous year 221.04 221.04 62 62 184.24 184.24 676,226 676,226
Onshore & Offshore oil energy) 157.16 157.16 65 65 (59.57) (59.57) 46,503 46,503
Previous year 216.74 216.74 5 5 216.74 216.74 2,669 2,669
Marine (Total) 615.27 615.27 180 180 177.49 177.49 1,836,112 1,836,112
Previous year (Total) 437.78 437.78 67 67 400.98 400.98 678,895 678,895
Aviation 699.18 699.18 2 2 652.34 652.34 89,021 89,021
Previous year 46.84 46.84 - - 46.84 46.84 - -
Engineering 1,253.80 1,253.80 172 172 963.01 963.01 1,268,693 1,268,693
Previous year 290.80 290.80 42 42 259.44 259.44 223,560 223,560
Motor Own Damage 1,479.66 1,479.66 24,265 24,265 431.15 431.15 101,753 101,753
Previous year 1,048.51 1,048.51 27,294 27,294 318.43 318.43 61,043 61,043
Motor Third party 669.66 669.66 35,975 35,975 139.41 139.41
Previous year 530.25 530.25 27,294 27,294 436.01 436.01
Motor (Total) 2,149.32 2,149.32 35,975 35,975 570.57 570.57 101,753 101,753
Employer's liability 29.40 29.40 15 15 (5.68) (5.68) 15,908 15,908
Previous year 35.08 35.08 32 32 34.29 34.29 26,605 26,605
Public Liability 11.46 11.46 14 14 (20.45) (20.45) 17,700 17,700
Previous year 31.92 31.92 23 23 29.04 29.04 11,021 11,021
Product Liability 8.12 8.12 5 5 2.22 2.22 3,475 3,475
Previous year 5.89 5.89 4 4 5.89 5.89 3,000 3,000
Other Liability Covers 1,701.26 1,701.26 85 85 498.20 498.20 312,223 312,223
Previous year 1,203.06 1,203.06 68 68 953.65 953.65 154,098 154,098
Liability (Total) 1,750.24 1,750.24 119 119 474.29 474.29 349,307 349,307
Previous year (Total) 1,275.95 1,275.95 127 127 1,022.87 1,022.87 194,724 194,724
Personal Accident 1,067.75 1,067.75 50,219 50,219 662.51 662.51 119,689 119,689
Previous year 405.24 405.24 389 389 335.41 335.41 1,721,082 1,721,082
Medical Insurance 4,254.39 4,254.39 20,330 20,330 2,132.65 2,132.65 106,471 106,471
Previous year 2,121.74 2,121.74 399 399 2,094.78 2,094.78 100,038 100,038
Overseas Medical Insurance 69.86 69.86 531 531 16.56 16.56 811,251 811,251
Previous year 53.30 53.30 299 299 (17.34) (17.34) 795,825 795,825
Health (Total) 4,324.25 4,324.25 20,861 20,861 2,149.21 2,149.21 917,723 917,723
Previous year (Total) 2,175.04 2,175.04 698 698 2,077.44 2,077.44 895,863 895,863
Crop Insurance - - - -
Credit Guarantee - - - -
58
All Other Miscellaneous 50.89 50.89 994 994 (767.91) (767.91) 20,412 20,412
Previous year 818.80 818.80 623 623 754.70 754.70 1,061,268 1,061,268
Grand Total 16,045.37 16,045.37 110,647 110,647 7,103.93 7,103.93 26,183,406 26,183,406
Previous year (Total) 8,941.44 8,941.44 29,382 29,382 7,480.10 7,480.10 8,991,559 8,991,559
364.25 364.25 129 129 -
- - - - - - - -
42.23 42.23 11 11 -
- - - - - - - -
- - - - - -
- - - - - - - -
42.23 42.23 11 11 - - - - - -
- - - - - - - - - -
- - - - -
- - - - - - - -
28.30 28.30 26 26 -
- - - - - - - -
123.50 123.50 2,056 2,056 -
88.37 88.37 2,697 2,697 - - - -
85.09 85.09 4,395 4,395 -
- - - - - - - -
208.59 208.59 4,395 4,395 - - - - - -
88.37 88.37 2,697 2,697 - - - - - -
3.94 3.94 2 2 -
- - - - - - - -
- - - - -
- - - - - - - -
- - - - -
- - - - - - - -
8.13 8.13 2 2 -
- - - - - - - -
12.06 12.06 4 4 - - - - - -
- - - - - - - - - -
32.73 32.73 2,283 2,283 - -
- - - - - - - - irda journal July 2010
1,110.71 1,110.71 388 388 4.78 4.78 5,262 5,262 119,533 119,533
- - - - - - - - 94,723 94,723
0.87 0.87 20 20 - 7,697 7,697
- - - - - - - - 6,735 6,735
1,111.58 1,111.58 408 408 4.78 4.78 5,262 5,262 127,230 127,230
- - - - - - - - 101,458 101,458
- - - - -
- - - - - - - -
- - - - -
- - - - - - - -
59
5.26 5.26 402 402 -

3.30 3.30 15 15 - - - -
1,805.00 1,805.00 9,714 9,714 5 5 5,262 5,262 127,230 127,230
91.67 91.67 2,712 2,712 - - - - 101,458 101,458
non-life insurance
Name of the Insurer: ICICI Lombard General Insurance Company Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 7,943.91 7,943.91 2,222 2,222 (959.19) (959.19) 15,060,963 15,060,963
Previous year 8,903.10 8,903.10 3,034 3,034 531.56 531.56 12,143,830 12,143,830
Marine Cargo 2,209.62 2,209.62 914 914 (18.36) (18.36) 10,776,926 10,776,926
Previous year 2,227.98 2,227.98 742 742 246.61 246.61 8,612,335 8,612,335
Onshore & Offshore oil energy) 872.70 872.70 117 117 (376.14) (376.14) 871,249 871,249
Previous year 1,248.84 1,248.84 97 97 (3,426.03) (3,426.03) 634,252 634,252
Marine (Total) 3082.32 3082.32 1031 1031 -394.50 -394.50 11648175.95 11648175.95
Aviation 1,584.72 1,584.72 17 17 274.80 274.80 1,229,979 1,229,979
Previous year 1,309.92 1,309.92 20 20 849.38 849.38 474,961 474,961
Engineering 2,997.60 2,997.60 603 603 146.18 146.18 3,798,206 3,798,206
Previous year 2,851.42 2,851.42 553 553 (657.58) (657.58) 3,287,032 3,287,032
Motor Own Damage 8,065.43 8,065.43 248,014 248,014 885.52 885.52 985,628 985,628
Previous year 7,179.91 7,179.91 219,921 219,921 (11.87) (11.87) 1,042,182 1,042,182
Motor Third party 3,091.06 3,091.06 262,317 262,317 (229.73) (229.73)
Previous year 3,320.79 3,320.79 244,844 244,844 120.79 120.79
Motor (Total) 11156.49 11156.49 262317 262317 655.79 655.79 985628.44 985628.44
Employer's liability 192.27 192.27 493 493 46.18 46.18 40,539 40,539
Previous year 146.10 146.10 198 198 (93.45) (93.45) 23,207 23,207
Public Liability 20.50 20.50 33 33 5.44 5.44 5,057 5,057
Previous year 15.06 15.06 23 23 (0.83) (0.83) 30,230 30,230
Product Liability 19.74 19.74 7 7 (3.27) (3.27) 5,647 5,647
Previous year 23.01 23.01 7 7 (4.77) (4.77) 4,951 4,951
Other Liability Covers 1,580.32 1,580.32 197 197 (7.05) (7.05) 231,039 231,039
Previous year 1,587.37 1,587.37 202 202 (368.68) (368.68) 192,583 192,583
Liability (Total) 1812.83 1812.83 730 730 41.29 41.29 282282.77 282282.77
Personal Accident 1,532.37 1,532.37 16,464 16,464 (863.46) (863.46) 5,098,777 5,098,777
Previous year 2,395.83 2,395.83 14,028 14,028 1,007.69 1,007.69 3,503,816 3,503,816
Medical Insurance 16,217.53 16,217.53 22,519 22,519 6,772.81 6,772.81 1,277,642 1,277,642
Previous year 9,444.72 9,444.72 29,906 29,906 (9,332.68) (9,332.68) 741,675 741,675
Overseas Medical Insurance 531.58 531.58 40,377 40,377 55.28 55.28 895,691 895,691
Previous year 476.31 476.31 24,893 24,893 (9.40) (9.40) 1,027,533.91 1,027,534
Health (Total) 16749.11 16749.11 62896 62896 6828.08 6828.08 2173333.16 2173333.16
Crop Insurance - 0.00 - - - 0.00 - -
Previous year 0.00 0.00 - - 0.00 0.00 - -
Credit Guarantee 275.88 275.88 5 5 44.93 44.93 4,368 4,368
Previous year 230.95 230.95 6 6 (9.60) (9.60) 2,369 2,369
60
All Other Miscellaneous 1,660.71 1,660.71 11,278 11,278 555.80 555.80 1,290,379 1,290,379
Previous year 1,104.91 1,104.91 7,521 7,521 (702.86) (702.86) 1,325,221 1,325,221
Grand Total 48795.94 48795.94 357563 357563 6329.72 6329.72 41572092.18 41572092.18
- 0.00 - - - 0.00 - -
3.69 3.69 3 3 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
2.61 2.61 17 17 - 0.00 - -
6.12 6.12 43 43 0.00 0.00 - -
863.89 863.89 - - - 0.00 - -
655.87 655.87 14,720 14,720 0.00 0.00 - -
575.01 575.01 27,843 27,843 - 0.00 - -
486.81 486.81 19,334 19,334 0.00 0.00 - -
1438.90 1438.90 27843 27843 0.00 0.00 0 0 0 0
1142.69 1142.69 19334 19334 0.00 0.00 0 0 0 0
0.00 0.00 - - - 0.00 - -

