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CHAPTER I

INDUSTRIAL PROFILE

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The control on general insurance business started with the insurance act 1938,

setting up the government control. In 1968 it was amended to add more provisions to and

also Add Tariff Advisory Committee. This Tariff Advisory Committee now fixes the

rates terms and conditions for many branches of general insurance like Fire, Engineering,

Marine, Hull and Workmen compensation insurance.

In 1972, the General Insurance (Business Nationalisation) Act was passed. It set

up GIC and its subsidiaries. 107 private companies were merged into GIC and its

subsidiaries and these companies included both Indian and foreign companies. General

Insurance Corporation was formed as company under the Companies Act unlike LIC,

which was setup as corporation. The GIC has only one office in Mumbai and is the

holding companies for all the subsidiaries. It formulates general policy guidelines for

general insurance industry and control the investment and reinsurance policy of the

companies.

GIC had four subsidiary companies, namely (with effect from Dec'2000, these

subsidiaries have been de-linked from the parent company and made as independent

insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited

3. National Insurance Company Limited

4. United India Insurance Company Limited.

In April 1993, the govt setup a high power committee headed by R. N. Malhotra,

former Governor of Reserve Bank of India. The committee submitted its report to the

ministry on 7th January 1994.

On 23rd January 1996, The Insurance Regulatory Authority was set up by a

Government order. N. Rangachari has taken over the function of the controller of the

Insurance also. In that capacity he has the controlling authority over the General

Insurance and Life Insurance business in India.

In the budget speech of July 1996, the govt formally announced its plans to open

the Insurance Industry and also the intention of bringing an Insurance Regulatory

Authority Bill 1996

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Insurance Regulatory and Development Authority Act 1999

An Act to provide for the establishment of an Authority to protect the interest of the

policy holders of insurance policies, to regulate, promote and ensure orderly growth of

the insurance industry and for matters concerned there with or incidental thereto and

further to amend Insurance Act 1938, and General Insurance Business (Nationalisation)

Act 1972.

On 26th August 1998 the Reddressal of public Grievances Rules 1998 was issued

by the Insurance Division, Ministry of Finance by which the Govt of India setup the

Insurance ombudsman scheme for GIC and LIC. This will handle cases against Industry

from the public and would take over a large part of the consumer forums. The scope

limited to personnel lineses of insurance i.e. Policies taken on individual capacity.

Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to

redress customer grievances in respect of insurance contracts on personal lines where the

insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme.

General Insurance Corporation of India

GIC and its subsidiaries have completed a Gross Premium of Rs. 8086 crores as

on 31-03-2009. The industry registered an underwriting loss of 384.20 crores, but it

because of its investment income of Rs. 2056 crores, it recorded a net profit after tax of

Rs. 1255 arores. The consolidated result of 2008-2009. The total asset as on 31-03-2009

stood at 21,563 crores.

Private General Insurance Company Includes-

S.No. Registration Date of Name of the Company

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Number Registration

1 102 23.10.2000 Royal Sundaram Alliance Insurance Company

Limited

2 103 23.10.2000 Reliance General Insurance Company

Limited.

3 106 04.12.2000 IFFCO Tokio General Insurance Co. Ltd

4 108 22.01.2001 TATA AIG General Insurance Company Ltd.

5 113 02.05.2001 Bajaj Allianz General Insurance Company

Limited.

6 115 03.08.2001 ICICI Lombard General Insurance Company

Limited.

7 131 03-08-2007 Apollo DKV Insurance Company Limited

8 132 04-09-2007 Future Generali India Insurance Company

Limited

9 134 16-11-2007 Universal Sompo General Insurance Company

Ltd.

10 123 15.07.2002 Cholamandalam General Insurance Company

Ltd.

11 124 27.08.2002 Export Credit Guarantee Corporation Ltd.

12 125 27.08.2002 HDFC-Chubb General Insurance Co. Ltd.

13 139 27.06.2008 Bharti Axa General Insurance Company Ltd.

14 141 15.12.2008 Raheja QBE General Insurance Co. LtdSource: www.irdaindia.org.html

Insurance is a federal subject in India. The primary legislation that deals with insurance

business in India is:

Insurance Act 1938, and Insurance Regulatory & Development Authority Act 1999.

