SUBMITTED SUMMER TRAINING REPORT TOWARDS THE PARTIAL FULFILMENT

OF

Bachelor of Commerce (B.COM H)

SUMMER TRAINING PROJECT REPORT ON

THE STUDY OF INVESTORS PERCEPTION REGARDING HEALTH INSURANCE COMPANY

SUBMITTED BY:
PRACHI DAS
ENROLMENT NO. 01424088815 BATCH 2015-2018

INTERNAL GUIDE
Ms Khushboo Gautam
Assistant Professor

Trinity Institute of Professional Studies

Affliated to Guru Gobind Singh Indraprastha University

1
CERTIFICATE

TO WHOMSOEVER IT MAY CONCERN

This is to certify that the project work The study of investors perception
regarding health insurance made by Prachi Das B.com h 5TH semester Enrolment
number- 01424088815 is an authentic work carried out by her under the guidance
and supervision of Ms. Khushboo Gautam .
The project report submitted has been satisfactory for the partial fulfilment of the
degree of Bachelor of Commerce.
Internal Supervisor

Signature

Ms Khushboo Gautam

2
3
ACKNOWLEDGMENT

I am greatly obliged to Mr. Sanjay Prasad, Director of Omnis Healthcare services private limited,
for his valuable guidance and unwavering support during our internship period to complete our
project. I am truly grateful to him for the timely completion of my project.
I would also take this opportunity to express my gratitude to Ms. Khushboo Gautam for her
guidance provided in this field in which she is an expert.
I would also take this opportunity to thank my faculty guide Ms. Khushboo Gautam of
TIPS,Dwarka without her encouragement as well as monitoring this project would not have
been possible.
Finally, I am indebted to our other faculty members, my friends and my parents who gave their
full-fledged co-operation for successful completion of my project. It was an indeed learning
experience for me.

PRACHI DAS
ENROLL NO. 01424088815
B.COM H
5TH SEM/2ND SHIFT

4
DECLARATION
I hereby declare that the following documented project report titled The study of
investors perception regarding health insurance is an original and authentic work
done by me for the partial fulfilment of Bachelor of Commerce (Honours) degree
program at Cigna TTK Health Insurance company.
I hereby certify that all the endeavour put in the fulfilment of the task are genuine
and original to the best of my knowledge and I have not submitted it earlier
elsewhere.

PRACHI DAS
ENROL NO. 01424088815
5TH SEM/ 2ND SHIFT

5
Topics Pages
Chapter 1: Company Profile and General History
Abstract
Introduction
About the Company- Cigna TTK Co.
Cigna SWOT Analysis, USP & Competitors
Internship at Omnis
History of Insurance
Different Phases of Insurance

Chapter 2: Industry Background

Life Insurers in India
General Insurers in India
Market share of Insurance Industry

Chapter 3: Research Objective and Methodology

Data Collections Methods
Products that were introduced to interns
Marketing Mix of above mentioned policies
Calculating premium
Steps for calculation
Benefits of the Project to the Company

Chapter 4: Questionnaire and Data Interpretation

Questionnaire
Data Analysis and Interpretation

Conclusion and Bibliography

6
ABSTRACT
The insurance industry of India consists of 51 insurance companies of which 24 are in life insurance
business and 27 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the
sole public sector company. Apart from that, among the non-life insurers there are six public sector
insurers. In addition to these, there is sole national reinsurer, namely, General Insurance Corporation of
India. Other stakeholders in Indian Insurance market include Agents (Individual and Corporate), Brokers,
Surveyors and Third Party Administrators Servicing Health Insurance claims. Out of 27 non-life
insurance companies, 4 private sector insurers are registered to underwrite policies exclusively in Health,
Personal Accident and Travel insurance segments. They are Star Health and Allied Insurance Company
Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd and
Religare Health Insurance Company Ltd. There are two more specialized insurers belonging to public
sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture
Insurance Company Ltd for Crop Insurance penetration of India.

7
CHAPTER I

8
INTRODUCTION
Marketing:
The process of ascertaining consumer needs, converting them into a product or service & then
moving the product or service to the final consumer or user to satisfy such needs & wants of
specific customer segment or segments with emphasis on profitability, ensuring the optimum
use of resources available to the organization. Marketing is so basic that it cant be
considered a separate function. It is the whole business seems from the point of view of its final
results that is from the customers point of view Business success is not determined by the
producer but by the customer. According to me marketing means, push the product to the
market & pull the customer towards the business. We can say that the main aim of the
marketer is to convert the want of the customer to the need of the customer. Thus marketing
job is to convert societal needs into profitable opportunities. Hence, Marketing occupies an
important position in the organization of a business unit. It is one of the important line activities
of business operation. It consists of the ownership of goods. Goods are not complete products
until they are in the hands of the customer. It is the process by which products are made
available to the ultimate consumers from their point of origin. It consists of all those activities,
which are meant to ensure the flow of goods & services from the producer to the consumer.
Therefore, marketing thinking must start with a crystallization of needs of consumer segment of
which the efforts will ultimately be aimed. In terms of needs, the product or service must be
developed or improved so that ultimately the product satisfies such needs of the consumer
segment involved.

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ABOUT THE COMPANY
Cigna Corporation, a fortune 500 company is the first US Health Insurance player to set foot in
the country. Cignas partnership with the TTK Group is to bring in innovative suite of health
insurance products along with an enhanced customer service experience to the Indian market.
ProHealth is a flagship health insurance product from Cigna TTK. In addition, it has launched
Critical Care and Accident Care as part of its Lifestyle Protection Product Suite, for individual
and family. Cigna TTK introduced first- of- its kind, group health insurance product - Cigna
Global Health Product (CGHP), offering a global coverage for Indian employees travelling across
globe.

10
History of Cigna TTK
Cigna TTK (Cigna TTK Health Insurance Company Limited) was formed as a Joint Venture
between Cigna Corporation in November, 2011. Cigna Corporation and TTK have 26% and 74%
of the joint venture as per the Indian regulations. The Company was granted IRDA approval in
November, 2013 paving the way for a formal launch of its services in India in February 2014.

Offices
Cigna TTK is headquartered in Mumbai and has offices in the following Indian cities:

Ahmedabad
Bangalore
Chandigarh
Chennai
Cochin
Coimbatore
Delhi
Hyderabad
Kolkata
Mumbai
Pune

Products and Services

ProHealth is a flagship health insurance product from Cigna TTK. In addition, they launched
Critical Care and Accident Care as part of their Lifestyle Protection Product Suite, for
individual and family. Cigna TTK has also introduced first- of- its kind, group health
insurance product- Cigna Global Health Product (CGHP). The product offers global coverage
for Indian employees travelling across globe.

11
Cigna SWOT Analysis, USP & Competitors
SWOT Analysis of Cigna with USP, Competition, STP (Segmentation, Targeting,
Positioning) - Marketing Analysis:

CIGNA TTK

PARENT COMPANY CIGNA

CATEGORY HEALTH CARE

SECTOR MANAGED HEALTHCARE

TAGLINE/SLOGAN A BUSINESS OF CARING

USP MORE THAN JUST A HEALTH INSURANCE

COMPANY

STP

SEGMENT PPO, HMO, POINT OF SERVICE, INDEMNITY

AND CONSUMER-DIRECTED PRODUCTS

TARGET GROUP Employers and Organizations , Brokers and

Consultants, individuals and families

POSITIONING Global health service company helping people

they serve improve their health , well-being
and sense of security

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SWOT ANALYSIS

1. Specific plans and products focused at a

STRENGTHS specific segment Needs of expatriates
2. Set of comprehensive products and policies
3. International presence 25 countries
4. Strong operational presence and good
image in the sector

WEAKNESSES 1.Competitive industry means lower market

share in healthcare
2. Alleged involvement in controversies and
ethic issues gives negative publicity

OPPORTUNITIES 1.Strategic alliances with other

complementary firms
2.Can leverage international markets to create
new markets
3.Acquisitions and mergers to consolidate
market share

THREATS 1.Rising unemployment and government

interventions
2.Susceptible to price wars
3.Exchange rate fluctuations

COMPETITION

COMPETITORS 1.Aetna
2.United Health Group

13
INTERNSHIP AT OMNIS HEALTHCARE SERVICES

Omnis Healthcare Services Private Limited is a Private incorporated on 16 October 2015. It is

classified as Non-govt company and is registered at Registrar of Companies, Kanpur. Its
authorized share capital is Rs. 100,000 and its paid up capital is Rs. 100,000.It is involved in
Business activities n.e.c.

Omnis Healthcare Services Private Limited's Annual General Meeting (AGM) was last held on
N/A and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last
filed on N/A.

Directors of Omnis Healthcare Services Private Limited are Kuldeep Singh, Dinesh Kumar Suri,
Sanjay Prasad and .

Omnis Healthcare Services Private Limited's Corporate Identification Number is (CIN)

U74900UP2015PTC073921 and its registration number is 73921.Its Email address is
[email protected] and its registered address is CHAMBER NO-10, UDAIGIRI
TOWER KAUSHAMBI GHAZIABAD Ghaziabad .