0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
- 0.00 - - - 0.00 - -
0.00 0.00 - - 0.00 0.00 - -
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 - - - 0.00 - -
964.83 964.83 7 7 0.00 0.00 - - irda journal July 2010
2428.22 2,428.22 632 632 0.00 0.00 - - 2,778,701 2,778,701
1,784.37 1,784.37 558 558 31.52 31.52 25,971 25,971 1,345,651 1,345,651
32.45 32.45 719 719 - 0.00 - - 40,377 40,377
30.03 30.03 1,584 1,584 0.00 0.00 - - 24,893 24,893
2460.67 2460.67 1351 1351 0.00 0.00 0 0 2819078 2819078
1814.40 1814.40 2142 2142 31.52 31.52 25971 25971 1370544 1370544
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
61
4 4 86 86 - - - -
149 149 132 132 - - - -
3906.44 3906.44 29297 29297 0.00 0.00 0 0 2819078 2819078
4080.84 4080.84 21661 21661 31.52 31.52 25971 25971 1370544 1370544
non-life insurance
Name of the Insurer: Iffco Tokio General Insurance Co Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 7358.01 7358.01 6426 6426 7358.01 7358.01 38923353.06 38923353.06
Previous year 6854.00 6854.00 6259 6259 6854.00 6854.00 36257197.15 36257197.15
Marine Cargo 949.09 949.09 740 740 949.09 949.09 6887261.04 6887261.04
Previous year 729.65 729.65 751 751 729.65 729.65 5294894.46 5294894.46
Onshore & Offshore oil energy) 1530.57 1530.57 52 52 1530.57 1530.57 9931939.84 9931939.84
Previous year 744.07 744.07 10 10 744.07 744.07 4828319.99 4828319.99
Marine (Total) 2479.65 2479.65 792 792 2479.65 2479.65 16819200.89 16819200.89
Aviation 546.20 546.20 19 19 546.20 546.20 3610909.08 3610909.08
Previous year 126.36 126.36 16 16 126.36 126.36 835396.14 835396.14
Engineering 573.79 573.79 380 380 573.79 573.79 47375.18 47375.18
Previous year 478.74 478.74 408 408 478.74 478.74 39527.29 39527.29
Motor Own Damage 4158.17 4158.17 269763 269763 4158.17 4158.17 169214.35 169214.35
Previous year 3440.19 3440.19 224631 224631 3440.19 3440.19 139996.43 139996.43
Previous year 1385.76 1385.76 4292 4292 1385.76 1385.76
Motor (Total) 6323.17 6323.17 269763 269763 6323.17 6323.17 169214.35 169214.35
Previous year 91 91 684 684 91 91.18 5684 5684
Public Liability 239.02 239.02 39 39 239.02 239.02 1136620.59 1136620.59
Previous year 47 47 13 13 47 46.99 223464 223464
Previous year 3 3 1 1 3 2.93 1590 1590
Previous year 915 915 260 260 915 915.29 885288 885288
Liability (Total) 1370.47 1370.47 1102 1102 1370.47 1370.47 2127565.77 2127565.77
Previous year 134.57 134.57 2374 2374 134.57 134.57 288505.27 288505.27
Previous year 1443.52 1443.52 3144 3144 1443.52 1443.52 60911.60 60911.60
Previous year 23.93 23.93 1559 1559 23.93 23.93 4384.21 4384.21
Health (Total) 1199.88 1199.88 3819 3819 1199.88 1199.88 53012.34 53012.34
Crop Insurance
Previous year
Credit Guarantee
Previous year
62
Previous year 541.73 541.73 13731 13731 541.73 541.73 402199.68 402199.68
Grand Total 20901.38 20901.38 292842 292842 20901.38 20901.38 62746281.84 62746281.84
25.59 25.59 659 659
48.44 48.44 1038 1038
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
2.94 2.94 9 9
599.95 599.95 32364 32364
298.57 298.57 0 0
898.52 898.52 32364 32364 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
1 1 23 23
0 0 1 1
0 0 11 11
1.13 1.13 35 35 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
26.17 26.17 953 953 1.46 1.46 29223 29223

1794.40 1794.40 40 40
1794.40 1794.40 40 40 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
63
41.33 41.33 2243 2243 0.52 0.52 866 866

861.83 861.83 45500 45500 7.29 7.29 42726 42726
2790.08 2790.08 36303 36303 1.98 1.98 30089 30089 0 0
910.27 910.27 46538 46538 7.29 7.29 42726 42726 0 0
non-life insurance
Name of the Insurer: National Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 6751.35 6751.35 72469 72469 1352.12 1352.12
Previous year 5399.23 5399.23 59627 59627 -571.62 -571.62
Marine Cargo 1796.79 1796.79 24318 24318 120.43 120.43
Previous year 1676.36 1676.36 22108 22108 91.86 91.86
Previous year 356.07 356.07 285 285 51.87 51.87
Marine (Total) 2422.59 2422.59 24614 24614 390.16 390.16 0.00 0.00
Aviation 409.83 409.83 18 18 -136.21 -136.21
Previous year 546.04 546.04 21 21 251.84 251.84
Engineering 1882.38 1882.38 7643 7643 480.31 480.31
Previous year 1402.07 1402.07 6089 6089 -28.56 -28.56
Motor Own Damage 12865.24 12865.24 295416 295416 1627.13 1627.13
Previous year 11238.11 11238.11 265712 265712 -1669.91 -1669.91
Previous year 6756.75 6756.75 122416 122416 -506.18 -506.18
Motor (Total) 20504.69 20504.69 295416 295416 2509.83 2509.83 0.00 0.00
Previous year 293.59 293.59 4385 4385 4.13 4.13
Public Liability 186.49 186.49 1263 1263 88.42 88.42
Previous year 98.07 98.07 1099 1099 18.79 18.79
Previous year 93.42 93.42 52 52 28.13 28.13
Previous year 100.53 100.53 867 867 -105.06 -105.06
Liability (Total) 849.82 849.82 8464 8464 264.21 264.21 0.00 0.00
Previous year 1140.39 1140.39 40281 40281 322.92 322.92