Three Phases of De-Tariffing

India’s general insurance industry has undergone de-tariffing in three phases:

1994 -- marine cargo, personal accident, health, banker liability and aviation

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2005-06 -- marine hull segment

2007 -- fire, engineering and motor own damage (OD). However, the de-tariffing

did not immediately allow for free pricing. Instead, insurers were required to

follow the “file and use” method, whereby they were expected to file a charter of

proposed rates, which was then approved by IRDA.

The restrictions on price discounts during the initial periods were intended to

ensure orderly price adjustments. They were removed in January 2008.

The only segment that remains under a tariff regime is the third party motor

business, although there has been a large upward revision in this area’s premium rates by

regulators in recent times. Moreover, commercial third party motor business, which has

traditional

Chart 1: Premium – Public vs Private by segment before removal of tariff

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Chart 2: Premium – Public vs Private by segment after removal of tariff

Charts 1 and 2 compare the premium income of the private and public sectors.

Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed

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a much greater proportion of business for private players than was the case for public

firms.

Charts 1 and 2 compare the premium income of the private and public sectors.

Before the removal of tariffs, fire, engineering and motor own damage (OD) contributed

a much greater proportion of business for private players than was the case for public

firms.

Company profile

Introduction

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Royal Sundaram Alliance Insurance Company Limited is the joint venture between

Sundaram Finance Ltd India and Royal & Sun Alliance PLC London, where the former

holds 74% and the latter holds 26% of the equity of the venture. Royal Sundaram

currently has over 2.1 million customers. It was the first foreign joint venture to obtain a

license for operating non-life insurance businesses in India.

Royal Sundaram began their official operations on 12th march'2001 with their head

office in Chennai. The Company was one of the first new companies to be granted a

licence by the IRDA (Insurance Regulatory and Development Authority) to transact

business in the non-life insurance sector. The Company was incorporated in April 2000,

received its certificate to commence business on October 25, 2000 and formally launched

in March 2001.Today they have four regional offices in along with 35 branch offices.

• Chennai

• Mumbai

• Gurgaon and

• Kolkata

The Royal Sundaram team includes in-house trained insurance agents, brokers and direct

sales office staff. It is a leading private insurance company in India.They provides

innovative insurance solutions to its customers, it has also been first in introducing

services like cashless hospitalization, co-branded credit cards,segment specific business

solutions and industry specific proposition etc.

It has an extensive business network with a presence in more than 150 cities. The

recruitment procedure involves a pre-recruitment exam in life or general insurance and

then a 100 hrs of practice and a license from IRDA.A wide range of specialised insurance

covers in Property, Marine, Engineering, Liability and Business Interruption risks apart

from specially designed packages for Small and Medium enterprises.

Sundaram Finance

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Sundaram Finance is one of the most trusted and an AAA rated non-banking finance

company in India. It offers financial services in a range of verticals like General

Insurance, Vehicle Finance, Asset Management Business Process Outsourcing, Home

Mortgages, IT Solutions and also financial products distribution. It has an extensive

network of more than 320 branches across the country with a workforce of more than

2,500 employees.

Royal & Sun Alliance

RSA is one of the world’s leading multinational quoted insurance groups. It has the

capability to write business in over 130 countries and with major operations in the UK,

Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. In general

insurance, it has around 22,000 employees and, in 2007

ABOUT ROYAL SUNDARAM ALLIANCE INSURANCE:

In the competition world, standard of living of the people is high. At this situation people

wants a security of their life. As a result they reach the insurance company’s. Some

confusion arise between the people to choose the insurance company.

The below information clears the doubt of the customers whether to choose Royal

Sundaram insurance company are not. The things like what kind of people will you work

with, what’s the culture like and what kind of benefits would you receive regarding the

company.

Orientation:

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Once customer joins, the orientation process kicks in straightaway. It’s designed to help

customer meet their future colleagues and to tell customer about day-to-day mechanics

like processes, tools and IT systems.

Culture:

Both Sundaram Finance and Royal & Sun Alliance share of pedigree of

trust that goes back decades before the two entered into partnership to form Royal

Sundaram. The culture at Royal Sundaram is the best of both these worlds. Honesty,

openness and trust mean everything to the company. It is the very foundation of their

business and fosters these qualities in every employee, encouraging him or her to uphold

these values in the execution of even the smallest detail. They have a ''learning

organisation'' where they continuously learn and explore more about their business and

environment.