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Company Details
CIN U74900UP2015PTC073921
Company Name Omnis Healthcare Services Private
Limited
Company Status Active
ROC Kanpur
Registration Number 73921
Company Category Company limited by shares
Company sub-category Non-Govt Company
Class of company Private
Date of incorporation 16 October 2015
Age of company 1 year, 11months and 21 days
Activity Business activities n.e.c.
No. of members -
Authorised Capital Rs. 100,000
Paid-up capital Rs. 100,000
No. of employees -
Listing status Unlisted
Date of last annual general N/A
meeting
Date of latest balance sheet N/A
Email Id [email protected]
Address Chamber no. 10, Udaigiri Tower
Kaushambi Ghaziabad UP 201010 IN

DIN DIRECTOR NAME DESIGNATION APPOINTMENT DATE

03391328 KULDEEP SINGH DIRECTOR 16 OCTOBER 2015

06668834 DINESH KUMAR SURI DIRECTOR 30 JANUARY 2016

07435663 SANJAY PRASAD DIRECTOR 30 JANUARY 2016

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HISTORY OF INSURANCE
The history of Insurance in India is deep-rooted. Since the earliest times insurance has been
carried out in some form or the other. Insurance in India has developed overtime and has taken
ideas from other countries- England in particular. The history of insurance is divided into three
phases as follows: -

PHASE 1 PRE LIBERALIZATION

PHASE 2 LIBERALIZATION

PHASE 3 POST LIBERALIZATION

Phase I Pre- Liberalization

1818- First Insurance company in 1818 the Oriental Life insurance company in Kolkata (then
Calcutta) was the first company to start a life insurance business in India. However, the company
failed in 1834.
1829- In 1829 the Madras Equitable had begun transacting Life insurance business in Madras
Presidency.
1870- Following the enactment of the British Insurance act 1870, The last three decades of the
nineteenth century saw the creation of the Bombay Mutual, Oriental and Empire of India in the
Bombay Residency.
1912- The Indian Life Assurance Companies Act 1912 was the first statutory measure to regulate
Life Business.
1928- The Indian Insurance Companies act 1928 gave the Government the power to collect
statically information above both life and non-life business transacted in Indian by Indian and
foreigner insurers, including provident insurance societies.
1938- To protect the interest of the insuring public, the earlier legislation was consolidated and
amended by the Insurance Act 1938 which gave the Government effective control over the
activities of insurers.

16
1950s- In the 1950s, competition in the insurance business was very high and there were
allegations of unfair trade practices. The government of India therefore decided to nationalize
insurance business.
1957- Formation of the General Insurance Council (GI Council): the GI council represents the
collective interests of the non-life insurance companies in India. The council speaks out on issues
of common interest, participates in discussions related to policy formation, and acts as an
advocate for high standards of customer service in the insurance industry.
1972 The General Insurance Business (Nationalization) Act 1972 was passed. The General
Insurance Corporation of India was formed in pursuance of Section 9(1) of GIBNA. It was
incorporated on 22 November 1972 under the companies Act 1956 as a private company limited
by shares.

PHASE 2 LIBERALISATION
The start of reform
The international payment crisis of the 1990s forced the Government to re-think its industrial
policies and regulations.

1993- Malhotra Committee: In 1993 the government set up a committee under chairmanship of
RN Malhotra, the former Governor of RBI, to make recommendation for the reform of the
insurance sector.

1999- Formation of IRDA: following the recommendations of the Malhotra committee report,
The Insurance regulatory and Development Authority was constituted as an autonomous body in
1999 to regulate and develop the insurance industry. The IRDA was incorporated as a statutory
body in April 2000.

17
PHASE III Post Liberalization
Recommendations of Malhotra Committee, the insurance sector were opened to private
companies. Foreign companies were also allowed to participate in Indian Insurance market
through joint ventures with Indian Companies. Under current regulations for the foreign partner
cannot hold more than 26% stake in the joint venture. The key objective of the IRDA includes
the promotion of competition with a view to increasing customer satisfaction through more
consumer choice and lower premiums, while ensuring the financial security of insurance market.
The IRDA has the power to make regulations under section 114A of insurance Act 1938. Since
2000 it has introduced various regulations ranging from the registration of companies for
carrying on insurance business to the protection of policy holders interest.

18
CHAPTER II

19
DATA COLLECTION METHODS
Market research requires two types of data i.e. secondary data and primary data.
Primary data has been used abundantly for the study. Well-structured
questionnaires
were prepared & the survey was undertaken. Feedback for the display has been tak
en by askingquestions & observation has also done to gather primary information.
There is also a use of secondary data, collected from the various journals, books,
and websites & from Store managers.

Primary data - Field Survey and Questionnaire

Secondary data- Company websites and blogs.

Primary Data: Primary data is information that you collect specifically for
the purpose of your research project. An advantage of primary data is that
it is specifically tailored to your research needs. A disadvantage is that it is
expensive to obtain.
Secondary Data: Secondary data refers to data that was collected by someone
other than the user. Common sources of secondary data for social science include
censuses, information collected by government departments, organisational records
and data that was originally collected for other research purposes.

20
Insurance Companies in India

ICICI Prudential ICICI Prudential SBI Life Insurance company Reliance Life
Limited Insurance company
Ltd.
Max New York Life HDFC Standard Life Tata AIG Life Insurance Bajaj Allianz Life
Insurance Insurance

Birla Sun life Met lite India Life ING Vyasa Life insurance Kotak Life Insurance
Insurance

Aviva Life Insurance Bharti AXA life IDBI federal Life Insurance
insurance

List of General Insurers in India

Bajaj Allianz ICICI Lombard IFFCO Tokio National Insurance
Company

The New India Oriental Insurance Reliance General Insurance Royal Sundaram
Assurance Alliance
Company
TATA AIG United India Insurance Cholamandalam HDFC ERGO

Export Credit Agriculture Insurance Star Health and allied Apollo Munich
Guarantee Co Insurance health insurance

Future General Universal Sompo Shriram general Religare General

Insurance

21
22
STUDY ON INSURANCE COMPANIES

Life Insurance Corporation of India (LIC)

It is an Indian state-owned insurance group and investment company headquartered in Mumbai.

It is the largest insurance company in India with an estimated asset value of 1,560,482
crores (US$240 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value
of policies sold of 367.82 lakh that year.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company Ltd. is a life insurance company based in India. As of
2015 it reported assets of over Rs. 100,000 Cr. It is a joint venture between ICICI
Bank and Prudential plc, a leading international financial services group headquartered in
the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies
to begin operations in December 2000 after receiving approval from Insurance Regulatory and
Development Authority of India (IRDAI). As of 2010, the managing director and CEO was Sandeep
Bakhshi.

SBI LIFE INSURANCE COMPANY

SBI Life is one of the leading Life Insurance companies in India. We are a joint venture between
Indias largest bank State Bank of India and the leading global insurance company BNP Paribas
Cardiff.

Reliance Life Insurance

Reliance Nippon Life Insurance Company (RNLI) is one of the largest life insurance companies
in India with a market share of 5%. The company has over 7 million policy holders and a
distribution network of close to 1,230 branches with over 124,000 agents as of 31 March 2013.
The firm offers life insurance products targeted at individuals and groups, catering to four
distinct segments: protection, children, retirement and investment plans.

23
Max Life Insurance
Max Life Insurance Company Limited (formerly known as Max New York Life Insurance
Company Limited) provides Life insurance in India. The company is a subsidiary of Max
Financial Services Limited. It was founded in the year 2000 and its operations began in 2001.
Analjit Singh, founder of Max Healthcare, is the Chairman of Max Life Insurance. The company
is headquartered at New Delhi. It is considered as one of the largest private, non-banking life
insurers in India.

HDFC Life Insurance Company

HDFC Life (HDFC Standard Life Insurance Company) is a long-term life insurance provider with
its headquarters in Mumbai, offering individual and group insurance.
It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of
India's leading housing finance institution and Standard Life plc, leading well known provider of
financial savings & investments services in the United Kingdom. On August 14, 2015 HDFC Ltd.
entered into a share sale agreement with Standard Life to sell a 9.00% stake in HDFC Life to the
latter. The transaction is subject to receipt of regulatory approvals. Post the completion of the
above transaction, HDFC will hold 61.65% stake in HDFC Life and Standard Lifes stake will
increase to 35.00%, with rest to be held by others.

TATA AIG Life Insurance

Tata AIG General Insurance Company Limited (Now Called TATA AIG) is an Indian general
insurance company, and a joint venturebetween the Tata Group and American International
Group (AIG). Tata Group holds 74 per cent stake in the insurance venture with AIG holding the
balance 26 percent. Tata AIG General Insurance Company, which started its operations in India
on 22 January 2001, provides insurance to individuals and corporates. It offers a range of
general insurance products including insurance for automobile, home, personal accident, travel,
energy, marine, property and casualty as well as several specialized financial lines. The
Company's products are available through various channels of distribution
like agents, brokers, banks (through bank assurance tie ups) and direct channels
like Telemarketing, Digital Marketing, worksite etc.

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited (formerly part
of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial
services company. Being one of the private insurance companies in India, it
offers insurance products for financial planning and security. It is led by Tarun Chugh, who is
the Managing director and Chief Executive Office of the company.

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Birla Sun Life Insurance Company Limited
Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the
Aditya Birla Group, a well-known and trusted name globally amongst Indian conglomerates and Sun Life
Financial Inc., leading international financial services organization from Canada. The local knowledge
of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a
formidable protection for its customers' future.