Previous year 10616.85 10616.85 68042 68042 -74.94 -74.94
Previous year 69.02 69.02 1502 1502 -6.17 -6.17
Health (Total) 14958.74 14958.74 88202 88202 4272.87 4272.87 0.00 0.00
Crop Insurance 0.00 0 0.00
Previous year 0.00 0 0.00
Credit Guarantee 0.00 0 0.00
Previous year 0.00 0 0.00
64

Previous year 4090.51 4090.51 238057 238057 422.97 422.97
Grand Total 53626.00 53626.00 939425 939425 9748.99 9748.99 0.00 0.00
314.03 314.03 7129 7129 168.29 168.29
285.16 285.16 6057 6057 175.07 175.07
27.86 27.86 497 497 12.43 12.43
28.09 28.09 586 586 24.31 24.31
0.00 0.00 0 0 0.00 0.00

0.00 0.00 0 0 0.00 0.00
27.86 27.86 497 497 12.43 12.43
28.09 28.09 586 586 24.31 24.31
0.00 0.00 0 0 0.00 0.00
0.00 0.00 0 0 0.00 0.00
31.45 31.45 346 346 17.39 17.39
42.71 42.71 398 398 20.16 20.16
1136.19 1136.19 43517 43517 529.76 529.76
1012.51 1012.51 40361 40361 419.82 419.82
786.02 786.02 24561 24561 364.99 364.99
675.29 675.29 21741 21741 299.46 299.46
1922.21 1922.21 43517 43517 894.75 894.75
1687.80 1687.80 40361 40361 719.28 719.28
25.33 25.33 297 297 6.00 6.00 72 72

23.51 23.51 234 234 7.33 7.33 86 86
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
0.00 0.00 0 0 0.00 0.00 0
2.00 2.00 86 86 1.03 1.03 0
1.09 1.09 57 57 0.98 0.98 0
27.33 27.33 383 383 7.03 7.03 72 72
24.60 24.60 291 291 8.31 8.31 86 86
48.37 48.37 5247 5247 62.49 62.49 31429 31429
35.46 35.46 4129 4129 45.73 45.73 26873 26873 irda journal July 2010
186.43 186.43 8943 8943 333.17 333.17 43216 43216
113.63 113.63 6378 6378 217.86 217.86 15609 15609
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
186.43 186.43 8943 8943 333.17 333.17 43216 43216
113.63 113.63 6378 6378 217.86 217.86 15609 15609
0.00 0 0.00 0
0.00 0 0.00 0
0.00 0 0.00 0
0.00 0 0.00 0
65
719.64 719.64 39467 39467 471.38 471.38 18431 18431

628.94 628.94 35471 35471 385.48 385.48 15431 15431
3277.32 3277.32 130090 130090 1966.93 1966.93 93148 93148
2846.39 2846.39 115412 115412 1596.20 1596.20 57999 57999
non-life insurance
Name of the Insurer: Raheja QBE General Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 1.23 1.23 8 8 1.23 1.23 2023.14 2023.14
Previous year 0.01 0.01 2 2 0.01 0.01 30.00 30.00
Marine Cargo 0.04 0.04 1 1 0.04 0.04 78.67 78.67
Previous year 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00
Onshore & Offshore oil energy)
Previous year
Marine (Total) 0.04 0.04 1 1 0.04 0.04 78.67 78.67
Aviation
Previous year
Engineering 1.44 1.44 2 2 1.44 1.44 864.86 864.86
Previous year
Motor Own Damage 0.64 0.64 10 10 0.64 0.64 104.36 104.36
Previous year
Motor Third party 0.54 0.54 38 38 0.54 0.54 0.00 0.00
Previous year
Motor (Total) 1.18 1.18 38 38 1.18 1.18 104.36 104.36
Previous year 0.00 0.00 0 0 0.00 0.00 0 0
Public Liability 0.71 0.71 1 1 0.71 0.71 1500 1500
Previous year 0.00 0.00 0 0 0.00 0.00 0 0
Product Liability
Previous year
Other Liability Covers 31.56 31.56 6 6 31.56 31.56 15403 15403
Previous year 0.00 0.00 0 0 0.00 0.00 0 0
Liability (Total) 34.23 34.23 8 8 34.23 34.23 16902.50 16902.50
Previous year 0.08 0.08 4 4 0.08 0.08 57.50 57.50
Medical Insurance
Previous year
Overseas Medical Insurance
Previous year
Health (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Crop Insurance
Previous year
Credit Guarantee
Previous year
66

Previous year 0 0 0.00 0.00 0.00 0.00
Grand Total 45.17 45.17 67 67 45.17 45.17 26734.01 26734.01
0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00

0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
67
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
non-life insurance
Name of the Insurer: Reliance General Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 2260.36 2260.36 2736.00 2736.00 -1928.91 -1928.91 3207760.95 3207760.95
Previous year 4189.26 4189.26 2640.00 2640.00 1779.63 1779.63 8802843.88 8802843.88
Marine Cargo 399.03 399.03 860.00 860.00 -72.31 -72.31 1389926.22 1389926.22
Previous year 471.33 471.33 1162.00 1162.00 3.62 3.62 2803451.25 2803451.25
Onshore & Offshore oil energy) 18.10 18.10 0.00 0.00 -22.43 -22.43 0.00 0.00
Previous year 40.52 40.52 23.00 23.00 -96.90 -96.90 7289.58 7289.58
Marine (Total) 417.13 417.13 860 860 -94.73 -94.73 1389926.22 1389926.22
Aviation 1668.26 1668.26 2.00 2.00 1594.22 1594.22 110.00 110.00
Previous year 74.04 74.04 18.00 18.00 -49.65 -49.65 153467.12 153467.12
Engineering -1204.41 -1204.41 350.00 350.00 -2176.14 -2176.14 1052355.49 1052355.49
Previous year 971.73 971.73 508 508 -5.32 -5.32 1169981.72 1169981.72
Motor Own Damage 4373.40 4373.40 108927 108927 -3860.87 -3860.87 283612.45 283612.45
Previous year 8234.27 8234.27 168669 168669 -622.35 -622.35 494492.11 494492.11
Previous year 3658.68 3658.68 180294 180294 293.48 293.48
Motor (Total) 6503.90 6503.90 114390 114390 -5389.06 -5389.06 283612.45 283612.45
Employer's liability 43.44 43.44 201 201 -42.63 -42.63 6434.67 6434.67
Previous year 86.07 86.07 423 423 -33.20 -33.20 14648.85 14648.85
Public Liability 32.56 32.56 46 46 -3.44 -3.44 24417.00 24417.00
Previous year 36.00 36.00 58 58 -4.43 -4.43 19184.75 19184.75
Product Liability 0.00 0.00 0 0 -0.75 -0.75 0.00 0.00
Previous year 0.75 0.75 1 1 -1.03 -1.03 75.00 75.00
Other Liability Covers 71.48 71.48 108 108 -15.46 -15.46 7749.00 7749.00
Previous year 86.95 86.95 47 47 -13.25 -13.25 15777.50 15777.50
Liability (Total) 147.48 147.48 355 355 -62.28 -62.28 38600.67 38600.67
Previous year 579.08 579.08 13330 13330 -1677.46 -1677.46 1692423.70 1692423.70
Previous year 2369.83 2369.83 32573 32573 -4468.25 -4468.25 75266.11 75266.11
Previous year 318.02 318.02 49474 49474 21.77 21.77 436795.11 436795.11
Health (Total) 3244.35 3244.35 124801 124801 556.50 556.50 2287702.20 2287702.20
Crop Insurance 0 0 0 0 0.00 0.00 0.00 0.00
Previous year 0 0 0 0 0.00 0.00 0.00 0.00
Credit Guarantee 0 0 0 0 0.00 0.00 0 0
Previous year 0 0 0 0 0.00 0.00 0 0
68
All Other Miscellaneous 445.14 445.14 4511 4511 -76.60 -76.60 785336.77 785336.77
Previous year 521.75 521.75 5360 5360 -882.72 -882.72 1415899.02 1415899.02
Grand Total 13863.46 13863.46 255928 255928 -7774.82 -7774.82 10258712.85 10258712.85
175.52 175.52 72 72
436.78 436.78 105 105
2.83 2.83 14 14
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
2.83 2.83 14 14 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0
0.00 0.00 0 0
51.43 51.43 23 23
7.66 7.66 26 26
372.46 372.46 8822 8822
862.78 862.78 16153 16153
203.98 203.98 392 392
436.62 436.62 739 739
576.45 576.45 8822 8822 0.00 0.00 0 0 0 0
1299.40 1299.40 16153 16153 0.00 0.00 0 0 0 0
1.36 1.36 10 10
0.00 0.00 0 0
0.24 0.24 1 1
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0.07 0.07 8 8
0.00 0.00 0 0
1.67 1.67 19 19 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
13.91 13.91 979 979 21.98 21.98 183141.00 183141.00
1058.19 1058.19 924 924
31.32 31.32 852 852
13.51 13.51 3417 3417
0.00 0.00 0 0
1071.70 1071.70 4341 4341 0.00 0.00 0 0 0 0
31.32 31.32 852 852 0.00 0.00 0 0 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0 0 0 0
0 0 0 0
69
12.33 12.33 308 308 22.38 22.38 4311.00 4311.00

