Neeraj Final Project

ICICI Lombard General Insurance Co. Ltd. A SUMMER TRAINING PROJECT MARKET RESEARCH 

TO GET INTO INSIGHT OF OTC (ON THE COUNTER) PRODUCT EDUCATIONAL INSTITUTES PACKAGE POLICY (EIPP) OF ICICI LOMBARD

 TO DETERMINE MARKET POTENTIAL OF OTC PRODUCT IN BHOPAL MAY - JUNE 2009 Project Undertaken by –

Neeraj Gandhi MBA-II Semester

Maharishi Institute of Management Maharishi Centre For Educational Excellence (MCEE) Berasia Road, Lambakheda, Bhopal (M.P.) Affiliated to Barkatullah University, Bhopal

ICICI Lombard General Insurance Co. Ltd. A SUMMER TRAINING PROJECT MARKET RESEARCH  TO GET INTO INSIGHT OF OTC (ON THE COUNTER) PRODUCT EDUCATIONAL INSTITUTES PACKAGE POLICY (EIPP) OF ICICI LOMBARD  TO DETERMINE MARKET POTENTIAL OF OTC PRODUCT IN BHOPAL MAY - JUNE 2009 Project Undertaken by –

Neeraj Gandhi MBA-II Semester

Maharishi Institute of Management Maharishi Centre For Educational Excellence (MCEE) Berasia Road, Lambakheda, Bhopal (M.P.) Affiliated to Barkatullah University, Bhopal

DECLARATION I Neeraj Gandhi, here by declare that the project work title “Market Research: To get into insight of OTC (On The Counter) product Educational Institutes Package Policy (EIPP) of ICICI Lombard. • To determine market potential of OTC products in Bhopal”; •

is a genuine work done by me and all the information collected is authentic to the best of my knowledge.

Neeraj Gandhi MBA-II Semester Maharishi Institute of Management (MCEE), BHOPAL (M.P.).

ACKNOWLEDGEMENT Completion of research and writing of the report is a satisfying event and the pleasant part is the opportunity to thank those who inspired, contributed and cooperated to it. I am indebted to Mr. Atul Kumar Jain, Unit Sales Manager, ICICI Lombard General Insurance Co. Ltd who encouraged and supported me and there after provided every possible help and guidance for the completion of my project. I am also grateful to Mr. Haneef Khan, Sales Manager, ICICI Lombard General Insurance co. Ltd., for giving their valuable time, support and guidance. I take the opportunity to offer my deep sense gratitude and reverence to Mr. Rakesh Anand, HOD, MIM for his beneficial co-operative help. I also wish to thanks Brig. (Dr.) S.S. Ahlawat Director cum Principal for there great moral support during this project. Last but not the least, I would like to thank all the respondents who spent their precious time to answer the questions, without their support this project would not have been successfully completed.

Neeraj Gandhi MBA-II Semester Maharishi Institute of Management(MCEE) Bhopal.

PREFACE The research provides an opportunity to a student to demonstrate application of his / her knowledge, skill and competencies required during the technical session. Research also helps the student to devote his / her skill to analyze the problem to suggest alternative solutions, to evaluate them and to provide feasible recommendations on the provided data. Although I have tried my level best to prepare this report an error free report every effort has been made to offer the most authenticate position with accuracy.

CONTENTS COMPANY'S BACKGROUND • Introduction • • • • • • •

Why ICICI Lombard Fairfax ICICI Bank Board of Members Product Range i Health Care Jurisdiction of the Study

OBJECTIVES OF THE STUDY REVIEW OF LITERATURE • Review of Books • Review of Journals • Review of Newspapers • Review of Magazines RESEARCH METHODOLOGY • Research Methodology • Types of Research • Area of Research • Period of Research • Research Design • Sampling Design • Tools of Analysis • Limitations DATA ANALYSIS & INTERPRETATION OBSERVATIONS & FINDINGS SUGGESTIONS

CONCLUSION REFERENCES BIBLIOGRAPHY APPENDIX

• Questionnaire • Proposal Form • Brochures and Product Guidance

COMPANY’S BACKGROUND

INTRODUCTION ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the Canada based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.

Why ICICI Lombard? i. ii. iii. iv. v. vi. vii.

viii. ix. x. xi. xii. xiii. xiv. xv. xvi.

India 's number one private general insurance company First general insurance company in India to be ISO 9001:2000 certified Assigned the iAAA rating by ICRA indicating highest claims paying ability Simple and fast documentation Lightning fast claims settlement Instant online policy issuance Highest security level offered through 128-bit encryption in case of online data exchange First company to provide digitally signed documents through an online interface Achieved financial breakeven in first full year of operations Achieved underwriting breakeven in second year of operations Adjudged as the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards 2007 Awarded the NDTV Profit Business Leadership Awards 2007 in the General Insurance category on July 27, 2007 Adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006 Awarded the Best Housing Insurance in the Smart Living Awards by 360 degrees, a Times of India Group subsidiary, in Nov 2006 Awarded the Gold Shield for "Excellence in Financial Reporting" by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006 Adjudged amongst the top three in the Insurance Website of the Year category at the 9th Asia Insurance Industry Awards function held in Singapore during September, 2005

FAIRFAX

Introduction Fairfax Financial Holding Limited is a financial services holding company whose corporate objective is to achieve a high rate of return on invested capital and Build long-term shareholder value. It provides services in the area of financial services, general insurance, reinsurance, insurance claims management and investment management. Fairfax Group is also one of the shareholders of ICICI Bank Ltd. Group Companies Lombard Canada Ltd. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. It is a leading insurance management company responsible for providing insurance management services for all of the Lombard group's commercial, personal, and specialized insurance companies. Lombard Canada Ltd. has its head office in Toronto, Canada and has annual sales in excess of $977 million and is a wholly owned subsidiary of Fairfax Financial Holdings Limited (FFH on the TSE). Lombard Canada Ltd. has achieved a reputation for providing solid underwriting performance, diversified books of business and strong capital positions. It has received an A- rating from A.M. Best Company and claims paying ability received an A+ rating from Duff & Phelps Credit Rating Co.