The Aditya Birla Group

The Aditya Birla Group is an Indian multinational conglomerate named after Aditya Vikram
Birla, headquartered in the Aditya Birla Centre in Worli, Mumbai, India. It operates in 40
countries with more than 120,000 employees worldwide. The group was founded by Seth Shiv
Narayan Birla in 1857. The group interests in sectors such as viscose staple fibre, metals,
cement (largest in India), viscose filament yarn, branded apparel, carbon black, chemicals,
fertilizers, insulators, financial services, telecom (third largest in India), BPO and IT services. The
group had a revenue of approximately US$41 billion in year 2015.

MetLife Insurance Company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance
Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest
global providers of insurance, annuities, and employee benefit programs, with 90 million
customers in over 60 countries. The firm was founded on March 24, 1868.

25
ING Vysya Life Insurance
Established in India in September 2001, ING Vysya Life Insurance Company Limited is a part of
the ING Group, a global financial institution of Dutch origin that offers banking, insurance and
asset management to clients across the world. Headquartered in Bangalore, ING Life India has
over 250 branches present in more than 225 cities across India. ING Vysya Life Insurance Co.
has around 7000 employees with over 1 million policy holders spread across the country. This
company marked the entrance of Exide Industries Limited, India's largest producer of
automotive and industrial batteries, into the insurance arena. ING hold 26% equity in this
venture with Exide owning 50% and miscellaneous shareholders having the remaining 24%. ING
Vysya Life Insurance gives you an opportunity to fulfil your responsibilities towards your family.
Its protection plans provide financial security to you primarily and your family in your absence.
This company also provides special policies, such as Children's Plans, Retirement Plans,
Investment Plans and Savings Plans, which help you secure your future financially. It also
provides Life Insurance, Medical Insurance, General Insurance, Long-Term Care Insurance,
Group Insurance, Company Insurance and Financial Services Insurance Products. The mutual
funds of ING Vysya Insurance are available with all the company branches, insurance agents
and brokers. This company also offers online premium payment facility for premium cheque
payments and drop boxes are also available at all the branches for the same purpose.

KOTAK LIFE INSURANCE

Corporate Overview

About Kotak Mahindra Old Mutual Life Insurance Ltd

Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra
Bank Ltd., its affiliates, and Old Mutual.

About Kotak Mahindra Group

Kotak Mahindra is one of India's leading banking and financial services organizations, offering a
wide range of financial services that encompass every sphere of life. From commercial banking,
to stock broking, mutual funds, life insurance and investment banking, the Group caters to the
diverse financial needs of individuals and the corporate sector.

26
Aviva Life Insurance Co.
Aviva India is an Indian life assurance company, and a joint venture between Aviva plc, a British
assurance company, and DaburGroup, an Indian conglomerate. Aviva began operations in July
2002 as a joint venture with Dabur Group, one of Indias oldest business houses. As per the
Indian insurance sector regulations, Aviva plc has a 49% stake and Dabur has a 51% stake in the
JV partnership.

Bharti Axa Life Insurance

Bharti AXA Life is a life Insurance player that was started in 2006. It brings together strong
financial expertise of the Paris-headquartered AXA Group and Bharti Enterprises - one of India's
leading business groups with interests in telecom, agricultural business, financial services, and
retail. The joint venture has a 51% stake from Bharti and 49% stake from AXA. The company
launched national operations in December 2006. Today, Bharti AXA Life has a national footprint
of distributors trained to provide quality financial advice and insurance solutions to the large
Indian customer base.
Bharti AXA Life offers a range of innovative products and services that cater to specific
insurance and wealth management needs of customers.

IDBI Federal Life Insurance

IDBI Federal Life Insurance is one of Indias growing life insurance companies and offers a diverse range
of wealth management, protection and retirement solutions to individual and corporate customers.
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Indias premier development and
commercial bank, Federal Bank, one of Indias leading private sector banks and Ageas, a multinational
insurance giant based out of Europe. Having commenced operations in 2008, IDBI Federal was able to
achieve breakeven within just 5 years; the Companys passion for innovation and growth helped it
achieve this feat.
Through a nationwide network of 2,964 branches of IDBI Bank and Federal Bank, and a sizeable network
of advisors and partners, IDBI Federal Life Insurance has achieved presence across the length and
breadth of the country. As on March 31, 2017, the company has issued nearly 10.29 lakh policies with a
sum assured of over Rs. 58,653.76 crores. IDBI Federal Life Insurance has total assets under
management of 6,090 crores and a robust capital base of over 800 crores, as on March 31, 2017.

27
BRIEF STUDY ON HEALTH INSURANCE COMPANIES OF INDIA
1) Bajaj Allianz

Overview
Bajaj Allianz General Insurance Company Limited is one of Indias most trusted and
preferred insurance vendor. The company is a joint venture between Bajaj Finserv
Limited and Allianz SE, two companies that have garnered a solid reputation for domain
expertise, professional business practices, stability and foresight. Bajaj is a commonly
known brand in India, while Allianz SE is a globally known entity that is commended for
its technical expertise and path breaking initiatives. In the very short duration that Bajaj
Allianz Life Insurance has been a part of the health insurance scene in India, it has
earned a staunch fan following, alongside the title of a market leader and preferred
health insurance option amongst the discerning local customer base.

28
2)ICICI Lombard
ICICI Lombard General Insurance has launched Complete Health Insurance, a product with no
restriction on entry and exit age, no room rent limits and no co-pay. Life-long renewal is
certainly welcome; Insurance Regulatory and Development Authority (IRDA) draft regulation on
mediclaim does mention about policy continuation during the life time of the insured.

No entry age restriction also means that the new product can be considered as a competitor to the
senior citizen mediclaim market segment. Most of the senior citizen specific mediclaim products
come with restrictions for room-rent, co-pay or surgery specific limitations.

Premium ICICI Lombard Complete has much wider cover and with less restrictions, but
expectedly at a price in mid to high range. Individual in age group 26-35 years will have a
premium of Rs4,775 for sum insured (SI) of Rs3 lakh. The premium for other mediclaim
products in the market for the same age group and SI range from approximately Rs3,200 to
Rs5,500. Price should not be the sole comparison factor as each product features vary.

3) IFFCO TOKIO GENERAL INSURANCE

Online Health Insurance Plan from IFFCO Tokio
Health Insurance is a must-to-have element for everyone. We, at IFFCO Tokio, offer you a
hassle-free online health insurance policy that gives you freedom from huge medical losses. It
empowers you with best medical assistance whether it is a physical damage or loss of health and
supports you financially.

Health Insurance Plans: How to avail it?

29
There are two ways of availing Health Insurance Plans;

By direct reimbursements to the insured for expenses incurred from illness/injury

Direct payment to the medical service provider

4) National Insurance Company

National Insurance Company Limited (NICL) is a state owned general insurance company
in India. Its catch line is "Trusted Since 1906" in italic. The company headquartered
at Kolkata was established in 1906 and nationalized in 1972. Its portfolio consists of a multitude
of general insurance policies, offered to a wide arena of clients encompassing different sectors of
the economy. Apart from being a leading insurance provider in India, NICL also serves Nepal.

Company profile
National Insurance Company Limited was incorporated on 6 December 1906 with its registered
office in Kolkata. Consequent to passing of the General Insurance Business Nationalization
Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a
subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the
Government of India. After the notification of the General Insurance Business and its India's
largest General Insurance Company(Nationalization) Amendment Act, on 7 August 2002,
National has been de-linked from its holding company GIC and presently operates as an
independent insurance company wholly owned by Govt of India. National Insurance Company
Ltd (NIC) is one of the leading public sector insurance companies of India. It transacts non-life
insurance business. Headquartered in Kolkata, NIC's network of about 2000 offices, manned by
more than 16,000 skilled personnels are spread over the length and breadth of the country
covering remote rural areas, townships and metropolitan cities.

2.5 million families under the Swasthya Sathi scheme of the WB Government. The policy
was launched by the Hon'ble Chief Minister of West Bengal at a function in Kolkata on 30
December 2016.

30
5) The New India Assurance Company Ltd.
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is one of the five Wholly
Government of India owned assurance companies of India. It is the "largest
general insurance company of India on the basis of gross premium collection inclusive of foreign
operations". It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when
GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance
subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National
Insurance got autonomy.
New India Assurance operates both in India and foreign countries. In the recent past it has
collaborated with some of the leading public sector bank of India and Financial Institutions to
increase its distribution network.

Business Performance(FY2015-16)
Global premium of 18,371 crores in the year 2015-16. Assets 62,880 crore as on 31 March
2016. New India Assurance is the first Indian non-life company to reach 18,000 crores global
gross premium.
The domestic gross premium procured for the period 2015-16 was 15,149 crore and direct
claim paid amounted to record 13,098 crore. The insurer posted PAT (Profit After Tax) in
excess of 828 crores. The company paid a dividend of 250 crores to the Government of India
for the fiscal 2015-16.
The state owned company's achievements include:
1) Market leadership position for four consecutive decades.
2) The ratio of available solvency margin to required solvency margin standing at 2.3
times(Global).
3) Total net worth of Rs. 28,895 crores.
4) Total assets - crossed Rs.61720 crores.
5) Only Indian General Insurance Company to have presence in 28 countries.