12.47 12.47 270 270 7.17 7.17 1121.00 1121.00
1905.83 1905.83 14578 14578 44.36 44.36 187452 187452 0 0
1865.16 1865.16 17602 17602 83.09 83.09 1768 1768 0 0
non-life insurance
Name of the Insurer: Royal Sundaram Alliance Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 978.86 978.86 2729 2729 -120.66 -120.66 2445296.17 2445296.17
Previous year 1099.52 1099.52 4163 4163 -598.59 -598.59 1930894.80 1930894.80
Marine Cargo 178.46 178.46 4669 4669 -8.59 -8.59 587929.05 587929.05
Previous year 187.04 187.04 1938 1938 -59.17 -59.17 526274.25 526274.25
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Marine (Total) 178.46 178.46 4669 4669 -8.59 -8.59 587929.05 587929.05
Aviation
Previous year
Engineering 365.05 365.05 186 186 -64.81 -64.81 123298.69 123298.69
Previous year 429.86 429.86 300 300 -117.71 -117.71 110214.22 110214.22
Motor Own Damage 4061.29 4061.29 60332 60332 706.65 706.65 222138.40 222138.40
Previous year 3354.64 3354.64 51327 51327 704.91 704.91 178087.66 178087.66
Previous year 942.36 942.36 741 741 270.19 270.19
Motor (Total) 5220.30 5220.30 60332 60332 923.30 923.30 222138.40 222138.40
Previous year 21.30 21.30 57 57 1.75 1.75 1924.50 1924.50
Previous year 31.17 31.17 43 43 -10.24 -10.24 13173.43 13173.43
Previous year 0.06 0.06 0 0 -7.03 -7.03 1176.48 1176.48
Other Liability Covers 0.00
Previous year
Liability (Total) 63.36 63.36 77 77 10.84 10.84 19153.47 19153.47
Previous year 374.12 374.12 28072 28072 67.25 67.25 417603.66 417603.66
Previous year 1203.09 1203.09 19362 19362 75.86 75.86 373684.77 373684.77
Previous year
Health (Total) 1723.88 1723.88 20586 20586 520.80 520.80 148113.06 148113.06
Crop Insurance
Previous year
Credit Guarantee
Previous year
70
Previous year 172.84 172.84 2648 2648 74.20 74.20 824484.65 824484.65
Grand Total 9006.29 9006.29 119831 119831 1190.30 1190.30 5368843.39 5368843.39
2.60 2.60 174 174
5.29 5.29 521 521
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0
0.00 0.00 0 0
101.76 101.76 1415 1415
125.05 125.05 1881 1881
0 0
101.76 101.76 1415 1415 0.00 0.00 0 0
125.05 125.05 1881 1881 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
34.33 34.33 22903 22903 0.98 0.98 1886.00 1886.00
440.09 440.09 13051 13051 0.11 0.11 126.00 126.00 62558.00 62558.00
135.15 135.15 842 842 0.13 0.13 146.00 146.00 66594.00 66594.00
440.09 440.09 13051 13051 0.11 0.11 126 126 62558 62558
135.15 135.15 842 842 0.13 0.13 146 146 66594 66594
71
104.21 104.21 1685 1685 0.00 0.00 0.00 0.00

57.73 57.73 1466 1466 0.00 0.00 0.00 0.00
682.98 682.98 39228 39228 1.09 1.09 2012 2012 62558 62558
373.90 373.90 4932 4932 0.38 0.38 1136 1136 66594 66594
non-life insurance
Name of the Insurer: Shriram General Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 42.93 42.93 134 134 41.79 41.79 82133.05 82133.05
Previous year 1.14 1.14 17 17 1.14 1.14 1853.89 1853.89
Marine Cargo 0.82 0.82 15 15 0.82 0.82 314.66 314.66
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Marine (Total) 0.82 0.82 15 15 0.82 0.82 314.66 314.66
Aviation 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Engineering 10.95 10.95 14 14 6.98 6.98 1781.72 1781.72
Previous year 3.97 3.97 3 3 3.97 3.97 1638.64 1638.64
Motor Own Damage 2155.47 2155.47 61057 61057 820.40 820.40 175590.10 175590.10
Previous year 1335.07 1335.07 36494 36494 1335.07 1335.07 113077.81 113077.81
Motor Third party 2029.86 2029.86 65163 65163 660.47 660.47 0.00 0.00
Previous year 1369.39 1369.39 36903 36903 1369.39 1369.39 0.00 0.00
Motor (Total) 4185.33 4185.33 65163 65163 1480.87 1480.87 175590.10 175590.10
Previous year 0.33 0.33 3 3 0.33 0.33 4.26 4.26
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.07 0.07 2 2 0.07 0.07 35.00 35.00
Liability (Total) 5.53 5.53 19 19 5.13 5.13 3865.19 3865.19
Previous year 3.42 3.42 992 992 3.42 3.42 1729.45 1729.45

Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Health (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Crop Insurance 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
72
Previous year 3.25 3.25 265 265 3.25 3.25 924.45 924.45
Grand Total 4252.90 4252.90 66428 66428 1536.26 1536.26 273641.06 273641.06
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
100.18 100.18 1955 1955 0.00 0.00 0 0
11.93 11.93 532 532 0.00 0.00 0 0
72.82 72.82 2030 2030 0.00 0.00 0 0
10.13 10.13 548 548 0.00 0.00 0 0
173.00 173.00 2030 2030 0.00 0.00 0 0
22.06 22.06 548 548 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
73
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
173.00 173.00 2030 2030 0.00 0.00 0 0 0 0
22.06 22.06 548 548 0.00 0.00 0 0 0 0
non-life insurance
Name of the Insurer: Tata AIG General Insurance Co Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 6,247 6,247 8,161 8,161 - 29,608,763 29,608,763
Previous year 6,155 6,155 13,492 13,492 - - 18,195,291 18,195,291
Marine Cargo 2,094 2,094 1,879 1,879 - 519,122 519,122
Previous year 1,780 1,780 1,569 1,569 - - 436,832 436,832
Onshore & Offshore oil energy) - - - - - - -
Marine (Total) 2,094 2,094 1,879 1,879 - - 519,122 519,122
Previous year (Total) 1,780 1,780 1,569 1,569 - - 436,832 436,832
Aviation - - - - - -
Engineering 1,313 1,313 55 55 - 562,234 562,234
Previous year 1,369 1,369 42 42 - - 249,121 249,121
Motor Own Damage 1,644 1,644 47,741 47,741 - 110,402 110,402
Previous year 1,310 1,310 30,734 30,734 - - 80,542 80,542
Motor Third party 360 360 47,741 47,741 - -
Previous year 258 258 30,734 30,734 - - - -
Motor (Total) 2,004 2,004 47,741 47,741 - - 110,402 110,402
Previous year (Total) 1,568 1,568 30,734 30,734 - - 80,542 80,542
Employer's liability 35 35 16 16 - 83,787 83,787
Previous year 43 43 21 21 - - 66,016 66,016
Public Liability 570 570 107 107 - 293,561 293,561
Previous year 403 403 84 84 - - 213,883 213,883
Product Liability 53 53 37 37 - 238,071 238,071
Previous year 64 64 79 79 - - 242,578 242,578
Other Liability Covers 1,509 1,509 538 538 - 628,931 628,931
Previous year 1,613 1,613 378 378 - - 518,475 518,475
Liability (Total) 2,168 2,168 698 698 - - 1,244,350 1,244,350
Previous year (Total) 2,123 2,123 562 562 - - 1,040,952 1,040,952
Personal Accident 1,221 1,221 9,469 9,469 - 1,047,073 1,047,073
Previous year 1,171 1,171 9,408 9,408 - - 596,946 596,946
Medical Insurance - - - - - - -
Overseas Medical Insurance 959 959 23,582 23,582 - 2,480,842 2,480,842
Previous year 518 518 25,703 25,703 - - 2,525,867 2,525,867
Health (Total) 959 959 23,582 23,582 - - 2,480,842 2,480,842
Previous year (Total) 518 518 25,703 25,703 - - 2,525,867 2,525,867
Crop Insurance - - - - - - -
Credit Guarantee - - - - - - -
74
All Other Miscellaneous 102 102 809 809 - 1,500 1,500