ICICI Bank Ltd. Introduction ICICI Bank is India's second-largest bank. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). Group Companies Domestic subsidiaries ICICI Brokerage Services Limited * ICICI Distribution Finance Private Limited ICICI Home Finance Company Limited ICICI Investment Management Company Limited ICICI Lombard General Insurance Company Limited ICICI Prudential Life Insurance Company Limited ICICI Securities Limited ICICI Trusteeship Services Limited

ICICI Venture Funds Management Company Limited Prudential ICICI Asset Management Company Limited Prudential ICICI Trust Limited International subsidiaries ICICI Bank Canada ICICI Bank Eurasia Limited Liability Company ICICI International Limited ICICI Securities Holdings Inc* ICICI Securities Inc * * ICICI Bank UK Limited * Subsidiary of ICICI Securities Limited ** Subsidiary of ICICI Securities Holdings Inc

Board Members Chanda Kochhar, Chairperson R. Athappan, Director Sandeep Bakhshi, Director B.V. Bhargava, Director Dileep Choksi, Director James Dowd, Director N.S. Kannan, Director S. Mukherji, Director Chandran Ratnaswami, Director M.K. Sharma, Director H.N. Sinor, Director Bhargav Dasgupta, Managing Director & CEO

Product Range

Business Solutions

Burglary Insurance Industrial All Risk All Risk Insurance Consequential Loss(Fire) Insurance Electronic Equipment Insurance Fidelity Insurance Fire and Special Perils Tea Corp Insurance Marine export import Machinery Boiler Insurance Inland Transit Insurance

Project Solutions Contractors’ All Risk Contractors’ Plant & Machinery Erection All Risk Performance Guarantee Liability Solutions Director’s & Officers Liability Event Insurance Product Liability Public Liability Workmen’s Compensation Professional Indemnity Export Solutions Export Import Transit Export Credit

Rural Solutions Weather Insurance Janata Personal Accident Tractor Farmer’s Package

Personal Solutions Health Insurance Health Personal Accident Group Personal Accident Group Health Travel Insurance Domestic Travel Individual Overseas Travel Student Overseas Travel Senior Citizen Overseas Travel Corporate Overseas Travel Pravasi Bhartiya Bima Yojana Motor Insurance Two Wheeler Four Wheeler Home Insurance Master OTC Package Policy Educational Institutes Package Policy (EIPP) Corporate Cover (Office Package) Medical Establishment Comprehensive Insurance Policy Petrol Station Package Policy These includes following products in it:

Fire cover, Buildings & Contents Group Personal Accident Electronic Equipments Cash in Safe Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation Fidelity Guarantee Insurance Plate Glass Insurance Critical Illness Insurance

i HEALTH CARE

i Health Care is an in-house health claim processing and wellness centre of ICICI Lombard. At i Health Care, we offer bouquet of health services and wellness information to keep you healthy and happy. It has been our objective to ensure good health and complete happiness to you by providing the best of services at the right time and right place. We have partnered with the best of hospitals, diagnostic centres, wellness centres and other health care service providers.

JUSTIFICATION OF THE STUDY

In this project I have tried my best to accomplish the primary objective as well as the secondary objective of my study. My project remained within the framework of scientific study as I opted sample method for my project. I made use of two scientific tools that are questionnaire and interviews for collecting the data. Field investigation and interviews were done personally. The analysis were made on the data's given by the consumer whom when contacted were ready to give their response and other valuable information. Thus the interpretation and analysis of the data will fully justify the report prepared and the same can be considered as a genuine one. This project work .helped me to increase my practical knowledge of the management field.

OBJECTIVES OF THE STUDY

OBJECTIVES OF THE STUDY •

To do market research for OTC (On The Counter) insurance plans for Educational Institutes with special reference to ICICI Lombard. • To get into insight of OTC • To determine market potential of OTC in Bhopal region. • To know the factors that influences the industry to opt a particular company for general insurance. The project is for OTC product of ICICI Lombard for Educational Institutes called Educational Institutes Package Policy (EIPP), the main objective is to know about the product and its contents and to make aware Educational Institutes of these products. The EIPP is the package of following products/plans

Covers forming part of the Package: Standard Fire and Special Perils Scope of Cover The section broadly covers losses due to fire, lightning, explosion and implosion, aircraft damage, riot, strike, malicious damage and terrorism, storm, tempest, flood and inundation, impact damage, subsidence and landslide/rockslide, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing, leakage from automatic sprinkler installations and bush fire. Main Exclusions The section does not cover the deductible (as applicable) of each and every claim. Losses arising out of war and allied perils, theft, willful act or gross negligence, loss of earnings, loss to bullion, documents, currency etc. for an amount exceeding Rs. 10,000, unless expressly stated are also excluded. Main Extensions Earthquake (Fire & Shock)

Impact Damage due to own vehicles Omission to insure additions Terrorism Electronic Equipment Scope of Cover This section is suitable for electronic equipment like computers, industrial electronic machines and sophisticated medical equipment. It encompasses perils like Fire, Burglary, Acts of God (AOG) and Accidents. The section broadly covers material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, cost of external data media. Cost of reconstruction of data and increased cost of working can also be covered. Main Exclusions The section does not cover the deductible (as applicable) of each and every claim. The section does not cover losses/ damages due to wear & tear, war, willful act or gross negligence or willful negligence, aesthetic defects and consequential loss. Burglary Scope of Cover The section broadly covers loss and/or damage by Burglary, Housebreaking (Theft following upon actual, forcible and violent entry of and/or exit from the premises) including hold-up risk and damage caused to premises while attempting the same. Main Exclusions The section does not cover loss and/or damage arising out of War, Riot, Strike, Civil Commotion, Terrorism and by use of keys to safe unless the keys are procured by force. Main Extension(s) Theft Riots, Strikes and Malicious Damage

Fidelity Guarantee Scope of Cover This section broadly covers pecuniary loss sustained as a result of act of fraud or dishonesty in respect of monies or goods of the employer committed by the employees in the course of performance of their duties. This cover is suitable for employees occupying positions of trust such as cashier and storekeeper. Main Exclusions The section does not cover the deductible (as applicable) of each and every claim. This section does not cover loss, on account of change in any circumstances and conditions of the said employment without the consent of the Company and loss arising outside India. Group Personal Accident Scope of Cover The section compensates the Insured in case of Accidental Death, Loss of limbs and eyes, Permanent Total Disablement and Permanent Partial Disablement. Main Exclusions The section does not cover losses arising out of suicide, self-injury, venereal diseases, war and nuclear perils and pregnancy. Main Extension Medical expenses following an accident. Critical Illness Insurance Scope of Cover

The company will pay the Sum Insured if during the Policy Period the Insured is found to have a Critical Illness (Cancer, Coronary Artery By Pass Graft Surgery, Myocardial Infarction (Heart Attack), Kidney Failure, Major Organ Transplant, Stroke, Paralysis, Heart Valve Replacement Surgery and End Stage Liver Disease contracted during the Policy Period and survives such Critical Illness for at least 30 days from the date of its discovery. Main Exclusions Pre Existing Illness, Congenital Illnesses, Claims related to pregnancy/ childbirth, Consequential losses of any kind, Claims on account of Sexually transmitted diseases, HIV/AIDS, diseases/ illnesses not mentioned in the list of illnesses covered. Money Insurance Scope of cover The section broadly covers loss of money in transit by the insured or insured’s authorized employee(s) occasioned by robbery, theft or any other fortuitous cause. The section also covers loss by burglary or house breaking, robbery or Hold Up whilst money is retained at the Insured’s premises in safe(s) or strong room. Main exclusions The section does not cover losses and /or damages due to floods, cyclones, earthquakes and other convulsions of nature, war and war like operations, civil commotion, riots and strikes and terrorist activities, shortage due to error, omission, by use of keys to safe(s) or strong room (unless such keys are obtained by force or threat), whilst being carried under contract of affreightment, theft from unattended vehicle and consequential loss. The section does not cover the deductible (as applicable) of each and every claim. Main Extension Riot, Strike and Malicious Damage Employer’s Liability (Workmen’s Compensation) Scope of Cover The section, provides for two forms of insurance viz,

Table ‘A’ -

Indemnity against legal liability to all employees (whether or not coming within the definition of the term Workmen) under The W.C.Act 1923 and subsequent amendment to the said Act prior to the inception of the cover, the Fatal Accidents Act, 1855 and at Common Law.”