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6) Oriental Insurance
The Oriental Insurance Company Ltd. is a public sector non-life insurance company in India.
The headquarters of the company is located in New Delhi It has 30 regional offices and more
than 1800 active branches across the country. The company also has branches in Nepal, Kuwait,
and Dubai. The company has recorded a gross premium of Rs. 7282.54 crores in the financial
year 2013-2014. For the Financial year 2016-17, the Company clocked a global premium of Rs.
11,100 crores. The Company offers more than 170 General Insurance products. The IRDA
Registration No. of the Company is "556".

History
Oriental Insurance was incorporated on 12 September 1947 as a government-owned non-life
insurance company.It was established as a completely owned subsidiary of Oriental Government
Security Life Assurance Company Ltd. to execute its parent body's general insurance
operations. In 1956, when insurance business was nationalized, Oriental insurance became part
of LIC till 1973. After 1973, Oriental Insurance became a subsidiary of General Insurance
Corporation of India till 2003 when the company was de-linked from the parent company and set
up as an independent insurance company. In 2003, the Union Government acquired all the shares
of Oriental Insurance Company Ltd from General Insurance Corporation of India.

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7) Reliance General Insurance
Reliance General Insurance is an Indian private insurance company. It is a part of Reliance
Group. The Gross Written Premium for the year ended March 31, 2014, was at 24.42 billion
(US$360 million) with a distribution network composed of over 125 branches and more than
15,500 intermediaries.

History
Reliance General Insurance was incorporated on 17 August 2000. It received the license to
conduct general insurance business in India from the Insurance Regulatory Development
Authority of India (IRDAI) on 23 October 2000. Unlike most insurance companies, who have
foreign partners, the firm is promoted solely by Reliance Capital.

Services
Reliance General Insurance offers insurance services across the domains of motor, health, travel
and home. The commercial insurance services include commercial vehicle, office and marine.
Motor insurance covers four wheeler, two-wheeler and commercial vehicle. Services such as
roadside assistance and cashless facilities through a network of around 2400 garages are
provided. Under Health, there are several plans to choose from. They include Health gain (can be
availed in installments), Wellness, Critical Illness and Personal Accident.

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8) Royal Sundaram Alliance
Royal Sundaram General Insurance Co. Ltd. (formerly known as Royal Sundaram Alliance
Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private
sector general insurance company in India to be licensed in October 2000 by the Insurance
Regulatory and Development Authority of India.
The company was initially promoted as a joint venture between Sundaram Finance, one of the
most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance
Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance
acquired the 26% equity holding from Royal & SunAlliance Insurance plc. Consequently, the
entire 100% equity holding is now held by Sundaram Finance (75.90%) and other Indian
shareholders (24.10%).

Health Insurance
Royal Sundaram provides assorted health insurance plans to fulfil the different healthcare needs
of various individuals. Both individual and family floater plans are provided to cater to the
complete medical care needs of different individuals.
1. Lifeline Health Insurance Plan - A comprehensive health insurance policy with family floater
option that covers medical expenses arising out of unforeseen hospitalization due to any accident
or illness, for self, spouse, and dependent children. The policy has several benefits such as reload
benefit, AYUSH treatment, emergency domestic evacuation, worldwide emergency
hospitalization and international treatment for 11 critical illnesses.
2. Smart Cash Plan - A health insurance plan that provides daily cash benefit for planned and
emergency hospitalization for family and legally related individuals of the proposer arising out
of any unforeseen accident or illness.

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9) Tata AIG General Insurance
Tata AIG General Insurance Company Limited (Now Called TATA AIG) is an Indian general
insurance company, and a joint venture between the Tata Group and American International
Group (AIG). Tata Group holds 74 per cent stake in the insurance venture with AIG holding the
balance 26 percent. Tata AIG General Insurance Company, which started its operations in India
on 22 January 2001, provides insurance to individuals and corporates. It offers a range of general
insurance products including insurance for automobile, home, personal accident, travel,
energy, marine, property and casualty as well as several specialized financial lines. The
Company's products are available through various channels of distribution
like agents, brokers, banks (through bank assurance tie ups) and direct channels
like Telemarketing, Digital Marketing, worksite etc.
Tata AIG General Insurance Company Limited (Tata AIG General) is a
business Collaboration of the Tata Group and American International Group, Inc. (AIG). Tata
AIG General merges two major finance organizations i.e. the Tata Group's prominent headship
place in India and AIG's global presence as the world's leading international insurance and
financial services Organization. This joint venture has started its operations in India from 22
January 2001. The company provides both corporate and personal insurance services. The
organization offers an array of general insurance covers which are well thought-out under
commercial and consumer demands. The commercial sector
covers Energy, Marine, Property and several specialized Financial covers, while the consumer
insurance service offers a variety of general Insurance products such as insurance
for Automobiles, personal accident, casualty, home, health and travel. The company has made
the availability for its services from end to end channels of distribution like agents, banks
(through bancassurance tie ups), brokers and direct channels like tele-marketing, e-commerce,
website, etc. The headquarters of the company is situated in Mumbai. The company has provided
the employment to more than 2000 qualified professionals across the country in more than 160
locations.
Tata AIG Life Insurance was rechristened as Tata AIA Life Insurance Company following the
exit of American International Group (AIG) from the Hong Kong-based insurer AIA Group.

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10) United India Insurance Company
United India Insurance Company is a state-owned (wholly owned by the government of
India) general insurance company in India. It was incorporated on 18 February 1938, and was
nationalized in 1972.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when
GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance
subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National
Insurance got autonomy.
12 Indian insurance companies, four co-operative insurance societies, five foreign insurers with
Indian operations, and the general insurance operations of the southern region of Life Insurance
Corporation of India were merged with United India Insurance Company, Limited to form the
company.

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11) Cholamandalam MS General Insurance
Cholamandalam MS General Insurance Company Ltd (Chola MS) is an Indian insurance firm
and a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui
Sumitomo Insurance Group (MSIG), a Japanese insurance company.
The firm produces a range of insurance products, including accident, engineering, health,
liability, marine, motor, property, travel and rural insurance for individuals and corporate
insurance. The company achieved a Gross Written Premium (GWP)of Rs. 13465 million in 2011
- 12. The company has 93 branches and over 6,000 agents across the country.
Chola MS General insurance company was established in 2001 and headquartered in Chennai,
India. Chola MS is a 74:26 joint venture between Murugappa Group, a major South Indian
business conglomerate and Japans largest general insurance firm, the Mitsui Sumitomo
Insurance Group. Chola MS is also credited with being the first private insurer to get ISO
9001:2008 certification for its Motor Claims division.

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12) HDFC Ergo General Insurance Company
Headquartered in Mumbai, India, HDFC ERGO General Insurance Company Limited is a
joint venture between HDFC Ltd. and ERGO International AG, a Germany-based company that
is part of the Munich Re Group. HDFC holds 51 per cent, and ERGO the other 49 per cent.
Founded in the year 2002, the firm operates in 89 Indian cities with over 109 branches and 1,900
staff members.

History
HDFC Ltd. and ERGO International AG joined their forces to form a general insurance joint
venture company, named HDFC ERGO General Insurance Company Limited with its
headquarter in Mumbai. Under the agreement, ERGO, acquired 26 per cent share, the rest being
held by HDFC .The firm is a Public Company and is categorized as Indian Non-Government
Company. The companys authorized share capital is Rs. 6,000,000,000 and its paid up capital is
Rs. 5,386,202,600.
Over the years, the company has expanded its reach to approximately all the major cities of India
with millions of customers already on board.

General insurance
HDFC ERGO sells health, motor, car, home, accident, travel, two wheeler insurance,
commercial insurance and rural insurance.
It provided $15 million worth of cover in collaboration with Ace Insurance Brokers for the first
formula one race held in New Delhi India. This included assurance against adverse weather, non-
appearance of teams, riots, strikes and civil commotion leading to cancellation of the event, its
postponement or relocation.
13) Export Credit Guarantee Corporation of India
The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a
company wholly owned by the Government of India based in Mumbai, Maharashtra.[1] It
provides export credit insurance support to Indian exporters and is controlled by the Ministry of
Commerce. Government of India had initially set up Export Risks Insurance Corporation (ERIC)
in July 1957. It was transformed into Export Credit and Guarantee Corporation Limited (ECGC)
in 1964 and to Export Credit Guarantee Corporation of India in 1983.

History
ECGC Ltd, was established in July, 1957 to strengthen the export promotion by covering the risk
of exporting on credit. It functions under the administrative control of the Ministry of Commerce
& Industry, Department of Commerce, Government of India. It is managed by a Board of
Directors comprising representatives of the Government, Reserve Bank of India, banking,
insurance and exporting community.
Name of the company has been changed from EXPORT CREDIT GUARANTEE
CORPORATION OF INDIA LIMITED to ECGC Limited with effect from 8 August 2014 as per
certificate issued by Deputy Registrar of Companies, Registrar of Companies, Mumbai.

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14) Agriculture Insurance Company of India
Agriculture Insurance Company of India Limited (AIC) offers yield-based and weather-
based crop insurance programs in almost 500 districts of India. It is A Public Sector Insurance
Company. It covers almost 20 million farmers, making it the biggest crop insurer in the world in
number of farmers served. Agriculture Insurance Company of India Limited is a limited
company headquartered out of New Delhi, India.
AIC aims to provide insurance coverage and financial support to the farmers in the failure of any
of the notified crop as a result of natural calamities, pests and diseases to restore their
creditworthiness for the ensuing season; to encourage the farmers to adopt progressive farming
practices, high value in-puts and higher technology; to help stabilize farm incomes, particularly
in disaster years. The plan provides comprehensive risk insurance for yield losses due to natural
fire and lightning, storms, hailstorms, cyclone, typhoon, tempest, hurricane, tornado flood,
inundation, landslide, drought, dry spells, pests/diseases, etc.