Previous year 60 60 495 495 - - 24,920 24,920
Grand Total 16,107 16,107 92,394 92,394 - - 35,574,287 35,574,287
Previous year (Total) 14,744 14,744 82,005 82,005 - - 23,150,471 23,150,471
72 72 80 80 - -
106 106 57 57 - - - -
68 68 45 45 - -
44 44 30 30 - - - -
- - - - - -
- - - - - - - -
68 68 45 45 - - - - - -
44 44 30 30 - - - - - -
- - - - - -
- - - - - - - -
1 1 - - - -
4 4 4 4 - - - -
135 135 3,683 3,683 - -
79 79 1,621 1,621 - - - -
- - - - - -
- - - - - - - -
135 135 3,683 3,683 - - - - - -
79 79 1,621 1,621 - - - - - -
- - - - - -
1 1 1 1 - - - -
23 23 14 14 - -
16 16 20 20 - - - -
- - - - - -
- - - - - - - -
- - - - - -
- - - - - - - -
23 23 14 14 - - - - - -
17 17 21 21 - - - - - -
26 26 653 653 1 1 6,498 6,498
11 11 234 234 - - - - irda journal July 2010
- - - - - -
- - - - - - - -
264 264 144 144 - -
2 2 46 46 - - - -
264 264 144 144 - - - - - -
2 2 46 46 - - - - - -
- - - - - -
- - - - - - - -
- - - - - -
- - - - - - - -
75
68 68 640 640 - -
0 0 284 284 - - - -
656 656 5,259 5,259 1 1 6,498 6,498 - -
263 263 2,297 2,297 - - - - - -
non-life insurance
Name of the Insurer: The New India Assurance Co. Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 20130.02 20130.02 111369 111369 1967.61 1967.61 64162485.32 64162485.32
Previous year 18162.41 18162.41 83986 83986 39171790.70 39171790.70
Marine Cargo 3248.18 3248.18 27615 27615 566.52 566.52 28328483.80 28328483.80
Previous year 2681.66 2681.66 28433 28433 20645015.89 20645015.89
Previous year 1327.15 1327.15 2625 2625 2292307.83 2292307.83
Marine (Total) 5321.42 5321.42 29420 29420 1312.61 1312.61 32862525.67 32862525.67
Aviation 953.81 953.81 61 61 163.00 163.00 625714.16 625714.16
Previous year 790.81 790.81 29 29 1336702.87 1336702.87
Engineering 3106.23 3106.23 10457 10457 851.08 851.08 16904857.51 16904857.51
Previous year 2255.15 2255.15 10847 10847 2795296.79 2795296.79
Motor Own Damage 9968.47 9968.47 428027 428027 -204.68 -204.68 62009443.52 62009443.52
Previous year 10173.15 10173.15 478707 478707 488611.82 488611.82
Previous year 7801.23 7801.23 227297 227297
Motor (Total) 17515.94 17515.94 428027 428027 -458.44 -458.44 62009443.52 62009443.52
Employer's liability 453 453 5507 5507 52.67 52.67 76267 76267
Previous year 400 400 7463 7463 47152 47152
Public Liability 125 125 317 317 73.54 73.54 458016 458016
Previous year 52 52 517 517 429980 429980
Product Liability 82 82 36 36 32.45 32.45 82972 82972
Previous year 50 50 132 132 284471 284471
Previous year 1212 1212 4379 4379 153727 153727
Liability (Total) 1953.62 1953.62 20763 20763 239.33 239.33 1186700.70 1186700.70
Previous year 1257.15 1257.15 50742 50742 3487241.28 3487241.28
Previous year 24626.26 24626.26 126563 126563 5279569.59 5279569.59
Overseas Medical Insurance 188.99 188.99 7388 7388 -30.38 -30.38 218219.02 218219.02
Previous year 219.37 219.37 9036 9036 25827.67 25827.67
Health (Total) 33201.60 33201.60 116073 116073 8355.97 8355.97 8623485.17 8623485.17
Crop Insurance 0 0 0 0 0.00 0.00 0 0
Previous year 0 0 0 0 0 0
Credit Guarantee 1 1 10 10 -4.17 -4.17 3 3
Previous year 5 5 24 24 157279 157279
76
Previous year 4689.58 4689.58 138207 138207 15229505.76 15229505.76
Grand Total 89126.05 89126.05 914938 914938 13423.09 13423.09 219407476.54 219407476.54
590.94 590.94 9981 9981 449.92 449.92
823.69 823.69 10010 10010 263.01 263.01
118.04 118.04 953 953 99.22 99.22
52.09 52.09 997 997 66.87 66.87
11.99 11.99 34 34 43.46 43.46

3.36 3.36 18 18 4.25 4.25
130.03 130.03 987 987 142.68 142.68 0 0
55.45 55.45 1015 1015 71.12 71.12 0 0
109.23 109.23 476 476 75.89 75.89

71.67 71.67 550 550 74.68 74.68
570.70 570.70 43025 43025 712.19 712.19 1268.00 1268.00
640.36 640.36 69781 69781 477.22 477.22 1736.00 1736.00
434.22 434.22 80969 80969 385.87 385.87 2448.00 2448.00
496.94 496.94 30308 30308 307.28 307.28 1823.00 1823.00
1004.92 1004.92 80969 80969 1098.06 1098.06 3716 3716
1137.30 1137.30 69781 69781 784.50 784.50 3559 3559
27 27 384 384 44 44 2830 2830

70 70 361 361 40 40 3713 3713
0 0 6 6 10 10 0 0
0 0 5 5 1 1 0 0
0 0 0 0 0 0 0 0
1 1 1 1 9 9 0 0
59 59 726 726 26 26 1 1
93 93 402 402 30 30 27 27
86.50 86.50 1116 1116 79.69 79.69 2831 2831
163.09 163.09 769 769 80.38 80.38 3740 3740
93.48 93.48 6356 6356 176.04 176.04 55518 55518
515.32 515.32 12462 12462 383.03 383.03 225428 225428 1464745 1464745
404.97 404.97 28378 28378 637.69 637.69 10072115 10072115 1016290 1016290
6.17 6.17 575 575 12.39 12.39 951 951 7845 7845
6.70 6.70 621 621 10.00 10.00 2705 2705 3924 3924
521.49 521.49 13037 13037 395.42 395.42 226379 226379 1472590 1472590
411.67 411.67 28999 28999 647.69 647.69 10074820 10074820 1020214 1020214
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
77
641.66 641.66 31339 31339 278.72 278.72 26967 26967