Table ‘B’ -

Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table ‘B’ policies may not be issued to cover employees who fall within the definition of “Workmen” under the Workmen’s Compensation Act, 1923 as amended).

Main Exclusions The section does not cover losses arising out of war and allied perils, nuclear activities and contractual liabilities. Main Extensions Medical Expenses Occupational Diseases Group Health/ Group Health (Floater) Scope of Cover This section covers reimbursement of hospitalization expenses incurred for diseases contracted or injuries sustained in India. Medical expenses upto 30 days for Pre – hospitalization and upto 60 days for post – hospitalization are also admissible. Main Exclusions Pre Existing Diseases, Diseases Contracted During first 30 Days, Cost Of Spectacles / Contact Lenses, Dental Treatment, AIDS, Pregnancy and certain specified diseases during first year of the policy. Main Extensions Policy can be extended to cover maternity benefits, Pre Existing Diseases on payment of additional premium.

Plate Glass Scope of Cover The section covers a sum as compensation for any loss or damage to glass, which is plain and of ordinary glazing quality and/or glass with embossing, silvering, lettering, bending/curving or ornamental work, due to breakage by any accidental, external and visible means. Main Exclusions The section does not cover the deductible (as applicable) of each and every claim. The section does not cover the losses due to Pre-existing cracks or other imperfections, losses arising due to acts of terrorism, damage to framework, disfiguration/ scratching or any damage other than fracture extending through the thickness of glass, consequential loss or legal liability of any kind, cost of lettering or painting unless specifically agreed by the Company in writing.

REVIEW OF LITERATURE

REVIEW OF BOOKS •

Kotler, Philip. (1999):’Marketing Management’ Prentice Hall Of India Pvt. Ltd., New Delhi.

Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organizations, whether they be large or small. Marketing Research is the function, which links the consumer and public to the marketer through information and information used to identity and define marketing opportunities and problems generated, refine evaluate marketing actions, monitor marketing performances, and improve understanding of marketing research as a process. Marketing research methods Methodologically, marketing research uses four types of research designs, namely:

Qualitative marketing research Generally used for exploratory purposes - small number of respondents - not generalizable to the whole population - statistical significance and confidence not calculated - examples include focus groups, in-depth interviews, and projective techniques. Qualitative research provides an understanding of how or why things are as they are. For example, a Market Researcher may stop a consumer who has purchased a particular type of bread and ask him or her why that type of bread was chosen. Unlike quantitative research there are no fixed set of questions but, instead, a topic guide (or discussion guide) is used to explore various issues in-depth. The discussion between the interviewer (or moderator) and the respondent is largely determined by the respondents' own thoughts and feelings. As with quantitative techniques, there are also various types of qualitative methodologies. Research of this sort is mostly done face-to-face. One of the best-

known techniques is market research group discussions (or focus groups). These are usually made up of 6 to 8 targeted respondents, a research moderator whose role is to ask the required questions, draw out answers, and encourage discussion, and an observation area usually behind one way mirrors, and video and/or audio taping facilities. In addition, qualitative research can also be conducted on a ‘one on one’ basis i.e. an in-depth interview with a trained executive interviewer and one respondent, a paired depth (two respondents), a triad (three respondents) and a mini group discussion (4-5 respondents). Qualitative research is used to help us understand how people feel and why they feel as they do. It is concerned with collecting in-depth information asking questions such as why do you say that? Samples tend to be smaller compared with quantitative projects that include much larger samples. Depth interviews or group discussions are two common methods used for collecting qualitative information. Quantitative Marketing Research Generally used to draw conclusions - tests a specific hypothesis - uses random sampling techniques so as to infer from the sample to the population - involves a large number of respondents - examples include surveys and questionnaires. Quantitative research is used to measure how many people feel, think or act in a particular way. These surveys tend to include large samples - anything from 50 to any number of interviews. Structured questionnaires are usually used incorporating mainly closed questions - questions with set responses. There are various vehicles used for collecting quantitative information but the most common are on-street or telephone interviews. Observational Techniques The researcher observes social phenomena in their natural setting - observations can occur cross-sectionally (observations made at one time) or longitudinally (observations occur over several time-periods) - examples include product-use analysis and computer cookie traces Experimental Techniques The researcher creates a quasi-artificial environment to try to control spurious factors, and then manipulates at least one of the variables - examples include purchase laboratories and test markets

Researchers often use more than one research design. They may start with secondary research to get background information, and then conduct a focus group (qualitative research design) to explore the issues. Finally they might do a full nation-wide survey (quantitative research design) in order to devise specific recommendations for the client.

REVIEW OF JOURNALS • General Insurance Industry, Indian Insurance Journal, Dr. P.S. Chauhan. With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs.450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover, health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This is an indicator that growth potential for the insurance sector is immense.

A well-developed and evolved insurance sector is needed for economic development as it provides long-term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long term debt and equity for infrastructure projects. With long-term liability, they get a good asset- liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects.

Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has came a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

•

A brief history of the General Insurance sector, IRDA Journal, Dr. L.K. Luthra.

Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four company’s viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company. The Bombay Mutual Life Insurance Society started its business in 1870. The Oriental Assurance Company was established in 1880. The first general insurance company- Tital Insurance Company Limited was established in 1850. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20's and 30's sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and LIC was born. Nationalization was justified on the grounds that it would create muchneeded funds for rapid industrialization. This was in conformity with the Government's chosen path of State lead planning and development.

The (non-life) insurance business, however, continued to thrive with the private sector till 1972. Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC).

REVIEW OF NEWSPAPERS

• ICICI Lombard, NABARD to farmers’ rescue Back, The Hindu Business Line - September 27,2007 ICICI Lombard General Insurance Company (ILGIC) and Nabard have tied up to design a liability product targeting the debt-hit farmers of Maharashtra and Andhra Pradesh. The product would help the farmers in these regions mitigate their debt burden. Speaking to Business Line, the ILGIC’s Head - Rural and Agriculture Business group, Pranav Prashad, said, “We intend launching the product from the next kharif (April - October) season.” The ILGIC initiative comes close on the heels of Syndicate Bank’s drive to refinance farm loans taken from unorganised moneylenders. Prashad said ILGIC risk product would be a risk mitigation product. In the event of crop losses/failures, insurance claims could be used to settle debt liabilities with banks or even moneylenders. In fact, such debts have been one of the major reasons for farmer suicides in both Maharashtra and Andhra Pradesh. Already, the Agricultural Insurance Corporation (AIC) of India and the State Governments offer crop insurance covers at subsidised premiums. However, the product structured by ILGIC would be specifically customised to meet the requirements of debt high farmers and crop losses would just be one component in the product, he said. ILGIC was one of the first private sector insurers in the country to launch weather risk covers. The weather covers had found phenomenal success in the States where it was launched. These included Punjab, Rajasthan, Chhattisgarh, Andhra Pradesh and Karnataka. ILGI dairy thrust to see cattle cover double Back, The Economic Times (Bangalore edition) - September 27,2007. ICICI Lombard General Insurance (ILGI) hopes to double the number of cattle covered by cattle insurance this fiscal. In FY07 it had covered one lakh livestock (milch cows) and hopes that this number would touch 2.25 to 2.5 lakh cattle. “Demand for cattle insurance is growing across the country as animal husbandry/dairying is a major economic activity. We also have a tie-up with agencies like Aavin in Tamilnadu. We believe institutional linkages would help us tap a larger population of dairy farmers in the country,” said Pranav Prashad, head of rural and agri business group of ILGI.