Heart of Royal Sundaram

Six shared values have been at the heart of Royal Sundaram since their formation. These

values influence the way they meet customer’s needs while respecting the regulatory

requirements in the field they operate, and the way they promote ethically sound practices

within India and in their partnerships.

Truth:

In Insurance Industry, they will strive to be open and conduct their dealings to the

customers with honesty. They will never compromise on integrity.

Trust:

Empowering themselves and others to be involved and take responsibility.

Teamwork:

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Sharing knowledge and working well together including with business family.

People Commitment:

Invest in their people and recognize as well as reward superior performance.

Customer commitment:

Meet and exceed their customers’ needs.

Professionalism:

Develop and maintain the highest standards of professionalism backed by continuous

learning and improvement.

Technical Academy

In 2006, Royal & SunAlliance launched its Technical Academy. The aim of the academy

is to create competitive advantage by build technical mastery in the areas of

Underwriting, Claims and Actuarial.

The Academy provides:

To access technical skills training, including professional qualifications

To focus on technical talent ensuring the successful career development of those

within Underwriting, Claims and Actuarial communities.

A focus for effective collaboration, networking and project and product

development across geographical and functional boundaries

The development of strong sustainable leadership talent for current and future

generations

Royal Sundaram has received an extension of ISO 9000:2000 certification for Health and

Accident claims. Alignment of their processes and systems to ISO norms, methodical

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processes adopted in claims handling and pro-active customer-focused approach in

resolving customer complaints were instrumental in the extension of the ISO certification

for Royal Sundaram.

ISO 9000:2000 requires an organization to put in place an effective system for

monitoring a customer’s views and stipulates that the central purpose of a quality

management system is to ensure that the organization provides services that satisfy

customers. This international standard promotes the adoption of a process approach when

developing, implementing and improving the effectiveness of a quality management

system, to enhance customer satisfaction by meeting customer requirements.

The ISO 9000 quality management standard requires registered companies to measure

customer satisfaction. The customer Satisfaction Measurement for ISO 9000 has

guidelines on the conduct of a professional customer satisfaction survey that will produce

reliable results while being consistent with the requirements of ISO 9001:2000. Every

step of the customer satisfaction measurement process is linked to appropriate clauses in

the ISO 9001:2000 statement.

The audit of Royal Sundaram’s processes and systems was conducted by Bureau Veritas

to ascertain their adherence to ISO international standards. The first audit was conducted

in June 2008 and the certificate was given on July 08. The validity of the certification

was subject to the condition that Royal Sundaram passed through rigorous annual

surveillance audits without any non-conformities. Following a surveillance audit in June

09, the certifying body M/s. Bureau Vertitas officially confirmed the extension and

validity of the certification.

A concerted effort to drive efficiencies associated with claims and ensure an effective

delivery framework have been the major drivers to this end. Prompt redressal of claims is

the principal driver of customer satisfaction. Customer satisfaction is also based on

meeting or exceeding customer’s requirements and to achieve this objective, the business

has to be organized to do best what most to customers.

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The non-life insurer, Royal Sundaram Alliance Insurance Company hopes to close this

fiscal with a premium income of Rs.270 crore and a net profit of Rs. 7 crore. For the nine

months ended December 31,2003, the company has posted a premium income of Rs.187

crore and a net profit of Rs.5 crore.

Business mix

In personal insurance premium accounted for Rs.98 crore while the balance Rs.89 crore

is from commercial lines of business. Motor insurance accounted for 50 per cent of the

total business, followed by fire, engineering, personal accident, transit and health

insurance policies.

During the third quarter the company added two more banc assurance partners —

Lakshmi Vilas Bank and ING Vysya. The company has a 900 strong agency force and a

network of 26 branches.

GROWTH OF THE COMPANY

Royal Sundaram Alliance Insurance Company Ltd (RSAICL) net profit rose to Rs 21.18

crore as against Rs 8.63 crore registered during the 2005-06 period, recording growth of

145.42 per cent. For the full year ended March 31, 2007, Royal Sundaram Alliance

Insurance Company Ltd net profit rose to Rs 21.18 crore against Rs 8.63 crore registered

in 2005-06, a growth of 145.42 per cent.