562.52 562.52 29711 29711 334.08 334.08 5176586 5176586
3178.25 3178.25 144261 144261 2696.42 2696.42 315411 315411
3290.59 3290.59 145199 145199 2296.36 2296.36 15380301 15380301
non-life insurance
Name of the Insurer: The Oriental Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 12647.68 12647.68 48806 48806 32106727.24 32106727.24
Previous year 9831.47 9831.47 41155 41155 0.00 0.00
Marine Cargo 2545.85 2545.85 15214 15214 7370299.40 7370299.40
Previous year 2067.06 2067.06 17875 17875 0.00 0.00
Previous year 881.85 881.85 337 337 0.00 0.00
Marine (Total) 4619.38 4619.38 15626 15626 0.00 0.00 7792390.54 7792390.54
Aviation 140.67 140.67 31 31 15993.84 15993.84
Previous year 2223.06 2223.06 25 25 0.00 0.00
Engineering 2977.03 2977.03 4386 4386 2020378.36 2020378.36
Previous year 2156.62 2156.62 3909 3909 0.00 0.00
Motor Own Damage 8059.24 8059.24 402172 402172 543423.58 543423.58
Previous year 7265.65 7265.65 366774 366774 0.00 0.00
Motor Third party 6742.37 6742.37 569731 569731
Previous year 6117.54 6117.54 505902 4948967
Motor (Total) 14801.61 14801.61 569731 569731 0.00 0.00 543423.58 543423.58
Previous year 629.35 629.35 5315 5315 0.00 0.00
Public Liability 24.69 24.69 57 57 4291303.82 4291303.82
Previous year 23.04 23.04 59 59 0.00 0.00
Previous year 45.45 45.45 15 15 0.00 0.00
Previous year 284.62 284.62 2446 2446 0.00 0.00
Liability (Total) 993.39 993.39 8627 8627 0.00 0.00 6383096.23 6383096.23
Previous year 1157.62 1157.62 86870 86870 0.00 0.00

Previous year 11786.03 11786.03 48820 48820 0.00 0.00
Previous year 112.10 112.10 3209 3209 0.00 0.00
Health (Total) 12965.68 12965.68 61890 61890 0.00 0.00 798574.14 798574.14
Crop Insurance 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
78

Previous year 4559.71 4559.71 86769 86769 0.00 0.00
Grand Total 57458.02 57458.02 894953 894953 0.00 0.00 1064614009.30 1064614009.30
417.42 417.42 7396 7396 208.71 208.71 0.00 0.00
437.24 437.24 3976 3976 37.51 37.51 0.00 0.00
112.93 112.93 730 730 56.47 56.47 0.00 0.00
51.78 51.78 706 706 8.96 8.96 0.00 0.00
12.93 12.93 157 157 6.47 6.47 0.00 0.00

1.93 1.93 101 101 4.05 4.05 0.00 0.00
125.86 125.86 887 887 62.93 62.93 0 0
53.71 53.71 807 807 13.01 13.01 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
146.51 146.51 585 585 73 73 0 0
64.84 64.84 313 313 11 11 0 0
1473.88 1473.88 69147 69147 737 737 0 0
820.78 820.78 39047 39047 130 130 0 0
1270.39 1270.39 96520 96520 635 635 2472293 2472293
720.66 720.66 54299 54299 127 127 0 0
2744.27 2744.27 96520 96520 1372.14 1372.14 2472293 2472293
1541.44 1541.44 54299 54299 257.45 257.45 0 0
81.53 81.53 984 984 41 41 110026 110026

36.62 36.62 541 541 8 8 0 0
0.29 0.29 1 1 0 0 0 0
0.29 0.29 1 1 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.14 0.14 2 2 0 0 0 0
31.97 31.97 214 214 16 16 109071 109071
23.75 23.75 125 125 2 2 0 0
113.79 113.79 1199 1199 56.90 56.90 219097 219097
60.80 60.80 669 669 10.05 10.05 0 0
98.01 98.01 20945 20945 49 49 219098 219098
44.79 44.79 11742 11742 15 15 0 0 irda journal July 2010
171.25 171.25 3211 3211 86 86 185194 185194
81.90 81.90 2387 2387 294 294 0 0
2.82 2.82 78 78 1 1 125 125
2.30 2.30 31 31 1 1 0 0
174.07 174.07 3289 3289 87.04 87.04 185319 185319 0 0
84.20 84.20 2418 2418 294.54 294.54 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
79
1246.32 1246.32 27959 27959 623 623 1478624 1478624

594.04 594.04 19075 19075 29 29 1903 1903
5066.25 5066.25 158780 158780 2533.13 2533.13 4574431 4574431 0 0
2881.06 2881.06 93299 93299 667.57 667.57 1903 1903 0 0
non-life insurance
Name of the Insurer: United India Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 11297.00 11297.00 73087 73087 2455.00 2455.00 18133226 18133226
Previous year 8842.00 8842.00 70424 70424 -369.00 -369.00 14192616 14192616
Marine Cargo 3559.00 3559.00 25186 25186 1115.00 1115.00 7556263 7556263
Previous year 2444.00 2444.00 24285 24285 107.49 107.49 5347921 5347921
Onshore & Offshore oil energy) 905.00 905.00 1469 1469 -60.00 -60.00 323214 323214
Previous year 965.00 965.00 1002 1002 730.51 730.51 311090 311090
Marine (Total) 4464.00 4464.00 26655 26655 1055.00 1055.00 7879478 7879478
Previous year (Total) 3409.00 3409.00 25287 25287 838.00 838.00 5659011 5659011
Aviation 12.92 12.92 47 47 4.05 4.05 1938 1938
Previous year 8.87 8.87 42 42 3.97 3.97 1305 1305
Engineering 3387.00 3387.00 8504 8504 1153.00 1153.00 1466234 1466234
Previous year 2234.00 2234.00 7661 7661 -376.00 -376.00 989722 989722
Motor Own Damage 8839.00 8839.00 403032 403032 405.00 405.00 1254207 1254207
Previous year 8434.00 8434.00 401390 401390 930.81 930.81 1050887 1050887
Previous year 6088.00 6088.00 588649 588649 388.19 388.19
Motor (Total) 16608.00 16608.00 667958 667958 2086.00 2086.00 1254207 1254207
Previous year 417.27 417.27 5179 5179 32.13 32.13
Public Liability 121.58 121.58 1078 1078 -29.18 -29.18 24316 24316
Previous year 150.76 150.76 664 664 -2.19 -2.19 27411 27411
Product Liability 68.37 68.37 194 194 26.11 26.11 13606 13606
Previous year 42.26 42.26 159 159 -0.71 -0.71 8771 8771
Other Liability Covers 326.20 326.20 2529 2529 9.31 9.31 99246 99246
Previous year 316.89 316.89 2161 2161 39.54 39.54 94590 94590
Liability (Total) 997.17 997.17 9759 9759 69.99 69.99 137168 137168
Personal Accident 1161.89 1161.89 36946 36946 341.91 341.91 3827047 3827047
Previous year 819.98 819.98 33234 33234 58.41 58.41 2958230 2958230
Medical Insurance 14512.00 14512.00 103603 103603 2936.95 2936.95 2004620 2004620
Previous year 11575.05 11575.05 96676 96676 3607.88 3607.88 1865685 1865685
Overseas Medical Insurance 764.00 764.00 8128 8128 256.05 256.05 224838 224838
Previous year 507.95 507.95 6528 6528 5.12 5.12 150060 150060
Health (Total) 15276.00 15276.00 111731 111731 3193.00 3193.00 2229458 2229458
Crop Insurance 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00
80
All Other Miscellaneous 6588.02 6588.02 165407 165407 93.06 93.06 1269955 1269955
Previous year 6494.96 6494.96 156740 156740 382.84 382.84 1210803 1210803
Grand Total 59792.00 59792.00 1100094 1100094 10451.00 10451.00 36198712 36198712
615.82 615.82 11005 11005 0.00 0.00 0 0
443.14 443.14 9825 9825 195.19 195.19 245 245
94.20 94.20 1806 1806 0.00 0.00 0 0
60.29 60.29 1393 1393 45.14 45.14 95 95
10.79 10.79 195 195 0.00 0.00 0 0