Offices and products

AIC has 17 regional offices in state capitals across India. AIC sells agriculture and allied
insurance products and schemes. A significant amount of business is derived out of the yield-
based "National Agriculture Insurance Scheme (NAIS)", "National Crop Insurance Programme
(NCIP)" and the weather-based "Weather Based Crop Insurance Scheme (WBCIS)". Some other
products of AIC, developed in-house, are:
Rainfall Insurance Scheme for Coffee (RISC) Coffee Rainfall insurance is a unique rainfall
insurance product designed in consultation with Coffee Board, Central Coffee Research Institute
and coffee growers of the states of Karnataka, Kerala and Tamil Nadu.The rainfall insurance
provides effective risk management aid to those coffee growers likely to be impacted by adverse
rainfall incidence. Agriculture Insurance Company of India Ltd. compensates the insured against
the likelihood of diminished coffee output/yield resulting from shortfall / excess in the actual
rainfall (as the case may be) for different coverage options. The insurance operates during 1
March to 31 August. The periods under different coverage are as follows: a) Blossom Shower: 1
March to 15 April/ 30 April/ 15 May. b) Backing Shower: 18th day from fulfillment of Blossom
Shower till 35th day. c) Monsoon Shower: 1 July to 31 August Period of insurance under each
coverage option is to be specified separately for each zone/ rain gauge station area.
15) Star Health and Allied Insurance Company
Star Health and Allied Insurance Co Ltd is an Indian insurance company that commenced its

39
operations in 2006. The company primarily focuses on Health Insurance, Travel Insurance and
Accident policies.
It has more than 340 offices across India and around 8000+ hospitals under its network

Products and Services

Medi-classic Insurance Policy

Family Health Optima Insurance Plan
Star Micro Health Insurance
Star Criticare Plus Insurance Policy
Star Unique Health Insurance Policy
Star Wedding Gift Insurance
Star Comprehensive Insurance Policy
Star Family Delite Insurance Policy
Star Cardiac Care Insurance Policy
Diabetes Safe Insurance Policy
Senior Citizens Red Carpet Health Insurance Policy
Super Surplus Insurance Policy
Star Health Gain Insurance Policy
Star Care Insurance Policy
Star Net plus
Accident Care Individual Insurance Policy

16) Apollo Munich Health Insurance Company

Apollo Munich Health Insurance Company Ltd. is a private sector health insurance company
in India. Founded on 8 August 2007, it is a joint venture between the Apollo Hospitals group and
Munich Health, one of the three business segments of Munich Re; leading reinsurance company
based in Germany.

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Apollo Munich Health Insurance is ISO 9001:2008 certified for Design, Distribution and
Servicing of health insurance products. It has 100 physical offices all over India and more than
2,200 employees.
Apollo Munich Health Insurance Company Ltd. was originally known as Apollo DKV Insurance
Company Ltd.; a joint venture between Apollo Hospitals and DKV AG, a subsidiary of ERGO
Group; a group of insurance companies owned by Munich Re. The stake holding of the two
companies was in the ratio of 74:26 (Apollo Hospitals Group: DKV AG).
Antony Jacob, CEO, Apollo Munich Health Insurance, accords this decision to the congruence of
Sourav Gangulys qualities and traits with those of the company, including his leadership
qualities, courage, constant endeavour to improve and clarity & transparency.

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17) Future Generali Health Insurance Company
Future Generali India Insurance is a joint venture between the Future Group the game changers
in Retail Trade in India and Generali a 186 years old global insurance group featuring among
the worlds 50 largest companies*.
The company commenced business in September 2007 with the objective of catering to a country
which was on the threshold of explosive expansion. Future Generali India has been aptly
benefitting from the Indian expertise and network of Future Group and the global insurance
insight in diverse product classes of Generali Group.
It provides a comprehensive solution to customers and enterprises through retail, commercial,
personal and rural product offerings. The company reaches out to customers through more than
6,100 advisors and FG Direct channels across the country and insures over 2200 corporate
clients. Having firmly established its credentials in this segment, Future Generali, effectively
leveraging on the skill set of both its JV parents, has evolved to become a Total Insurance
Solutions Company.
Our competitive edge, extensive range of general insurance products, wide network, claim
servicing capabilities and the ability to provide all possible general insurance solutions under one
roof, makes us the most preferred partner for our customers.

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18) Universal Sompo General Insurance Company
Headquartered in Mumbai, India, Universal Sompo General Insurance Company Limited is a
private public joint venture in general insurance where two nationalized banks,
namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka
Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan
namely Sompo Japan Nipponkoa Insurance Inc. have formed a general insurance company. It is
Indias first Public - Private Partnership in General Insurance Industry.

Products and Services

Universal Sompo has about 102 IRDA approved products in its basket and is operating on a pan
India basis through 113 Branches and 17 Zonal Offices. Universal Sompo has a dedicated 24*7
Claim Care Helpline no. 1800 200 5142, to assist customers for intimating a claim with the
company.

Corporate history
The Company received the License and Certificate of Registration from IRDA in November
2007. The joint venture has been capitalized with shareholders funds of over 435.80 cr.
including share premium. Three of the Indian partners are leading banks with a combined asset
base of Rs. 92,602 crores and over 4000 branches and distribution centers. Plus, the 4th largest
FMCG Company in India with over 15 million retail outlets. Sompo Japan Insurance Inc.
Headquartered in Tokyo, with a capital of 70 billion yen, is present in 27 countries - has over
15,000 employees and 69,028 agents and its total premium income for 2006 - 2007 was in excess
of (equivalent to) Rs. 50,000 cr. twice that of the Indian General insurance industry. Universal
Sompo has a Gross Written Premium (GWP) of Rs 903.79 Crores for the year ended March 31,
2016.The company issued over 1.6 million policies and settled over 1,11,787 claims as on March
31, 2016.

19) Shriram General Insurance Company

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In today's age of consumerism, insurance requirements have expanded to keep pace with the
increasing risks. Today we have wide assortment of risk coverage commencing from ransom to
wedding, shops to assets, travel to vehicles etc... General Insurance companies have willingly
catered to these increasing demands and have offered plethora of insurance covers that almost
cover anything and everything under the sun.

Hence foreseeing the General Insurance business as a Sunrise Industry, Shriram Group has
entered into this business and as a result Shriram General Insurance came into existence. Up to
Sept 2012 it was a 74:26 Joint Venture between Shriram Capital Ltd. and Sanlam Limited (South
Africa). SANLAM is a leading Financial Services Group of South Africa with a market
capitalization of more than $6 billion, established in 1918 and the Group demutualized in 1998.
SANTAM is a part of Sanlam Limited, which is engaged in short-term insurance cluster and is the
leading short-term insurance company in South Africa. Since September 2012, the stake of
Sanlam Limited (South Africa) has been transferred to Shriram Capital Ltd. The overall team of
SGI includes young and vibrant senior executives of insurance domain to handle Underwriting
and Claim matters.

20) Religare General Insurance Company

Religare Enterprises Limited (REL) is the holding company for one of India's leading diversified
financial services groups, headquartered in New Delhi, India. It offers an integrated suite of

44
financial services through its underlying subsidiaries and operating entities, includes Loans
to Small and Medium Enterprises (SME)'s, Affordable Housing Finance, Health insurance and
Capital Markets. REL is listed on the Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE) in India.

History
Founded in 1984, initially Religare was a stock brokerage firm called Religare Securities Ltd
(RSL) and was admitted to the National Stock Exchange (NSE) in 1994. In 2000, it secured
membership of the Futures and Options segment of the NSE and also registered with National
Securities Depository Limited (NSDL) as a depository participant.
Religare Finvest, a group company, was founded in 2001 as a private non-banking financial
institution. In 2002, RSL received registration as Portfolio Manager from Securities and
Exchange Board of India (SEBI). RSL registered with Central Depository Services
Limited (CDSL) as a depository participant in 2003. It also became a stock broker at the Bombay
Stock Exchange (BSE) in 2004. In the same year, Religare Commodities Ltd., a commodities
broking company, started operations as a trading cum clearing member at both the Multi
Commodity Exchange (MCX) and the National Commodity and Derivatives
Exchange (NCDEX).
An office was established in London in 2006. In 2006, RSL received registration as Merchant
Banker in Category - I from SEBI. Religare announced a joint venture with Macquarie Bank Ltd.
in October 2007 to expand its wealth management business. REL went public with an initial
public offering (IPO) of its stock in November, 2007, which was oversubscribed 159 times. The
same year, RSL received membership of derivative segment of the BSE as trading-cum-clearing
member. In 2007, Religare also entered into the Capital Markets business.

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21) L&T General Insurance Company
Larsen & Toubro Limited, commonly known as L&T, is an Indian multi-
national conglomerate headquartered in Mumbai. It was founded by two Danish engineers taking
refuge in India. The company has business interests in engineering, construction, manufacturing
goods, information technology, and financial services, and has offices worldwide.