REVIEW OF MAGAZINES

• ICICI Lombard to expand its presence in rural sector,Business India, Jan 2008. ICICI’s rural market share went up to 11% in FY 08 from 8% last year and they are hopeful of collecting a premium of Rs540 crore in FY 08 from Rs230 crore last year ICICI Lombard plans to expand its presence in the rural sector across the country with a focus on weather and cattle insurance, a top company official said. “We plan to increase our rural market share to 11% in FY 08 from 8% last year. We are hopeful of collecting a premium of Rs540 crore in FY 08 from Rs230 crore last year,” Pranav Prasad, head, rural and agriculture business, ICICI Lombard, told reporters here. “We have charted out a concerted plan to strengthen our reach across rural India and offer insurance products like weather insurance, cattle insurance, health and personal accident insurance,” Prashad said. The company plans to expand by activating rural marketing channels across 800 towns, which include rural marketing agents and chains of rural retail outlets. “ICICI Lombard has a range of insurance products designed specially for the rural and agricultural segment with cost effective distribution mechanisms and equally robust processes for claims servicing,” Prashad said. The company in conjunction with the World Bank-pioneered weather insurance in the country to cover vagaries of the weather for a wide variety of crops to farmers. The claim settlement of weather insurance are determined by objective data capture by independent weather stations. • Air India to go for $6.5 bn insurance cover, Business Today, July, 2008 National Aviation Company of India (NACIL), which runs the state-run carrier Air India, will go for a $6.5 billion insurance cover from Monday, the highest insurance coverage by any airline company in Indian sub-continent, said an airline official. All state-owned and private insurance firms are expected to bid for the business while some of them have already started discussions to forge alliances for the year long insurance period that will expire on June 30, 2009.

The insurance cover will be provided to a fleet of the merged Air India, Indian (erstwhile Indian Airlines), Air India Express and Alliance Air, which in all are about 140 aircraft, said the official. The 2007-08 insurance contract for Air India was bagged by a consortium led by the state-run New India Assurance Company Ltd with ICICI's Lombard General Insurance Company Ltd as co-insurer. The NACIL has already managed to get at least 15 per cent discount on existing insurance rates for covering its non-aviation business in 2008-09. ICICI Lombard, scoring over state-run insurance companies and private companies, won the business. The entry of private insurance companies into the aviation market has intensified competition in the business, resulting in lower premium rates. Among the private companies expected to bid for the NACIL tender are Bajaj Allianz, General Insurance Company Ltd, ICICI Lombard, Cholamandalam MS General Insurance Company Ltd and Reliance General Insurance Company Ltd. Four public sector insurance firms, Oriental Insurance Company, New India Assurance Company, United India Insurance Company and National Insurance Company dominate the aircraft insurance business and cover NACIL's competitors such as Jet Airways (India) Ltd, Kingfisher Airlines Ltd and Deccan Aviation Ltd.

RESEARH METHODOLOGY

RESEARCH METHODOLOGY Research methodology may be defined as a way to systematically solve the research problem. Research Methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique and why other techniques are not used so that research results are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated what data have been collected and what particular methods have been adopted, why a particular technique of analyzing data has been used and a host of similar other questions are usually answered when we talk of Research Method concerning a research problem or study. Methods of Data Collection: The following methods of data collections are generally used: • • • • •

Observation Method Personal Interview Forms, Schedules or Questionnaire Method Documented Source of Data Case Study Method

TYPES OF RESEARCH The study conducted is a conclusive descriptive statistical study. Conclusive because after conducting the study, the researcher comes to a decision which is precise and rational. The study is descriptive because it is in the descriptive study, that the data is collected for a definite purpose and here the purpose is definite. The study is conclusive because after doing the study the researcher comes to a conclusion regarding the position of the brand in the minds of respondents of different age groups. The study is statistical because throughout the study all the similar samples are selected and grouped together (similarity of ages thus forming a group). All the similar responses are taken together as one and their percentages are calculated. Thus, this, conclusive descriptive statistical study is the best study for this purpose as it provides the necessary information which is utilized to arrive at a concrete decision. AREA OF STUDY : BHOPAL PERIOD OF STUDY : 45 DAYS

RESEARCH DESIGN The research approach for this study was conclusive research. Conclusive research is designed to help executives to choose among various possible alternatives to make a viable business decision. Further this research on customer Satisfaction was of descriptive type, which is an offshoot of conclusive research. The problem for this research was non-operating in nature i.e. special situation peculiar to particular company's marketing department. The data both primary and secondary data, the source was some respondents for primary data. For the proper analysis of data simple statistical techniques such as percentage were use. It helped in making more accurate generalization from the data available. The data, which was collected from a sample of population, was assumed to be representing entire population was interest.

SAMPLE DESIGN For carrying out any research or study on any subject it is very difficult to cover even all the. Therefore the sample size has to be decided for a meaningful conclusion. For designing the sample size, it was thought proper to cover a very small percentage of customers at various age areas. The method used for sample technique was non-probability convenience sampling method. This method was used because it was not know previously as to whether a particular person will be asked to fill the questionnaire. Convenient sampling is used because only those people were asked to fill the questionnaires who were easily accessible and available to the researcher. Considering the constraints, it was decided to conduct the study based on sample size of Institutes in Bhopal. Scientific method was not adopted in this study because of financial constraints and also because of lack of time, also the basic aim of doing the research was academic, hence most convenient way was selected.

TOOLS OF ANALYSIS To know the response. I have used the questionnaire method in sample survey. If one wishes to find what people think or know, the logical procedure is to ask them. This has led marketing researchers to use the questionnaire technique for collecting data more than any other method. In this method questionnaire were distributed to the respondents and they were asked to answer questions in the questionnaire. The questionnaires were structured non-disguised questionnaire because the questions, which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant. The questionnaire, were non-disguised because the questionnaire were constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire.

LIMITATIONS OF STUDY Limitation of the present study can be summarized below: 1. While designing the questionnaire it was kept in mind to gather more and more information from each target person. For the neither present nor descriptive questions could have served the purpose. Therefore the questionnaire contained in the open-ended questions . 2. The sample size was of 100 customer only so that accuracy of data so collected could be absurd covered by circulation of questionnaire. 3. The accuracy of indications given by the respondents may not be consider adequate as whether the language used in the questionnaire is understand by the respondent cannot be taken for granted.