6.18 6.18 58 58 4.96 4.96 0 0
105.00 105.00 2001 2001 0.00 0.00 0 0
66.47 66.47 1450 1450 50.10 50.10 95 95
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
141.37 141.37 1064 1064 0.00 0.00 0 0
117.11 117.11 880 880 43.86 43.86 26 26
1334.25 1334.25 65633 65633 0.00 0.00 0 0
1196.70 1196.70 61032 61032 221.60 221.60 2410 2410
932.36 932.36 104586 104586 0.00 0.00 0 0
818.15 818.15 84020 84020 128.03 128.03 1092 1092
2266.61 2266.61 104586 104586 0.00 0.00 0 0
2014.85 2014.85 84020 84020 349.63 349.63 3502 3502
42.43 42.43 879 879 14.79 14.79 41 41

36.74 36.74 767 767 11.31 11.31 20 20
8.18 8.18 93 93 0.00 0.00 0 0
3.10 3.10 65 65 2.40 2.40 0 0
2.16 2.16 18 18 0.00 0.00 0 0
1.34 1.34 0 0 1.45 1.45 0 0
12.27 12.27 287 287 0.00 0.00 0 0
9.34 9.34 153 153 6.12 6.12 0 0
65.04 65.04 1277 1277 14.79 14.79 41 41
50.52 50.52 984 984 21.28 21.28 20 20
166.09 166.09 4755 4755 219.84 219.84 12152 12152
305.55 305.55 7980 7980 1916.15 1916.15 60072 60072 5869 5869
270.34 270.34 6268 6268 224.95 224.95 33643 33643 4681 4681
16.49 16.49 740 740 2.73 2.73 130 130 319 319
13.09 13.09 562 562 3.54 3.54 289 289 212 212
322.04 322.04 8720 8720 1918.88 1918.88 60202 60202 6188 6188
283.43 283.43 6830 6830 228.49 228.49 33932 33932 4893 4893
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
81
1010.47 1010.47 35884 35884 286.64 286.64 4568 4568

907.40 907.40 32220 32220 190.48 190.48 4305 4305
4692.43 4692.43 169292 169292 2440.15 2440.15 76963 76963 6188 6188
3950.55 3950.55 140573 140574 1217.34 1217.34 50293 50293 4893 4893
non-life insurance
Name of the Insurer: Universal Sompo
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 425.42 425.42 6706 6706 131.58 131.58 501019.54 501019.54
Previous year 293.84 293.84 4239 4239 280.89 280.89 252002.57 252002.57
Marine Cargo 116.87 116.87 64 64 67.20 67.20 748654.67 748654.67
Previous year 49.67 49.67 68 68 49.67 49.67 91999.16 91999.16
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Marine (Total) 116.87 116.87 64 64 67.20 67.20 748654.67 748654.67
Aviation 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Engineering 152.85 152.85 70 70 30.93 30.93 38340.15 38340.15
Previous year 121.92 121.92 67 67 121.92 121.92 13906.60 13906.60
Motor Own Damage 972.40 972.40 35909 35909 862.79 862.79 83548.35 83548.35
Previous year 109.61 109.61 2385 2385 109.61 109.61 8381.73 8381.73
Previous year 0.00 0.00 0 0 0.00 0.00
Motor (Total) 1313.57 1313.57 35909 35909 1203.96 1203.96 83548.35 83548.35
Employer's liability 3.16 3 24 24 -0.27 -0.27 436 436
Previous year 3.43 3.43 8 8 3.43 3.43 566.80 566.80
Public Liability 3.27 3.27 3 3 2.68 2.68 5400 5400
Previous year 0.59 0.59 5 5 0.59 0.59 1282.00 1282.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0 0 0 0 0 0 0 0
Liability (Total) 20.13 20.13 36 36 16.11 16.11 9226.37 9226.37
Previous year 617.82 617.82 76 76 617.82 617.82 7278094.13 7278094.13
Previous year 428.65 428.65 1006 1006 428.65 428.65 41665.25 41665.25
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Health (Total) 500.16 500.16 2259 2259 71.51 71.51 41802.05 41802.05
Crop Insurance 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.00 0.00 0 0 0.00 0.00 0.00 0.00
82
All Other Miscellaneous 212.09 212.09 9123 9123 -25.85 -25.85 120305.64 120305.64
Previous year 237.94 237.94 7997 7997 237.94 237.94 115204.93 115204.93
Grand Total 2800.54 2800.54 54508 54508 937.07 937.07 1828471.52 1828471.52
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00

0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0.00 0.00
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
0.00 0.00 0 0 0 0 0 0
83
85.43 85.43 3431 3431 0 0.00 0 0

38.88 38.88 1627 1627 0 0.00 0 0
85.43 85.43 3431 3431 0.00 0.00 0 0 0 0
38.88 38.88 1627 1627 0.00 0.00 0 0 0 0
non-life insurance
Name of the Insurer: Agriculture Insurance Company of India Ltd.
BUSINESS FIGURES:

LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Previous year
Marine (Total)
Previous year (Total)
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total)
Employer's liability
Previous year
Public Liability
Previous year
Product Liability
Previous year
Other Liability Covers
Previous year
Liability (Total)
Personal Accident
Previous year
Medical Insurance
Previous year
Previous year
Health (Total)
Crop Insurance 4585.32 4581.77
Previous year 7149.32 81502.02
Credit Guarantee
Previous year
84
All Other Miscellaneous

Previous year
Grand Total 4585.32 4581.77
Previous year (Total) 7149.32 81502.02

85
non-life insurance
Name of the Insurer: Apollo Munich Health Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Previous year
Marine (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year
Public Liability
Previous year
Product Liability
Previous year
Previous year
Liability (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 0.53 0.53 107 107 0.53 0.53 12030.08 12030.08
Previous year 432.53 432.53 1726 1726 432.53 432.53 29594.88 29594.88
Previous year 50.91 50.91 2496 2496 50.91 50.91 161062.50 161062.50
Health (Total) 1750.22 1750.22 26512 26512 1750.22 1750.22 185149.46 185149.46
Crop Insurance
Previous year
Credit Guarantee
Previous year
86
Previous year 30.20 30.20 30044 30044 30.20 30.20 149960.00 149960.00
Grand Total 1850.77 1850.77 68989 68989 1850.77 1850.77 404083.09 404083.09
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.10 0.10 810 810 0.25 0.25 926 926

0.00 0.00 0 0 0.00 0.00 0 0 71462 71462
9203 9203
0.00 0.00 0 0 0.00 0.00 0 0 2642 2642
2807 2807
0.00 0.00 0 0 0.00 0.00 0 0 74104 74104
0.00 0.00 0 0 0.00 0.00 0 0 12010 12010
87
0.10 0.10 810 810 0.25 0.25 926 956 74104 74104
0.00 0.00 0 0 0.00 0.00 0 0 12010 12010
non-life insurance
Name of the Insurer: Export Credit Guarantee Corporation of India Ltd
BUSINESS FIGURES:

LINE OF BUSINESS
Fire
Previous year
Marine Cargo
Previous year
Previous year
Marine (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Aviation
Previous year
Engineering
Previous year
Motor Own Damage
Previous year
Motor Third party
Previous year
Motor (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year
Public Liability
Previous year
Product Liability
Previous year
Previous year
Liability (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Personal Accident
Previous year
Medical Insurance
Previous year
Previous year
Health (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Crop Insurance
Previous year
Credit Guarantee 6854 6854 814 814 1147 1147 238200 238200
Previous year 5707 5707 925 925 1001 1001 257360 257360
88
All Other Miscellaneous

Previous year
Grand Total 6854.40 6854.40 814 814 1147.39 1147.39 238199.73 238199.73
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
89
0.00 0.00 0 0 0.00 0.00 0 0

0.00 0.00 0 0 0.00 0.00 0 0
non-life insurance
Name of the Insurer: Star Health and Allied Insurance Company Limited
BUSINESS FIGURES:

LINE OF BUSINESS
Fire 0 0 0.00 0.00
Previous year 0 0 0.00 0.00
Marine Cargo 0 0 0.00 0.00
Onshore & Offshore oil energy) 0 0 0.00 0.00
Marine (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Aviation 0 0 0.00 0.00
Engineering 0 0 0.00 0.00
Motor Own Damage 0 0 0.00 0.00
Motor Third party 0 0
Previous year 0 0
Motor (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year
Public Liability
Previous year
Product Liability
Previous year
Previous year
Liability (Total) 0.00 0.00 0 0 0.00 0.00 0.00 0.00
Previous year 29.27 29.27 5542 5542 2.20 2.20 33482.19 33482.19
Previous year 13983.49 13983.49 25794 25794 8228.52 8228.52 10121657.95 10121657.95
Previous year 70.24 70.24 2066 2066 32.40 32.40 172027.54 172027.54
Health (Total) 20280.18 20280.18 50214 50214 6226.45 6226.45 10550821.86 10550821.86
Crop Insurance
Previous year
Credit Guarantee
Previous year
90
All Other Miscellaneous 27.62 27.62 9899 9899 -8.01 -8.01 98990 98990.00
Previous year 35.63 35.63 12756 12756 34.41 34.41 127560.00 127560.00
Grand Total 20403.71 20403.71 69187 69187 6285.08 6285.08 10829901.02 10829901.02
0.00 0.00 0 0 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
0.00 0.00 0 0 0.00 0.00 0 0 0 0

0.00 0.00 0 0 0.00 0.00 0 0 0 0
13.46 13.46 3792 3792 72.89 72.89 53846 53846.00
11.39 11.39 2082 2082 14.08 14.08 20440 20440.00 irda journal July 2010
504.99 504.99 15717 15717 19405.45 19405.45 26344 26344.00 24335544 24335544
232.27 232.27 10344 10344 13586.42 13586.42 24277095 24277095.00 24295696 24295696
23.90 23.90 760 760 61.10 61.10 2062 2062.00 3886 3886
18.09 18.09 502 502 35.01 35.01 1000 1000.00 2066 2066
528.89 528.89 16477 16477 19466.55 19466.55 28406 28406 24339430 24339430
250.36 250.36 10846 10846 13621.43 13621.43 24278095 24278095 24297762 24297762
91
27.62 27.62 9899 9899

35.63 35.63 12576 12576
542.35 542.35 20269 20269 19567.06 19567.06 92151 92151 24339430 24339430
261.75 261.75 12928 12928 13671.14 13671.14 24311111 24311111 24297762 24297762
SPREAD THE WORK...
The above advertisement is issued by IRDA in the Public interest.
Those wishing to publish it for spreading consumer awareness of Insurance
may use this artwork for reproduction.
events
13 15 July 2010 International Takaful Summit

Venue: London By Takaful House PJSC, Dubai
22 23 July 2010 4th Asian Conference on Microinsurance

Venue: Ho Chi Minh City, By Asia Insurance Review, Singapore
Vietnam
15 17 July 2010 Reinsurance Management

Venue: NIA, Pune By National Insurance Academy
19 21 July 2010 Rural & Micro-insurance

25 29 July 2010 World Risk and Insurance Economics Congress

Venue: Singapore By APRIA, Singapore; & others
30 July 2010 De-Bottlenecking the Health Insurance Growth

Venue: New Delhi By FICCI
02 07 Aug 2010 Risk-based Underwriting (Non-life)

12 14 Aug 2010 Financial Risk Insurance

23 25 Aug 2010 Management of Motor Underwriting & Claims (OD)

30 Aug 1 Sep 2010 Workshop on Micro-Insurance

RNI No: APBIL/2002/9589
view point
The failure of systems and processes featured strongly in the recent financial crisis. Failure
by Boards and senior management to exercise effective risk management oversight led to
serious consequences for some financial institutions.
Mr Andrew Khoo
Assistant Managing Director, Monetary Authority of Singapore
We want to ensure the legislation ultimately enacted addresses issues, gaps or weaknesses
exposed by actual events; and avoids unnecessary or counterproductive changes to
healthy and functioning elements of the financial system.
Ms. Jane L. Cline

NAIC President and West Virginia Insurance Commissioner
We noted that uncertainties continued to cloud the global economic outlook, and global
financial markets remained vulnerable to aftershocks.
Mr. John F. Laker

Chairman, Australian Prudential Regulation Authority
Though global conditions have improved, recent developments in Europe have once
again unsettled financial markets as doubts have arisen over the fiscal sustainability of
several countries in the Euro zone.
Mr. Lim Hng Kiang

Minister for Trade and Industry, Government of Singapore
Crucial to the long-term resilience and continued sustainability of financial institutions is

the presence of an effective board to provide oversight, strategic guidance, and to
inculcate strong governance and risk management culture within the organisation.
Mr. Dato' Muhammad bin Ibrahim

Deputy Governor, Bank Negara Malaysia
This (the Ordinance on ULIPs) is a positive development for insurance companies and
would also boost policyholders' confidence in ULIPs.
Mr. J. Hari Narayan

Chairman, Insurance Regulatory & Development Authority, India.
If undelivered please return to:

IRDA, Parishram Bhavan, 3rd Floor, Basheer Bagh, Hyderabad - 500 004. Ph: +91-40-23381100

Irda Journal July10

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Irda Journal July10

Uploaded by

Copyright:

Available Formats

Volume VIII, No.

Ever Ready to Help

’Ë◊Ê ÁﬂÁŸÿÊ◊∑§ •ı⁄U Áﬂ∑§Ê‚ ¬˝ÊÁœ∑§⁄UáÊ

© 2010 Insurance Regulatory and Development Authority.

F or any business entity, the bottom-line is

Statistics - Life Insurance 04

Need to Demonstrate and Deliver 22

thou chek esa xzkgd fgr j{kk

Pro-active Customer Service

05 irda journal July 2010

The document should avoid jargon, should be

To, way of commission or otherwise to any person, in cases where

Attention is drawn to section 31B(2) of the

made by the Authority.)” Sd/-

To attached herewith. The revision in the format

CORPORATE AGENTS - GUIDELINES

prior approval of the Authority.

be curbed by plugging legal loopholes and tightening of the

identified by IRDA as a step in curbing wrong I. Distribution channel related changes:

Single Premium (SP) contracts: 125 percent of single premium.

d. Establish Sources of Funds: cases, the background and purpose of such

To In view of the above market practices, the

service to the Policyholders. pertaining to in manner of receipt of premium.

To be payable on the expiry of the lock in

and products, shall have premium paying term

During this period, no residuary payments on policies which are

(ii) The minimum health cover per annum should be as follows:

giving enough flexibility for the 5 4.00%

will have an option to commute up to a

To 25 & 26 of the Guidelines on Licensing of

CIR/SEP09 dated 02.09.09 are complied by the Corporate Agent.

Using the Right Discretion

in the next issue...

Changing the Way Insurance

utmost transparency at the time of sale and

products shall offer a minimum guarantee of 4.5% per annum or as

decisions before entering into insurance contracts. Reliable and

Vishwavijay Singh suggests that a persistent practice of customer support, whenever

Need to Demonstrate and Deliver

electronic channels as chat transcripts are

before the departure of the trip. An emergency

Contours of World Class

World Class Motto: Passion and commitment

For reaching the zenith of excellence,

Protection of Insurance Policyholders' interests: Insurance as a 'service', unlike a product, has

Companies can no longer act autonomously,

Thus organizations need to move from the

entrants? How is it able to forecast its future under shifting and

Former GM, GIC of India.

Pro-active Customer Service

Analysis, the customer would be given a CBI which clearly

In case the nomination is not made or the

details, lapse intimation, ECS activation/

Commitment towards Protection

consumer, the Registrar can require the insurer

sent and would be entrusted to the agent.

voucher is devised. For death claims, all non

Table 2 showing the responses of customers with regard to

Name of the Number of respondents Values in percentages.

IRDA can IRDA cannot Percentage of people Percentage of people

guarantee guarantee believing in the not believing in the

Bangalore rural 119 131 47.6 52.4

Kolar rural 121 129 48.4 51.6