History
Larsen & Toubro originated from a company founded in 1938 in London by two Danish
engineers, Henning Holck-Larsen and Sren Kristian Toubro. The company began as a
representative of Danish manufacturers of dairy equipment. However, with the start of
the Second World War in 1939 and the resulting restriction on imports, the partners started a
small workshop to undertake jobs and provide service facilities. Germany's invasion of
Denmark in 1940 stopped supplies of Danish products. The war-time need to repair and refit
ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd, to
handle these operations. L&T also started to repair and fabricate ships signaling the expansion of
the company. The sudden internment of German engineers in British India (due to suspicions
caused by the Second World War), who were to put up a soda ash plant for the Tata's, gave L&T
a chance to enter the field of installation.
In 1944, ECC was incorporated by the partners; the company at this time was focused on
construction projects (Presently, ECC is the construction division of L&T). L&T began several
foreign collaborations. By 1945, the company represented British manufacturers of equipment
used to manufacture products such as hydrogenated oils, biscuits, soaps and glass. In 1945, the
company signed an agreement with Caterpillar Tractor Company, USA, for marketing earth
moving equipment. At the end of the war, large numbers of war-surplus Caterpillar equipment
were available at attractive prices, but the finances required were beyond the capacity of the
partners. This prompted them to raise additional equity capital, and on 7 February 1946, Larsen
& Toubro Private Limited was incorporated.

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CHAPTER III

47
PRODUCTS THAT WERE INTRODUCED TO INTERNS

48
Marketing mix of above mentioned policies
1. ProHealth Insurance Protect Plan
Brief Description: Our Protect Plan provides an insurance coverage of up to Rs. 10 lakhs for
individuals and families. This plan has been designed to provide a comprehensive coverage for
treatment of diseases leading up to and during hospitalization.
SMART way to protect your health Save upto 30% of premium through various discounts

Save upto 30% of premium through various discounts

More coverage including OPD and 100% Restoration of Sum Insured
Additional non-reducing Cumulative Bonus
Reduction of renewal premium upto 10% with Healthy Rewards
Total protection through Protective Healing and Proactive Living

Key features:
IN PATIENT HOSPITALISATION We will cover hospital accommodation upto
Single private room, charges for stay in
Intensive Care Unit, related hospitalization
expenses such as surgeons fees, nursing,
anesthesia, blood, oxygen, operation theater
charges, surgical appliances, medicines,
drugs and consumables up to the sum
insured.
PRE-HOSPITALISATION You may incur some expenses before you are
hospitalized, like doctors fees, pharmacy
related expenses or diagnostic tests. All such
costs will be covered by us up to 60 days
before your hospitalization.
POST-HOSPITALISATION After you get home from the hospital, there
are still expenses to be taken care of, like
consultation fees, diagnostic tests, pharmacy
related costs among other things. We will
cover such expenses related to your
hospitalization up to 90 days after your
discharge.
DAY CARE TREATMENT You might need to be hospitalized for less
than 24 hours for certain procedures like
dialysis, radiation therapy, cataract surgery
among others. We will cover the cost of such
procedures up to the sum insured.

49
DOMICILLIARY TREATMENT If you need to be treated at home due to
unavailability of a bed at the hospital or
because your health condition did not allow
hospital transfer and doctor recommended
home care, we will cover the expenses for it,
up to the sum insured.
AMBULANCE COVER We understand the need for emergency
ambulance service; should you need
immediate assistance we will cover the
ambulance expenses up to 2000 rupees
every time you get hospitalized.
DONOR EXPENSES For situations like an organ transplant, the
medical expenses incurred for the in-patient
hospitalization of the donor is also covered
by us. The coverage will be up to the sum
insured.
WORLDWIDE EMERGENCY COVER You might need to avail emergency medical
assistance when you are abroad. We
understand the problems you might face in
such situations. Dont worry, we will cover
your medical expenses abroad up to the full
sum insured on reimbursement basis.
RESTORATION OF SUM INSURED If the Sum Insured and Cumulative
Bonus/Cumulative Bonus Booster (if any) is
insufficient due to claims paid & accepted,
we will restore 100% of Sum Insured once in
a policy year to meet future claims for all
unrelated diseases/injury.
For example, an insured has taken a cover of
Rs. 3.5 lakhs and a claim of Rs. 3 lakhs have
been paid. Now, he is admitted to hospital
for another disease and files a fresh claim of
Rs. 1 Lakh. Under restoration benefit, the
policy will provide an additional Rs.3.5 Lakhs
of Sum Insured. Fresh claim and any future
claims for unrelated illness can be settled out
of the balance Sum Insured plus the restored
Sum Insured within the same policy year.
For a policy year the maximum aggregate
Claim amount payable shall be sum of the:
a. Sum Insured
b. Cumulative Bonus (if earned) or
Cumulative Bonus Booster (if opted)
c. Restored Sum Insured.
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Restoration will not trigger in case of a claim
under Worldwide Emergency Cover,
Maternity, New Born Baby and First Year
Vaccinations.

HEALTH MAINTANENCE BENEFIT We provide reimbursement of Rs.500/- each

year to cover out-patient expenses such as
doctors consultation , pharmacy expenses or
diagnostic tests, alternative forms of
medicines (AYUSH) and more.
HEALTH CHECK-UP We encourage the people we serve to stay
healthy, thats why, we provide a
comprehensive health check-up for all
insured persons above 18 years once every 3
years.
EXPERT OPINION ON CRITICAL ILLNESS We understand your need for an Expert
opinion from our network of medical
practitioners for deciding on the best course
of action. We cover the cost of an Expert
opinion on listed critical illnesses such as
cancer or stroke before you decide on the
best treatment or procedure.
CUMMULATIVE BONUS FOR NO CLAIMS You can even benefit from staying healthy.
We increase the sum insured by 5% for each
claim free year upto a maximum of 100%.
For example, if you have a coverage of Rs.
10Lakhs and there is no claim in the first
year, an additional Sum Insured of Rs.50,000
will be allowed as Cumulative Bonus. If a
claim is made in the second year, the earned
Cumulative Bonus is not reduced unless
utilized to settle any claim.
HEALTHY REWARDS We want you to always stay healthy. What's
more, we grant you reward points equal to
1% of premium paid each year. In addition,
you can accumulate points by opting for our

51
online wellness programs maximum upto
10% of premium paid in the policy. Each
earned reward point will be valued at 1
Rupee. The accumulated points can be
redeemed as a discount in premium from
next renewal or reimbursed under health
maintenance benefit or to avail services
through our network partners.
DEDUCTIBLE We provide an option to select a deductible
of Rs 1 Lakh, Rs. 2 Lakhs and Rs. 3 lakhs. The
deductible amount will apply on the sum of
all admissible claims in that policy year. This
means that of your claims (should any be
arising), you choose to pay the deductible
amount either out of your own pocket or
with the aid of an existing health insurance
policy.
VOLUNTARY CO-PAYMENT* This option (when exercised) would mean
that you choose to pay the first 10% or 20%
of the claim and the balance would be
covered by your plan. * Voluntary Co-pay &
Deductible cannot be opted in the same
plan.
WAIVER OF MANDATORY CO-PAY You have an option to remove Mandatory
co-pay applicable for persons aged 65 years
and above on payment of additional
premium.
CUMMULATIVE BONUS BOOSTER If opted, an additional Sum Insured of 25%
will be added as cumulative bonus at the
time of renewal in case there is no claim in
the expiring policy. Maximum accumulation
is upto 100%. This benefit is available in place
of cumulative bonus.
CRITICAL ILLNESS ADD-ON Persons between 18 to 65 years can opt for
Critical Illness cover as add-on benefit. We
will give a lump sum amount equal to Sum
Insured in case of first diagnosis of the
covered critical illnesses. In case of a family
floater policy, once a claim has been paid for
a critical illness under this benefit we will
provide for 100% reinstatement of Sum
Insured once during the lifetime of the policy
for the other person covered.

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PRE-EXISTING DISEASES WAITING PERIOD Pre-existing diseases will be covered after 48
months of continuous coverage under this
plan.
FREE LOOK PERIOD We know your need to try something before
you trust it. A period of 15 days from the
receipt of the policy document is available to
review the terms and conditions of this
policy. You can choose to cancel the policy by
stating the reason for cancellation. If there
are no claims in the policy, we will refund the
premium paid.
GRACE PERIOD There is a grace period of 30 days for
renewal of a single premium policy from the
date of expiry.
PORTABILITY You can port your existing health insurance
policy to the ProHealth Insurance policy,
provided you are covered under an Indian
Health Retail policy from a non- life
insurance company.
INCOME TAX BENEFIT Along with other benefits, you can also claim
tax deduction u/s 80D as per IT Act 1961 for
premium paid towards this policy. For
premiums paid in cash, tax benefit u/s 80D
shall not be applicable.
CANCELLATION You can place a request for cancellation any
time during the term of the policy; premium
refund will be on short period basis.
FIRST 30 DAYS WAITING PERIOD A waiting period of 30 days from the
Inception Date of the Policy will be applicable
for all hospitalization claims except in case of
accidents and policies accepted under
portability norms.
FIRST 90 DAYS WAITING PERIOD AND From the policy inception date, there will be
SURVIVAL PERIOD (APPLICABLE ONLY TO CI a waiting period of 90 days before the
ADD-ON) symptoms of any critical illness first occur for
you to be able to make a claim. A 30 days
survival period will also apply.
2 YEARS WAITING PERIOD Two Years Waiting Period will be applicable
for specific illnesses.