DATA ANALYSIS & INTERPRETATION

Data Collection Some of the institutes from which Data is get collected : • Gargi Institute of science & Technology. • M.K Ponda College. • Radharaman Group of Institution Radharaman Institute of science & Technology Radharaman institute of Management • Royal Crescent Group of Colleges • Swami Vivekananda Institute of Science & Technology • Delhi Public School • Bhopal Institute of Science & Technology • Sagar Institute of Science & Technology (SISTec) • TIT Group of Institutes TIT MBA TIT Pharmacy TIT Institute of Technology and Science TIT Excellence • NRI Group of Institutes NRI Engineering NRI Pharmacy NRI Management •

Makhanlal Chaturvedi Rashtriya Patrakarita Vishwavidyalaya.

• Bansal Group of Institutes Bansal Engineering

Bansal Pharmacy Bansal MBA • SECT College of Professional Education, SCOPE • RKDF Group of Institutions RKDF 1 (Engineering, Pharmacy) RKDF 2 (Engineering, Pharmacy) RKDF MBA Bhabha Research Institute Bhabha Engineering Bhabha Pharmacy Bhabha MBA Gyan Ganga Instotute of Technology & Management, and many more……

Data Analysis Ques.1. Are you aware of following General Insurance Products releted to

Educational Institutes:

Product Name Fire cover, Buildings & Contents Group Personal Accident Electronic Equipments Cash in Safe Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation Fidelity Guarantee Insurance Plate Glass Insurance Critical Illness Insurance %Total

%Aware 100 100 93 29 21 93 14 50 29 43 64 58

%Unaware 0 0 7 71 79 7 86 50 71 57 36 42

%Total 16 16 15 4 3 15 2 8 4 7 10 100

Total percent covered by all the Products

Critical Illness Insurance 10% Fire Cover 16%

Plate Glass Insurance 7%

Fire Cover

Fidelity Gaurentee Insurance 4%

Group Presonal Accident Electronic Equipments

Workmen Compensation 8%

Cash in Safe Group Presonal Accident 16%

Burglary Insurance 2%

Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation

Group Health Insurance 15% Electronic Equipments 15% Cash in T ransit 3%

Cash in Safe 4%

Fidelity Gaurentee Insurance Plate Glass Insurance Critical Illness Insurance

TOTAL

Interpretation:

Most of the peoples are aware of Fire cover, GPA, Electronic Equipments, and Group Health Insurance.

Fire Cover, Building and Contents

Fire Cover

100% Fire Cover

Interpretation: All the people/institutes are known/aware of Fire cover and its contents.

Group Personal Accident

Not aware 0%

Group Personal Accident Not aware

Group Personal Accident 100%

Interpretation:

All the people/institutes are known/aware of group Personal accident.

Electronic Equipments Insurance

Not aware 7%

Electronic Equipments Not aware

Electronic Equipments 93%

Interpretation:

93% of the people/institutes are known/aware of Electronic Equipments Insurance.

Cash in Safe

Cash in Safe 29%

Cash in Safe Not aware

Not aware 71%

Interpretation:

29% people/institutes are aware of Cash in Safe insurance and rests 71% are not aware of it.

Cash in Transit

Cash in Transit 21%

Cash in Transit Not aware

Not aware 79%

Interpretation:

21% people/institutes are aware of Cash in Transit insurance and rests 79% are not aware of it.

Group Health Insurance

Not aware 7%

Group Health Insurance Not aware

Group Health Insurance 93%

Interpretation:

93% people/institutes are aware of Group Health Insurance and rests 7% are not aware of it.

Burglary Insurance

Burglary Insurance 14%

Burglary Insurance Not aware

Not aware 86%

Interpretation:

14% people/institutes are aware of Burglary Insurance and rests 86% are not aware of it.

Workmen’s Compensation Insurance

Workmen Compensation 50%

Not aware 50%

Interpretation:

Workmen Compensation Not aware

50% people/institutes are aware of Workmen’s Compensation Insurance and rests 50% are not aware of it.

Fidelity Guarantee Insurance

Fidelity Guarantee Insurance 29%

Fidelity Guarantee Insurance Not aware

Not aware 71%

Interpretation:

29% people/institutes are aware of Workmen’s Compensation Insurance and rests 71% are not aware of it.

Plate Glass Insurance

Plate Glass Insurance 43%

Plate Glass Insurance Not aware

Not aware 57%

Interpretation:

43% people/institutes are aware of Plate Glass Insurance and rests 57% are not aware of it.

Critical Illness Insurance

Not aware 36% Critical Illness Insurance Not aware

Critical Illness Insurance 64%

Interpretation:

64% people/institutes are aware of Critical Illness Insurance and rests 36% are not aware of it.

Total Aware and Not aware

Total Unaware 42%

Total Aware Total Unaware

Total Aware 58%

Interpretation:

Total 58% people/institutes are aware of all insurance and rests 42% are not aware of all. Ques.2. Do you have any of the mentioned covers: If not, in which of the covers you are interested

No 29%

Yes No

Yes 71%

Interpretation:

71% people/institutes have these insurance for their institutes, and 29% not have the following insurance.

No. of Institutes interested in following plans (in%) Product Name Fire cover, Buildings & Contents Group Personal Accident Electronic Equipments Cash in Safe Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation Fidelity Guarantee Insurance Plate Glass Insurance Critical Illness Insurance

No. of Institutes (in%) 13 13 13 10 13 13 6 3 3 10 3

Plate Glass Insurance 10% Fidelity Guarantee 3% Workmen Compensation 3%

Critical Illness Insurance 3%

Fire 13%

GPA 13%

Burglary Insurance 6%

Fire GPA Eletronic Equipments Cash in Safe Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation Fidelity Guarantee Plate Glass Insurance Critical Illness Insurance

Group Health Insurance 13%

Eletronic Equipments 13% Cash in Transit 13%

Cash in Safe 10%

Interpretation: Most of the peoples are aware of Fire cover, GPA, Electronic Equipments, Group Health Insurance and Cash in Transit. Ques.3. Are you aware that the Supreme Court has recommended the Group Personal Accident (GPA) cover and other student safety measures for students. YES 86

NO 14 In %

No 14%

Yes No

Yes 86%

Interpretation: 86% people/institutes know that Supreme Court has recommended GPA cover for student’s safety purpose. Ques.4. Are you aware that the student’s parents can be covered under GPA in reduced rates through you, so that in case of any miseventuality the fees is paid by the Insurance Company YES 21

NO 79 In %

Yes 21%

Yes No

No 79%

Interpretation: 21% people/institutes are aware that the student’s parents can be covered under GPA in reduced rates. Ques.5. ICICI Lombard is a No. 1 Pvt. General Insurance Company in India, how do you rate its overall image and performance on scale of 1 to 5. (1 for best, 5 for worst) 1.

7

2.

50

3.

43

4.

0

5.