Buoyed by the increasing demand from the motor, property, fire and health insurance

products, non-life insurance company Royal Sundaram Alliance Insurance Ltd is looking

at a healthy growth of around 40% during the current fiscal as against 28% during 2004

fiscal. The company, which has underwritten Rs 335 crore worth premium during 2004

fiscal, is targeting Rs 475 crore worth premiums during the current fiscal.

RECENT HAPPENINGS IN ROYAL SUNDARAM INSURANCE:

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Nov 10,2009 - Royal Sundaram Alliance Insurance Company a non-life insurance joint

venture between Sundaram Finance and UK’s RSA tied-up with with Geojit BNP

Paribas-financial services provider, to offer savings and investment solutions.

May 13,2009 - Royal sundaram put their trust on the atom’s payment platform. Atom

technologies India’s leading mobile payment solutions provider has tied-up with the

insurance major Royal Sundaram Alliance Insurance Company for its atom payments

platform. This service will provide policyholders the option to make their premium

payment in a hassle free and time saving manner over the phone with the help of their

credit card; it will enhance the customers ease in making premium payments.

Sep 11, 2008 - Royal Sundaram Alliance Insurance Company Limited has launchedHealth Shield Online and Travel Shield Online, two online comprehensive insurance

packages for the Indian customer, providing complete protection against health and travel

related risks. The online policies are in addition to Hospital Cash Online, Accident Shield

Online, Home Shield Online and Home Content Online. These policies can be bought

through the InstaBuy facility. Apart from buying new products, existing Royal Sundaram

customers can renew their policies online through the InstaRenew facility. InstaBuy and

InstaRenew are wholly user friendly and convenient facilities allowing customers to

transact anytime, anywhere. The added benefit - policy documents are made available

within 5 minutes of transaction completion through e-mail attachment as well as inside

the customer’s secure logged in section of the transaction website. The service is fast,

secure and convenient!

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CHAPTER-2

OBJECTIVES AND METHODOLOGY

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RESEARCH PROBLEM

To study on products offered by ROYAL SUNDARAM GENERALINSURANCE COMPANY LIMITED.

OBJECTIVES OF THE STUDY

1. To analyse the different product in detail.

2. Put forth some suitable suggestions to improve performance of the Company on

the basis of findings of the study.

3. To analyze the attitude of the customers towards companies products.

4. To make suggestions and recommendations to the management.

RESEARCH METHODOLOGY

1. Methodology of data collection:-

To conduct the studies different methodologies have been adopted. Both

primary and secondary data are used. Primary data were collected by conducting

personal interviews with the departmental heads, casual talks with workers and secondary

data were collected from the organization manuals.

Primary sources

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Direct interview with the departmental heads , detailed interview with the

divisional heads and by interaction with workers and customers of the company .

The data is also collected by observing the functions of the organization.

Secondary sources

The secondary sources of data are:

1. Organization documents.

2. Departmental manuals.

3. Annual reports

4. Periodicals, books etc. published by the company.

5. Proposals Forums.

2. Methodology of data analysis:-

The data collected were edited, coded and processed. The information is presented

through tables, graphs etc.

SCOPE OF THE STUDY

This study is restricted to the analysis of Products offered by Royal Sundaram

General Insurance Co Ltd. For the purpose of the study the data relating various products

benefits premium risk covered are used.

LIMITATION OF THE STUDY

1. Only product portfolio is analyzed in the study. The firm’s overall performance

cannot be evaluated in the study.

2. Company keeping some data confidential due to competition.

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CHAPTER-3

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DIFFERENT PRODUCTS

OFFERED BY ROYAL

SUNDARAM

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INNOVATIVE INSURANCE PLANS:

Royal Sundaram Alliance Insurance Company Ltd. offers various plans to the customers.