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KEY EXCLUSIONS We will not pay any claims arising out of or
attributable to any of the following:
HIV/AIDS and its complications Genetic
disorders Mental disorders Suicide or drug
abuse Any loss resulting from child birth or
pregnancy. The above list is only indicative
and not exhaustive. Please refer to the policy
terms and conditions for complete details.

SAMPLE OF CIGNA TTK POLICY

2. ProHealth Insurance Plus Plan

a) Brief description:
This health insurance plan assures financial support in critical times giving you an easy access to
quality hospitals worldwide.
VALUE for money health protection Various discounts to save premium upto 30%

Additional non-reducing Cumulative Bonus

Live worry free with Protective Healing &Proactive Living
Use Healthy Rewards to reduce renewal premium upto 10%
Extra coverage with Smart Restoration and Maternity Expenses

b) Key Features (Additional features separate from first policy):

Our Plus Plan provides an insurance coverage ranging from Rs. 4.5 lakhs to Rs. 10 lakhs. All
hospitalization expenses such as treatment costs, diagnostics, drugs and accommodation charges
are covered. Pre & Post Hospitalization expenses are also covered for a specified number of days.
This plan provides total value for money health protection against all unforeseen health
complications as well as covers maternity and pays for expenses pertaining to the medical
treatment of the newborn. We take care of the smaller expenses towards consultation and

54
pharmacy charges through Health Maintenance Benefit. There is also a reward for no claims by
way of Cumulative Bonus or Cumulative Bonus Booster. A second opinion help on Critical
Illnesses from an expert and a Worldwide Emergency Cover also available when you are away
from home. We strive to keep you healthy at all times with a Health Check-up after every
renewal.

Sum insured options: Rs. 4.5 lakhs, Rs. 5.5 lakhs, Rs. 7.5 lakhs and Rs. 10 lakhs
Entry age &renewal: The minimum entry age is 91 days for children and 18 years for
adult. There is no maximum age limit for entry under this policy. The plan provides
lifetime renewal opportunity.
Is a medical test required before enrolment? It depends on the age and the sum insured
that you have opted for.
What determines premium? Apart from age, lifestyle, sum insured, gender and results
of the medical test (if undertaken), the geographical location also determines premium.
Cities have been divided into 3 separate zones.
Policy period: One can choose between 1 year, 2 years and 3 years term.
Family discount:10% discount on the premium amount on enrolling more than 2 family
members under a single individual policy.
Long term discount:7.5% for selecting a 2 year and 10% for selecting a 3 year single
premium policy.

PRICING AND CALCULATING THE PREMIUM

Pricing refers to the calculation of premium that will be charged on the insurance policy. The
pricing of the insurance policy is an important decision for the insurance company and it will
have a number of prime objectives in mind in this respect. In addition to being corned about
charging premiums that are sufficient to meet claims, expenses and produce profits at the desired
level, the company will also be keen to ensure that premiums are competitive so that it does not
lose business to other insurance companies in the mortality tables.

PRICING ELEMENTS
Mortality rates:
As mentioned already that insurers use mortality tables to help calculate the premium. These
tables also contain mortality rates, which in simple words can be defined as the probability that a
certain individual will die before their next birthday.
Loading:
All companies incur expenses in going about their business and insurance companies are no
different. The premium is the key source of income for an insurance company and so the
premium needs to convert the cost of meeting these expenses. The addition of these expenses to
the premium is called loading.
Income from investment of premium:

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The premium that is collected by insurance companies for traditional plans are invested as
mandated in Insurance Act 1938. The profits they earn from their investment can help to cover
the insurance companys expenses and so can be taken into account while considering the price.
Benefits promised:
The pricing will depend upon the benefits promised by the company. The larger the benefits
offered by the insurance company, the higher the premium will need to be cover the cost of
providing that benefit. With profit-policyholders pay a slightly higher premium for the benefit of
sharing in the bonuses and are generally rewarded well by bonus declaration.

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CALCULATING PREMIUM
The process of calculating premium is as follows:
Calculate the risk premium

Based on risk premium, calculate the level premium

Deduct the expected interest on investments to calculate the net premium

Add the loadings

Arrive at the gross premium to be charged

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Steps for calculating premium:
Calculate the risk premium:
The health insurance premiums collected by the insurance company are kept in a single pool,
known as the common fund or health fund. All the future claims on the company are settled
using this common fund. Therefore, the insurance company has to make sure that there is enough
in the common fund to meet those claims. Determining the correct amount for the common fund
is a difficult task, as no one can accurately predict the future. However, as we have seen, using
the statistics on death rates from previous years, insurance companies can now estimate fairly
accurately the probability of an individual dying before their next birthday. This probability
known as the mortality rate is used to calculate the risk premium. The risk premium is
calculated using the mortality rates in the mortality table of the respective insurance company.
The formula is:
Risk Premium = Mortality Rate * Sum assured

The risk premium is the premium that has to be charged just to meet the claims of those who die
during the year.
Based on risk premium, calculate the level premium
With many health insurance policies, the insurance company charges the same amount of
premium for the entire policy term: it cannot be changed. Therefore, the premium set will need to
take into consideration the future expenses and claims that the insurance company will have to
pay. It will also need to take into account the effects of inflation, which means that the value of
money decreases over time, so the premium the policyholder pays now will not hold the same
value in later years. This means that the cost of inflation will be borne by the insurance company
in the later years of the policy. Consequently, the premium will need to be set at a higher level
than would appear to be appropriate initially. The higher premium collected in the early years is
put into a reserve by the insurance company to meet the cost of future claims and expenses.
Calculate the net premium
The premium that is collected by the insurance companies for traditional plans is invested in
securities as mandated in the Insurance Act 1938. The insurance companies earn interest as
income from their investments. This interest earned is also considered for the premium
calculation. The actuaries make an estimate of the amount of interest that the investments are
expected to earn. Based on the estimate of these interest earnings the premium charge can be
reduced.
Premium Interest Earnings = Net Premium

There are some important points to remember when thinking about how the premium is adjusted
for the interest earned on its investment:
The premium is invested, until it is required to pay claims;
For level premiums, the reserve funds are also invested; and
The interest expected to be earned also depends upon the term of the policy.

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Add loadings

A further adjustment is made to the net premium in order to calculate the gross premium
(the actual premium that is paid by the policyholder). This adjustment is to take account
of the expenses and profit of the insurance company. This process is known as loading.
The following items are added in loading:
Administrative expenses, such as the cost of running the building, employees salaries,
etc.
Medical expenses incurred for medical underwriting;
Processing fee;
Expenses involved in the renewal of the policy;
claim settlement expenses;
Profit margin; and
Bonus loading for with-profit policies.

Arrive at gross premium to be charged

The type of policy whether it is a single premium plan, a level premium plan, flexible
premium plan or an annually renewable plan will affect the gross premium to be
charged. For instance, when calculating the premium for a single premium plan the
insurance company will need to determine how many policyholders are likely to take up
the plan and how many death claims it will expect to have to pay during the policy term.
Similarly, whether the premium is to be paid annually, semi-annually, and quarterly or
monthly will also need to be taken into account. Most insurance companies first calculate
the premium for annual payment, and then make a further adjustment for monthly
payment. Insurance companies generally collect a frequency loading if the premium is
not being paid annually.
PROMOTIOAL ACTIVITIES OF CIGNA TTK HEALTH INSURANCE COMPANY
Promotion is one of the four elements of marketing mix (product, price, promotion, and place). It
is the communication link between sellers and buyers for the purpose of influencing, informing,
or persuading a potential buyer's purchasing decision. The following are two types of promotion:
1. Above the line promotion: Promotion in mass media (e.g. TV, radio, Newspapers, internet,
mobile phones) in which the advertiser pays an advertising agency to place the advertisements. 2.
Below the Line Promotion: Much of this is intended to be subtle enough for the consumer to be
unaware that promotion is taking place. 3. E.g., Sponsorship, testimonials, sales promotion,
merchandising, direct mail, personal selling, PR, trade shows The specification of five elements
creates a promotional mix or promotional plan. These elements are personal selling, advertising,
sales promotion, direct marketing and publicity. A promotional mix specifies how much
attention to pay to each of the five subcategories, and how much money to budget for each. A
promotional plan can have a wide range of objectives, including: sales increases, new product
acceptance, creation of brand equity positioning, competitive retaliations, or creation of a
corporate image fundamentally, however there are three basic objectives of promotion. These
are:
1. To present information to consumers as well as others
2. To increase demand

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3. To differentiate a product.
Here we have to find out:
how effectively advertisements influence a person to buy the life insurance products
The find whether IDBI federal needs brand ambassador to reach the customer effectively
Identifying the role of advertisements for life insurance products.
Following are the main ways in which Cigna TTK Health Insurance company ltd promotes its
products/services and creates awareness in the market.
NEWSPAPER:
Cigna TTK Health Insurance company ltd has attained notice through many articles and
advertisements published in various national and regional newspapers in India like the Economic
Times, Times of India, The Hindu, Samachar Jagat, Vir Arjun, Meghalaya Guardian etc. IDBI
Federal spends around Rs 1040 per sq.cm for promotional activities through newspapers. They
position the ads and articles in such a way that it catches the eye of the reader as soon as they
start reading the newspaper.
HOARDINGS:
Cigna TTK Health Insurance company ltd has also tried making their potential customer aware
of their products and policies through billboards and hoardings by positioning them in strategic
locations. As of now, the total number of hoardings which are put up in Hyderabad region counts
to a good 17 number. The total expenses spent by the company for this promotional activity is Rs
4 Lakh.