0 In %

4th 0%

5 (Worst) 0%

1st (Best) 7%

1st (Best) 2nd 3rd 4th 5 (Worst)

3rd 43%

2nd 50%

Interpretation: ICICI Lombard is on 2nd at overall image and performance on scale of 1 to 5 at 50%.

OBSERVATIONS & FINDINGS

Observations and Findings 1. Most of the peoples are aware of Fire cover, GPA, Electronic Equipments, and Group Health Insurance. 2. All the people/institutes are known/aware of Fire cover and its contents. 3. All the people/institutes are known/aware of group Personal accident.

4. 93% of the people/institutes are known/aware of Electronic Equipments Insurance. 5. 29% people/institutes are aware of Cash in Safe insurance and rests 71% are not aware of it. 6. 21% people/institutes are aware of Cash in Transit insurance and rests 79% are not aware of it. 7. 93% people/institutes are aware of Group Health Insurance and rests 7% are not aware of it. 8. 14% people/institutes are aware of Burglary Insurance and rests 86% are not aware of it. 9. 50% people/institutes are aware of Workmen’s Compensation Insurance and rests 50% are not aware of it. 10. 29% people/institutes are aware of Workmen’s Compensation Insurance and rests 71% are not aware of it. 11. 43% people/institutes are aware of Plate Glass Insurance and rests 57% are not aware of it. 12. 64% people/institutes are aware of Critical Illness Insurance and rests 36% are not aware of it. 13. Total 58% people/institutes are aware of all insurance and rests 42% are not aware of all. 14. 71% people/institutes have these insurance for their institutes, and 29% not have the following insurance. 15. Most of the peoples are aware of Fire cover, GPA, Electronic Equipments, Group Health Insurance and Cash in Transit. 16. 86% people/institutes know that Supreme Court has recommended GPA cover for student’s safety purpose. 17. 21% people/institutes are aware that the student’s parents can be covered under GPA in reduced rates. 18. ICICI Lombard is on 2nd at overall image and performance on scale of 1 to 5 at 50%.

SUGGESTIONS • • • •

Company must create awareness towards its general insurance Products Company must appoint more advisors/agents for General Insurance. Company must emphasis on claim settlement procedure. Company must contact with the agencies who are selling vehicles.

• More transparency in services must be their. • After sales service should be enhanced. • Should provide dealers with special discount on premium.

CONCLUSION ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the Canada based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general

insurance, reinsurance, management.

insurance

claims

management

and

investment

The analysis were made on the data's given by the consumer whom when contacted were ready to give their response and other valuable information. Thus the interpretation and analysis of the data will fully justify the report prepared and the same can be considered as a genuine one. This interprets ICICI Lombard show its expertise & experience by providing best after sales service and provide quality product with less paper work and fast inspection to settle the claim fastly.

BIBLIOGRAPHY Books: • Kotler, Philip. (1999):’Marketing Management’ Prentice Hall Of India Pvt. Ltd., New Delhi.

• Kothari, C.R (2001):’Research Methodology’, Vishwa Publication., New Delhi • Proctor Tony (2002) : ‘Strategic Marketing’, Vikas Publishing House Pvt. Ltd. New Delhi • Saxena, Rajan. (2003):’Marketing Management’ Tata Mcgraw-Hill Publishing Company Limited. New Delhi • Sontakki, C.N. (1997):’Marketing Management’ Kayali Publisher., New Delhi • Sharma,D.D(2002):’Marketing Research’,Sultan Chand Sons, New Delhi • Verma H.V(1993):’Marketing Of Services’,Gobal Business Press, New Delhi Journals: • Indian Insurance Journal • IRDA Journal Magazines: • Business Today • Business World Newspapers: • The Hindu Websites: • www.icicilombard.com

Questionnaire Educational Institute Name: Address:

Contact Person: Phone No.:

Email ID: 1) Are you aware of following General Insurance Products releted to Educational Institutes: Product Name Fire cover, Buildings & Contents Group Personal Accident Electronic Equipments Cash in Safe Cash in Transit Group Health Insurance Burglary Insurance Workmen Compensation Fidelity Guarantee Insurance Plate Glass Insurance Critical Illness Insurance 2) Do you have any of the mentioned covers: If not, in which of the covers you are interested. 3) Are you aware that the Supreme Court has recommended the Group Personal Accident (GPA) cover and other student safety measures for students. 4) Are you aware that the student’s parents can be covered under GPA in reduced rates through you, so that in case of any miseventuality the fees is paid by the Insurance Company 5) ICICI Lombard is a No. 1 Pvt. General Insurance Company in India, how do you rate its overall image and performance on scale of 1 to 5. (1 for best, 5 for worst) 1

2

3

4

5

6) Suggest some ways in which the Insurance Companies sales can be increased *****Thank you*****

PROPOSAL FORM ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED. Regd. Office : ICICI Towers, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Tel: (+91 22) 653 1414

Fax : (+91 22) 653 1657

PROPOSAL FORM FOR EDUCATIONAL INSTITUTIONS PACKAGE POLICY PLAN B Proposal Form No: Variant Name:___________________________ a)

GUIDELINES FOR COMPLETION OF THE FORM

Please provide all required information fully and correctly. Where any question does not apply, please mention clearly that the same is not applicable. Insurance is a contract of utmost good faith requiring the Insured not only to disclose all material facts but also not to suppress any material facts in response to the questions in the Proposal Form. If you think any fact is material, please disclose it. The policy shall become voidable at the option of the Insurer, in the event of any untrue or incorrect statement, misrepresentation, non-description or non-disclosure in any material particular in the proposal form, declaration and connected documents or any material information having been upheld by the Proposer or anyone acting on his behalf. Please use additional sheets wherever space is not sufficient to fill up the details. Kindly contact the Company’s Offices or the Insurance Advisor/ Agent for any doubts or clarifications on the Proposal Form. b) NOTE The liability of the Company does not commence until this proposal has been accepted by the Company and premium paid. SCOPE OF COVER Please refer to the Marketing Brochure SIGNIFICANT EXCLUSIONS Please refer to the Marketing Brochure EXCESS APPLICABLE As per the attached sheet EXTENSIONS In addition to the extensions mentioned in the form, certain other optional extensions are available. Kindly contact your Insurance Advisor or Representative of the Company if you require any such extension that is not mentioned herein. c) DETAILS: Put a ( ) mark wherever applicable CUSTOMER INFORMATION

Name of Proposer: _________________________________________________ Proposer Address/ Mailing Address:________________________________________________ _____________________________________________________________________________ City ____________________ State _____________________ Pin: ________________ Landline No. _________________ Mobile No. ______________________ E-mail ID. __________________________@__________________ Risk Address ______________________________________________________________________________________ ____________________________________________________________________ City ____________________ State _____________________ Pin: ________________ Landline No. _________________ Mobile No. ______________________ E-mail ID. __________________________@__________________ Paid-up Capital of the enterprise _____________________________________ Annual turnover (Rs.): _____________________________________________ PREMISES DETAILS Age of building:

years

Total built-up area: Type of Construction:

sq. ft. Framed

RCC

Load-bearing

Distance from the oceanfront:

< 500 ft.