It, offers customized insurance coverage plans. The various insurance policies and

products by Royal Sundaram Alliance Insurance include:

Individual (for individual and family)

Health Insurance

Home Shield Classic

Home Insurance

Motor Insurance (Car Insurance)

Travel Insurance Personal Accident Insurance

Hospital cash Insurance

Group (Employee solutions)

Group Health Insurance

Group Accident Insurance Workmen's Compensation Policy

Business Solutions

Marine Insurance

Theft/Burglary Insurance

Engineering Insurance

Liability Insurance

Industrial All Risk Insurance

Offices Insurance

Hotels Insurance

Excelerator Insurance

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Enterprise Insurance

Education Insurance

Traders Insurance

Standard Fire And Perils Insurance

NRI Services:

Royal Sundaram Alliance Insurance Company Limited brings a range of services for the

NRIs. Following are the services offered to the NRIs:

Car Insurance

Family Health Insurance

Health Insurance

Travel Insurance

Home Content Insurance

Home Insurance

Accident Insurance

Hospital Insurance

HEALTH INSURANCE:

Family Health Insurance is a comprehensive package specially designed to offer

complete protection and Health Insurance coverage to the insured and his family. This

plan can cover spouse, children (above 90 days) and dependent parents (up to 50 years)

from all Health worries. However, Renewals will be accepted up to the age of 70 years

for adults and up to the age of 21 years for dependent children.

Health Insurance Coverage Options available under this policy:

Coverage for 2adults

Coverage for 2adults + 1Dependant Children

Coverage for 2adults + 2Dependant Children

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Health shield standard

Eligibility:

• Age group between 3 months & 70 (60-70on renewals)

• Children classified between 3 months & 18 years

• Sum insured between 1 Lac and 5 Lacs

• Self, spouse, dependant children & dependant parents

Features:

• Cover for self, dependant children & dependant parents

• No medical reports until 45 year

• Illness and accident hospitalization

• Cashless hospitalization

• 24 hour hospitalization and daycare treatments

• 15 day free look –in

• 10% discount on enrolling 3 or more members in family

Benefits:

• Pre hospitalization expenses up to 30 days

• Post hospitalization expenses up to 60 days

• Pre-existing covered after 4 year

• Waiver of all exclusions on transfer from different company (below 40 years)

• Lump sum cash upto 2% of sum insured on minimum of 15 days in hospital

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• Fixed benefit of :

a. 1.5% of sum insured on room rent/day

b. 3% of sum insured on I C U rent /day

c. 40% of sum insured on surgeon fees

Exclusions:

• First 30 days

• 1st and 2nd year exclusions]

• Pre existing conditions

• Plastic/cosmetic surgery

• Dental treatment

• AIDS & drug abuse

Age group 10,000 200,000 300,000 400,000 500,000

0-25 1,129 1,725 2,725 3,524 3,964

26-40 1,993 3,156 4,735 5,995 6,747

41-45 2,339 4,010 6,016 7,620 8,572

46-50 2,681 4,866 7,570 9,588 10,788

51-55 3,217 5,840 9,085 11,507 12,945

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56-60 3,861 7,007 10,901 13,809 15,536

61-65 4,632 8,410 13,081 16,570 18,642

66-70 5,560 10,092 15,698 19,884 22,369

Super hospital cash:

Eligibility:

• Age group between 1 & 70 year (60-70 on renewals)

• Children classified between 1& 18 years

• Self, spouse, dependant children, dependant parents & any other legal dependant

relation

features:

• cover for self, spouse, dependants like children, parents ,parents & others

• No health checkup

• Illness and accident hospitalizations

• Minimum hospitalization of 24 hours

• 15 day free look-in

• 10% discount on enrolling 3 or more members I n family

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Benefits:

• Fixed daily benefit for inpatient hospitalization

• ICU benefit at double the amount

• Accident hospitalization at triple the amount

• 60 days of general ward/room expenses

• 30 day of ICU relating to accident

• 21 days of ICU relating to accident

• Tax benefit under 80D upto Rs. 15,000/-

Exclusions:

• First 30 days

• 1st year exclusions of the health policy

•

Pre existing conditions

• Plastic/ cosmetic surgery



• Out patient treatment

• Diagnostic stay

Benefits for every completed Plan 1 Plan2

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24 hours

hospitalisation following

illness

Rs. 500 Rs. 1,000

ICU benefit Rs. 1,000 Rs. 2,000

Accident hospitalisation Rs. 1,500 Rs. 3,000

Age group Plan 1 Plan 2

1 to 45 years 687 1276

46-60 years 1276 2454

61-70 years 1600 3000

Health shield floater

Eligibility:

• Age group between 3 month & 65 (66 – 70 on renewals)

• Children classified between 3 months & 21 years

• Sum insured – 2 Lac and 3 Lacs

• Self, spouse, dependant children & dependant parents

Features:

• Cover for self, spouse, dependant children & dependant parents

• No medical reports until 45 years

• Two options – annual & 2 year policy can be availed

• Illness and accident hospitalization

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• 24 hours hospitalization and daycare treatments

• Points to remember:

• No free look –in of 15 days

• Mp family discount

• No transfer of cumulative bonus from other companies.