60
PAMPHLETS:
Pamphlets are distributed across India at least 5 times in a month without any cost. Its done to
create maximum awareness about the products/services.
MAGAZINES:
There is no specific magazine in which advertisement is given. Its given in magazines
depending upon their sales and reputed magazines like Outlook, Money etc. The advertisement is
given every month at least once in any magazine.
TELEVISION:
Mainly, the advertisement is shown on cricket channels, Star channels. The main promotions
were done during FEB & MARCH to:
1. Highlight the tax benefit
2. To combat competition as all the insurance companies would advertise during this time at a
great frequency. Also the company will soon start displaying their advertisements on Satellite
TV like SUN network, etc.
DISTRIBUTORS:
A strong network of distributors and parent advisors also helps a lot in promoting
products/services of Cigna TTK Health Insurance company ltd by word of mouth. A Viral
campaign is also run on the Internet by wherein flash videos of working of products are
explained in a very humorous manner.
LOCAL EVENTS:
The overall costs associated with such events totals to Rs. 2, 00,000 per annum such events are
mainly conducted in Apartments, Schools, etc. Building an engagement process around the
solution being offered gives an additional boost to this cause. Spelling Bee was a specially
created spelling contest created to connect with children. The engagement started with the
spelling contest for kids and gave natural opening for a discussion with parents about financial
planning for their childrens future needs like education. This is a sort of channel marketing
which Cigna TTK Health Insurance company ltd had adopted to create awareness as well as to
educate the future generation about the company and the importance of saving. Also Cigna TTK
Health Insurance company ltd involved them in developing their business by joining hands with
SAMHITA, a community development organization based out of Bhopal which works towards
bringing financial literacy to the underprivileged population in Madhya Pradesh. They believe
that such financial literacy among the under banked population will help bring a holistic change
in the way people perceive and understand financial products and their utility at various stages in
their life. This will ultimately help bring them closer to financial inclusion.

61
BENEFITS OF THE PROJECT TO THE COMPANY
Half of the work is simply done by knowing what the problem is at hand and by knowing the
weakness. By keeping them in mind the operations and the marketing efforts can be streamlined
by customizing them according the needs of target customer.
It is a well-known fact that one size doesnt fit all. Before approaching a customer, it is always a
good idea to know the needs of the customer before approaching them. This project tries to point
out the shortcomings and modifications in their marketing approach.
Problems Formulation
To increase the brand awareness about the company.
To do the need analysis of the customer
To design the marketing mix in such a that the education of the common public happens
regarding the financial instrument
Increase the financial education
Increase transparency and increase the trust quotient.
The increase in this awareness might lead to increase in customer base. The economies of
scale can be achieved by tapping into the base of wary customers.
Therefore, the objectives of the company as of now should be
1. More differentiation of the product
2. To identify target segments more appropriately
3. To have customized strategies for every segment.
So the major challenges right now in front of Cigna TTK are what the general attitude towards
various segments is and how to increase the brand awareness of it.

62
CHAPTER IV

63
QUESTIONNAIRE ON HEALTH INSURANCE
Section A
Name: Tel No.:
Area of residence: Locality: Urban/Rural
(constituency)
1. Age group
a) 18-30
b) 31-40
c) 41-50
d) 51-60
e) Above 60
2. Gender
a) Male
b) Female
c) Others

3. Marital status

a) Married

b) Single

4. Monthly income of the family

a) Less than Rs. 5,000/-
b) Rs.5001-10,000/-
c) Rs.10001-25,000/-
d) Rs. 25,000-50,000/-
e) Above Rs. 50,000/-

5. Average monthly medical expense of the family

Up to 500
501-1000
1001- 2000
above Rs.2000
6. Do you have a health insurance policy? YES/NO

If yes, does it cover:

SELF: FAMILY:

Name of the provider company:

7. From where do you get the information on health insurance?

a) Newspaper Advertisements

b) TV Advertisement Outdoor

64
c) Friends and Relatives

d) Advertisements/Company Brochures/Events

e) Insurance Agents

f) Internet

g) Others (Please specify)

8.Which type of message from a health insurance advertisement will influence you
more?
Family security / Fear of big expenditure/ Risk cover/ Well-being& health.

9. If not, what could be the reason for not having health insurance policy?

Did not feel the need No returns for investment

High premiums charged Alternate sources
Poor service provided and coverage
Shortage of disposable funds

10. Rank (starting with 1) the three important factors which can form the basis for
selecting a health insurance company, in your order of preference:

a) Trustworthiness of the company f) Better schemes offered

b) Existing insurances with the company g) Personal relationships

c) Easy claim settlement h) More coverage of diseases

d) Low premium cost i) Better marketing efforts by agents

e) Tax savings j) Influence of advertisements

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DATA ANALYSIS
Q1. Percentage of respondents falling for each age group

PERCENTAGE
40%
30%
20%
10% PERCENTAGE
0%
18-30 31-40 41-50 51-60 Above
60

Q2. Percentage of respondents of different gender

PERCENTAGE
40%
30%
20%
PERCENTAGE
10%
0%
MALE FEMALE OTHERS

Q3. Percentage of people following under different marital

status

PERCENTAGE
42%
40%
38%
36% PERCENTAGE
34%
32%
MARRIED SINGLE

66
Q4. Percentage of respondents earning different set of
monthly income

PERCENTAGE
40%
30%
20%
10% PERCENTAGE

0%
LESS THAN RS. 5001- RS. 10001- RS. 25001- ABOVE RS.
RS. 5000/- RS. 10000/- RS. 25000/- Rs. 50000/- 25000/-

Q5. Percentage of respondents facing average monthly medical

expenses for their family

PERCENTAGE
60%
40%
20% PERCENTAGE
0%
UPTO RS. RS. 501-RS. RS. 1001-RS. ABOVE RS.
500/- 1000/- 2000/- 2000/-

Q6. Percentages of respondents who have/do not have health

insurance policy.
70%
60%
50%
40%
30%
20%
10% YES
0% NO

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Q7. Percentage of the respondents who gather information on health
insurance from different sources

PERCENTAGE
60%

50%

40%

30%

20%

10%

0% PERCENTAGE

Q8. Percentage of respondents who are influenced by health

insurance advertisement.

PERCENTAGE
50%
40%
30%
20% PERCENTAGE

10%
0%
YOUNGSTERS ADULTS OLD CITIZENS

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LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

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 study was conducted in Cigna TTK in Delhi NCR, which has 127 to 170 insurance care
consultants only. The sample size was of 30 insurance care consultants 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 understood by the respondent cannot be taken for
granted.
4. The study is based on the information gathered from the insurance care consultants. Therefore
in such case it is possible that the information supplied might be biased because the insurance
care consultant might have shown partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather difficult to give a
precise conclusion but I have tried to the best of my capability to give the conclusion on a
comprehensive manner.

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RECOMMENDATIONS/SUGGESTIONS

Many of the insurance care consultants of the Cigna TTK has the lack of good
communication skills and training, so training should be easy.
Cigna TTK should use new techniques of sales promotion.
Customer services should be more comfortable than others.
People must be made aware of the benefits of the policies of Cigna TTK.
The company should give personal attention to each customer.
Proper assistance should be provided to the customer at the time of claim
settlement.
All the details about the company should be given to the customers.
Regular advertisement of the company should be given TV and Newspaper.
The company must try to find new markets especially in the rural areas.
The company should do frequent analysis of the competitors.

70
Conclusion and Bibliography
CONCLUSION

Indian insurance sector is likely to register unprecedented growth of 200% and

attain a size of Rs. 2000 billion ($51.2 billion) by 2009-10, in which a private
sector insurance business will achieve a growth rate of 140% as a result of
aggressive marketing technique being adopted by them against 35-40% growth rate
of state owned insurance companies. The rural market offers tremendous growth
opportunities for insurance companies and insurers should develop viable and cost-
effective distribution channels; build consumer awareness and confidence.
The state owned insurance companies such as LIC and GIC have limited number
of policies to offer to their subscribers while in case of private insurance
companies, their policy numbers are many more and the premium amount as well
as the maturity period is much competitive as against those of government
insurance companies. The private sector insurance players have started exploring
the rural markets in which until recently, the state owned companies had the
monopoly.
Here it can be concluded that the summer internship program, done for partial
fulfillment of the B.COM (h)course, in Cigna TTK Health Insurance Co. Ltd. has
been completed successfully.

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BIBLIOGRAPHY

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A%2F%2Fwww.zaubacorp.com%2Fcompany%2FOMNIS-HEALTHCARE-
SERVICES-PRIVATE-
LIMITED%2FU74900UP2015PTC073921&usg=AOvVaw3XuymqYgt30FsfKgeIfQ
5b
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%3A%2F%2Fwww.scribd.com%2Fdocument%2F288498661%2Fmarketing-mix-of-
idbi-federal-life-insurance-company&usg=AOvVaw3rpJxZTi3NLdb3hLH8C3pS
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uact=8&ved=0ahUKEwislNeFyt3WAhWDOI8KHfDoAYgQFggnMAA&url=https%
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