If < 500 ft., is there an embankment

> 500 ft.

Yes

No

No. of floors in the building Property located ‘1’ for Ist floor and so on.)

(Use NA for not applicable, ’B’ for Basement, ‘0’ for G.F.,

Ownership of property

Trust

Rented

Other

Name and address of Financier (if a bank or financial institution): _____________________________________________________________________________ _____________________________________________________________________________ (Please note that the Agreed Bank Clause Endorsement is applicable for financed properties) INSURANCE DETAILS Period of Insurance: Start Date ______________

To __________________

This policy covers the following sections. Please tick the sections that you wish to avail of and fill in the details against that section: Ι.

Standard Fire and Special Perils

ΙΙ.

Electronic Equipment

ΙΙΙ. Machinery Breakdown Ις. All Risks ς.

Burglary

ςΙ. Fidelity Guarantee ςΙΙ. Group Personal Accident ςΙΙΙ. Critical Illness ΙΞ. Money Ξ. Public Liability (Non- Industrial Risks) ΞΙ. Employer’s Liability (Workmen’s Compensation) ΞΙΙ.Health (please choose any one) a.

Group Health

b. Group Health (Floater) ΞΙΙΙ. Plate Glass

Please fill in the details of the relevant sections opted. Section I- Standard Fire and Special perils Details of the Sum Insured: Building Description

Building Including Plinth Super Plinth & Structure Foundation

Machiner y& Accessorie s

Do you have a lightening arrestor for the building? Yes

Furnitures,Fixture s & Office equipments

Others (Please specify)

No

Do you have any of the following fire extinguishing appliances installed in the property?

Total

Portable Extinguishers

Fire Alarm System

Hydrant System

Sprinklers System

Foam System Smoke Detector Extensions Required (Please tick if you require the extension): Earthquake

Terrorism

Section II- Electronic Equipments Cover: Section II.a Sr. No.

LIST OF EQUIPMENTS Quantity

Description of Items

Serial No. / Identification No

Year of Manufacture

Sum Insured (Rs.)

Voluntary Deductible (If any)

In case of computers, the term equipment shall include the entire computer system comprising of CPU, Key boards, Monitors, Printers, Stabilisers, UPS, System Software etc. Are all the Equipments mentioned in this section covered in Section I: Standard Fire and Special Perils Yes No Section III- Machinery Breakdown: Details of the Machinery Proposed to be covered Sr. No

Quantit y (Nos.)

Description, Type, Model, Capacity of Machine / Serial No / HP / KVA, Volts, Amps, RPM

Maker's Name & Countr y of origin

Standby(S) / Portable(P) / Open(O)

Year of manufactur e

Sum Insured (Rs.)

Separate value for foundations, masonry and brickwork or oil in transformers and other electrical equipments are to be specified if cover is required. (i)

Are periodical regular inspections of the machinery carried out? Yes No

If so, by __________________________________

whom

are

the

inspections

carried

out:

What is the interval between inspections? _______________________________________ (ii) Is there a logbook maintained for the Inspection of machinery? No

Yes

Section IV- All Risks: Please provide the description of the equipments to be covered: S No.

Type of Equipment

Serial Number

Make, Model

Year of Manufacture

Sum Insured (Rs.)

Section V- Burglary Locations and addresses of the locations to be insured (if more locations, please attach as an annexure) 1.____________________________________________________________________________________ ____2.________________________________________________________________________________ Is cover for stocks required on? Total Value

First Loss Basis

If cover is required on First Loss basis, state the total value at risk and proposed First Loss sum insured in the following format: Total Sum Insured (Rs.)

First loss sum insured (Rs.)

Are the premises guarded by exclusive 24 hours watchman

Yes

No

Whether any special safety devices installed, if so details of the same Extensions Required: Theft

Yes

No

Section VI: Fidelity Guarantee What is the basis of insurance? Named

Designation

Floater

Please provide details of the employees to be guaranteed in the following format: Names/ Designati ons

Class* (I/ II/ III)

Since when in service (DDMMYYYY )

Place of employm ent

Total remuneratio n (annual)(Rs.)

Amount to be insured (Rs.)

Any securit y taken

Total

*Risk Category I cashiers II III

Managers,

Executives,

Officers

and

Clerks

including

Cash Collectors and travelers Office boys, peons

Note: Please provide names or specific designation for identification purposes. Please provide the estimate of maximum amount held by any employee on your behalf in the following format: Description Money Stocks

Amount (Rs.)

Period held (days)

Section VII- Group Personal Accident Number of persons to be insured Total Capital Sum Insured

Rs.

Please provide the list of persons to be insured: Name of the Insured person

Place of Employment

Name of the Nominee

Relationship of Nominee with the Insured person

Date of Birth of Nominee

Capital Sum Insured (Rs.)

**Benefit Table Table C - Accidental Death + loss of limbs + loss of eyes + Permanent Total Disablement + Permanent Partial Disablement Section VIII- Critical Illness Number of persons to be insured: Please provide the list of persons to be insured in the following format Name of the employee

Date of Birth

Age

Gender

Sum Insured (Rs.)

Specify existing diseases, if any

Note: Please provide information on additional sheets if space is not sufficient to complete details. Do all the members proposed to be insured form part of one Group or Association or Corporate body? Yes No Kindly provide the particulars for the past 3 policy periods or less period, for which policy availed, in the following format. Policy Period Name & Address Policy Number Total Premium Total amount of From – To of the Insurer (Rs.) claims (Rs.) (Paid + Outstanding)

Any Additional information relevant to the policy applied for

_______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _____ Section IX- Money (i) : Cash in safe Item II (a)

(b)

Description of Cash

Maximum amount of money held at one time (in Rs.)

Cash whilst on the Proposer’s premises during the business hours or whilst secured in locked safe(s) or in strong room on the Proposer’s premises as specified in the schedule outside business hours, against risks of burglary, house breaking, dacoity, robbery and hold up. Money in counter / in specified premises during business hours against the risk of hold-up

Are the premises guarded round the clock? Yes

No

(ii) : Cash in Transit

Item I

Transit

Description of Money From

(a) (b)

To

Limit of any one loss (AOL) (Rs.)

Money in transit, from the bank to specified premises. Money in transit from the specified premises to the bank for remittance

What is the Estimated Annual amount of money in Transit (EAT)? How is the money carried (i.e. whether in bags, trunks etc.)? What is the designation of the employee handling money? _______________________

No. of security personnel involved in the transit _______________________ Time taken in transit

________Hr

__________ Min

Section X- Public Liability (Non- Industrial Risks) Please provide the following details of lifts, escalators etc (attach separate sheet if required) Sr. No.