Benefits:

• Pre hospitalization expenses up to 30 days

• Post hospitalization expenses up to 60 days

• Pre- existing covered after 4 years

• Lump sum cash upto 2% of sum insured on minimum of days in hospital

• Master health check –up –Rs. 1,500/ insured after 4 claim free years under the

policy

fixed benefit of:

a. 2% of sum insured on room rent/day

b. 4% of sum insured on ICU rent /day

c. 40% of sum insured on surgeon fees

Exclusions:

• First 30 days

• 1st

and 2nd

year exclusions

• Pre existing conditions up to 4years

• Plastic/ cosmetic surgery


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Tariff – annual policy

Premium for one year with TPA fees and 10.3% service tax

Based on family size and age of eldest member

Rs. 200000 2 adult 2 adult +1 child 2adult + 2children

Upto 35 years 5,224 6,739 8,253

Upto 45 years 6,617 8,127 9,718

Upto 55 years 12,664 14,204 15,861

Upto 60 years 16,012 17,600 19,230

Upto 65 years 19,216 21,117 23,078


Upto 35 years 6,014 7,766 9,586Upto 45 years 7,303 9,112 10,857

Upto 55 years 14,061 15,845 17,740

Upto 60 years 17,783 19,736 21,524

Upto 65 years 21,341 23,682 25,830

Tariff – year policy

Premium for years with TPA fees and 10% service tax


Upto 35 years 9,925 12,805 15,682

Upto 45 years 12,573 15,441 18,465

Upto 55 years 24,062 26,989 30,137

Upto 60years 30,422 33,441 36,538

Upto 65 years 36,511 40,124 43,849


Upto 35 years 11,427 14,754 18,212

Upto 45 years 13,877 17,313 20,629

Upto 55 years 26,717 30,107 33,707

Upto 60 years 33,788 37,499 40,895

Upto 65 years 40,547 44,996 49,078

Home shield classic

Scope:

• Household contents – linen, curtains, furniture, utensils & crockery

• Household appliances – refrigerator, TV, oven , washing machine, music system

• Jewelry - upto Rs. 1,00,000 /-

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• Add- on cover – optional – PC, AC, air cooler

Features:

• Three plans to choose from

• Cover including fire and allied perils, burglary, larceny and theft

• Earthquake and terrorism included

Benefits:

• No age restriction on items

• Insurance even when the family is on tour

• Owners and tenants are also covered

Restrictions:

• For electrical & mechanical equipment, the maximum age limit is 10 years

• Minimum 3 sections are compulsory

• Jewellery valued over Rs. 1,00,000/- needs a valuation certificate and produced at

time of purchasing the insurance.

Section Coverage Perils Silver Gold platinum

1 Household

contents:

Clothing linen,

furniture, curtains,

utensils & crockery

Fire & allied perils,

including

earthquake&

terrorism, burglary

& house breaking,

including larceny &

theft

100,000 150,000 200,000

Max limit item 10,000 15,000 20,000

2 Household

appliances:

TV, refrigerator or

Fire & allied perils

including earthquake

& terrorism,

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washing machine,

oven, music

system, VCR

/VCP,DVD player

burglary & house

breaking, including

larceny & theft.

Electrical

mechanical

breakdown

100,000 150,000 200,000

Max limit per item 15,000 20,000 30,000

3 Fire & allied perils

including earthquake

& terrorism,

burglary & house

breaking, including

larceny & theft.

Snatching of

jewellary whilst

worn by person

50,000 75,000 100,000


Total sum insured 250,000 375,000 500,000

Annual premium service tax) 964 1,448 1,930

4 Fire & allied perils,

including earthquake& terrorism,

burglary & house

breaking, including

larceny & theft.