(i)

Make

Capacity

Are the premises or equipment or machinery in sound condition of operation and will they be maintained so? Yes

No

Do you have maintenance schedule? If yes, please state the maintenance frequency per Year (ii)

Please provide details of the surrounding areas/property in the following format:

Direction

Description of surrounding property

OccupancyDetails

East West North South

(iii)

Do you handle or use or store gases or hazardous or toxic or radioactive materials and/or equipment in the premises? Yes

No

If yes, please give details of maximum capacity stored or used or handled at a time. Tonnes Please specify the name of above material stored _______________________ Please specify safety appliance if any _______________________ Please, state the retroactive date, i.e. the date from which policy was first incepted and continuously kept in force:

(iv)

Please indicate the limits of Indemnities during the period of Insurance in the following format Year

(v)

Limit of Indemnity

Please indicate the amount of indemnity required: Any One Accident (AOA) (Rs.)

(vi)

Please specify the ratio of limit of indemnity for any one accident (AOA) and Any One Year (AOY) 1:1

1:2

1:3

1:4

(vii) Other facilities: (Please specify)

Extensions Required: 1.

Sports Facilities Extension

Yes

No

2.

Swimming Pool Extension

Yes

No

3.

Foods & beverages Extension

Yes

No

4. 5.

Goods Kept in Custody of Insured Extension Yes No Others (please specify upon consultation with your insurance advisor/ underwriter of the company)

Section XI- Employer’s Liability/ Workmen’s Compensation No. Of Workmen to be insured: ___________________ Description of Employees 1

Estimate d Number of Employe es

C ash

Living or other allowanc es if any)

Total

5

Insurance required. State Table A or B of prospectus

Rate %o PREMIUM (For office use) 7

3

4

C ash

Living or other allowanc es if any)

3

4

6

2

Description of Employees 1

Estimate d Number of Employe es

Total

5

Insurance required. State Table A or B of prospectus 6

Rate %o PREMIUM (For office use) 7

2 Workmen drawing monthly wages up to Rs.4000/Clerical Staff Commercial Travellers Employees engaged with woodworking machinery including machinists and machinists labourers Others (specify) Workers drawing monthly wages over Rs.4000/Clerical Staff Commercial Travellers Employees engaged with woodworking machinery including machinists and machinist’s labourers Others (specify) The total amount of wages salaries and other earnings paid by you during the past twelve months was Rs. Section XII- Group Health/ Group Health (Floater) Insurance Number of persons to be insured

Please provide the list of persons to be insured in the following format Name of the insured person

Gender of the Insured Person

Relation with the employee

Date of Birth

Sum Insured (Rs.)

Specify existing diseases, if any

Note: • Please provide an additional sheet if space is not sufficient to complete details. • Names of the dependents may be mentioned immediately below the name of each employee. If you want to avail of extension of the policy, please specify: Cover for Pre existing Disease Family Floater Cover

Yes

Yes

No No

Others (please specify upon consultation with your insurance advisor/ underwriter of the company) Section XIII- Plate Glass Insurance Please provide the description of the property to be insured in the following format: S. no.

Type of glass

1 . 2 . 3 . 4 .

Whether in front return door, fanlight, counter case shelf or mirror and whether glass is fixed.

Positio n of glass

Size Height x Width (in cms)

Value of ornamental work/Letteri ng/Painting

Value of glass

Addition al Informat ion (please specify)

Plain Glass Ornamental Glass Corner Glass Special type of glass*: please elaborate

PREVIOUS INSURANCE DETAILS Has any Insurance company,

a) Declined to insure any of the property/ persons now proposed? Yes

No

b) Required an increased premium or imposed special conditions? Yes No c) Requested for repairs or made other special stipulations for risk improvement? Yes No If yes, please provide details. PREVIOUS POLICIES AND CLAIMS DETAILS Please provide details of past insurance with respect to the property proposed to be covered and the claims details thereof: S. No

1 2 3 4 5 6 7 8 9 10 11 12 13

Section

Name of Previous Insurer

Insurance From

Standard Fire and Special Perils Electronic Equipment Machinery Breakdown All Risks Burglary Fidelity Guarantee Group Personal Accident Critical Illness Money Public Liability (NonIndustrial Risks) Employer’s Liability (Workmen’s Compensation) Group Health/ Group Health (Floater) Plate Glass

Claims History (for the past 3 yrs.

To i)

v)

N ii) o. of cl ai m s vi)

Priii) e m iu m pa id

Clai iv) m Amo unt

vii)

viii) ix) xi) xii) xiv) xv) xvii) xviii) xx) xxi) xxiii) xxiv) xxvi) xxvii) xxix) xxx) xxxii) xxxiii)

x) xiii) xvi) xix) xxii) xxv) xxviii) xxxi) xxxiv)

xxxv)

xxxvii)

xxxvi)

Remar ks (if any)

xxxviii)

xxxix)

xl)

xli)

xlii)

xliii)

MODE OF PAYMENT Cheque/DD No.: ________________________

Drawn on __________________________

Dated ____/____/_______

Amount ______________

ANY ADDITIONAL INFORMATION RELEVANT TO THE POLICY APPLIED FOR _____________________________________________________________________________ _____________________________________________________________________________ DECLARATION I/We declare that the quality of construction of the building is satisfactory.

I/We agree that the Company may at any time during the validity of the Policy or at the time of processing any claim under this Policy, if any, in its sole discretion, require me/us to provide proof, documented or otherwise, that insurable interest proportionate to my/our status as declared under the Section “Property Details of this proposal exists, and that I/We shall promptly comply with such requirement of the Company at all such times. I/ we authorize the Company and their agents to exchange, share or part with all the information relating to my/ our personal and financial details and information with Credit Bureau and Statutory Bodies as may be required and I/ we will not hold the Company and its agents liable for use of this information. I/we authorize the Company and their agents to exchange, share or part with all the information relating to my/ our personal and financial details and information with other ICICI Bank Group companies/ Banks/ Financial Institutions/ as may be required and I/ we will not hold the Company or any other group companies of ICICI Bank Group and their agents liable for use of this information.(Please tick “Yes” or “No” as applicable) Yes

No

I/We agree that the Policy shall become voidable at the option of the Company, in the event of any untrue or incorrect statement, misrepresentation, non-description or non-disclosure in any material particular in the proposal form/personal statement, declaration and connected documents, or any material information has been withheld by me/us or anyone acting on my/our behalf to obtain any benefit under this Policy. I/We, the undersigned hereby declare and warrant that the above statements are true, accurate and complete. I/We desire to effect an insurance as described herein with the Company and I/We agree that this proposal, declarations and Annexure hereto (if any) shall be the basis of contract between me/us and the Company and I/We agree to accept the Policy subject to the conditions prescribed by the Company under intimation to me/ us. I/We agree that the issuance of Policy shall be subject to realisation of premium cheque.

Place: ______________

Proposer's Signature/Seal/Stamp _____________

Date: __/__/____

STATUTORY WARNING PROHIBITION OF REBATES (Under Section 41 of Insurance Act 1938) 1)

No person shall allow or offer to allow, either directly or indirectly as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property, in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the Insurer.

2)

Any person making default in complying with the provisions of this section shall be punishable with fine, which may extend to five hundred rupees.

____________________________________________________________________________ Referred by : ________________________________ Agent Code : ________________________________ Agent Name : ________________________________ Sector : Urban Rural Social

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