Electrical

mechanical

breakdown

50,000 75,000 100,000

Max limit per item 20,000 25,000 35,000Annual premium – with add

On(INCL service tax

1,322 1,983 2,644

Rates applicable from 31st march 2009:

section Coverage Perils silver Gold Platinum

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1

Household contents:

clothing linen

furniture, curtains,

utensils & crockery

Fire & allied

perils, including

earthquake &

terrorism, burglary

& house breaking,

including larceny

& theft

100,000 150,000 200,000


2

Household

appliance:

TV, refrigerator or

washing machine,

oven, music system,

VCR/VCP,DVD

player

Fire & allied

perils, including

earthquake &

terrorism, burglary

& house breaking

including larceny

& theft. Electrical

mechanical

breakdown

100,000 150,000 200,000


Fire & allied

perils, including

earthquake &

house breaking,

including larceny

& theft. Snatching

of jewellary whilst

worn by person

50,000 75,000 100,000


Total sum insured 250,000 375,000 500,000

Annual premium

(INCL service tax)

956 1,440 1,919

Fire & allied

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perils, including

earthquake &

terrorism, burglary

& house breaking,

including larceny

& theft. Electrical

mechanical

breakdown

50,000 75,000 35,000


Annual premium-with ADD on(INCL service tax) 1,316 1,974 2,633

Travel shield secure

Scope:

• Age group 3 months & 70 years

• Children classified between 1& 18 years

Features:

• No health checkup

• Four options to choose from

• 180 days of insurance in a single trip policy

• 45 days of continuous travel – annual policy

• No limit on no of trips

• Total travel days- 180

Benefits:

• Personal insurance

(a) Overseas health cover

(b) Expenses due to injury or sickness

(c) Medical, surgical and X-Ray costs

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(d) Emergency dental treatment

(e) Emergency evacuation

(f) Transportation of moral remains

(g) Hospital daily allowance

• Accidental death

(a) Death , PTD

(b) Children upto 17 years only 10% of sum insured is payable

(c) Additional cover if travelling, boarding or alighting from a common carrier

• Travel inconvenience

(a) Loss of baggage

(b) Delay in receipt of checked in baggage

(c) Loss of passport, visa

(d) Hijack distress allowance

(e) Trip delay

• Home insurance

• Personal liability

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MOTOR INSURANCE (CAR INSURANCE):

Royal Sundaram offers Car Insurance Online, a Comprehensive Package Policy designedto offer enhanced protection to you and your car. Our auto car insurance policy issuance

process is simple, convenient and easy, and our claims service is quick and hassle-free.

We have a world class customer service team which can be reached through our help

lines.

Key Features:

Car Insurance Online/Auto Insurance governed by the India Motor Tariff Act.The key features are:

Protection from loss of car or damage to your car

Unlimited Liability for Third Party death/ injury Claims

Indemnity for third party property damage up to a limit of Rs. 7.5 lakhs

Speedy authorization of repairs to get your car back on the road

Personal Accident Cover for you, your paid driver and the occupants in the car

Customer Helpline to give you support and guidance when you need it Efficient and worry free claims service to give you peace of mind

First Information Report is not required (Unless legally mandatory)

Key Benefits

Special Model Wise Discounts on Own Damage Premium for your car

Discount in premium up to 5% on the Own Damage Premium (or) Max of

Rs.200/- for a valid

Member of Automobile Association of India

Discount in premium up to 2.5% on the Own Damage Premium (or) Max of

Rs. 500/- on Installation of Anti-Theft Device in your car

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Discount of Rs. 100/- in Third Party Basic Premium on reduction in Limits of

Liability for Third Party Property Damage

Discount of 35% on Own Damage Premium subject to a maximum of Rs.

2,500/- on opting maximum voluntary deductible of Rs. 15,000/-

Transfer of No Claim Bonus (NCB) from other insurance company on

renewal with Royal Sundaram’s Car Insurance Online Policy

Features and Benefits:

Damage to your car: This Car Auto Insurance Policy provides protection for

your car from loss or damage caused by misfortunes such as impact, fire, theft,

riot, strike, storm, flood, landslide, malicious act and earthquake

Legal Liability to Third Parties: This policy provides for the customers

legal protection against death or injury claims from third parties and for damage

to third party property up to the limit of Rs. 7.5lakhs. Car Insurance Online also

includes cover for your legal costs and expenses agreed by Royal Sundaram.

Personal Accident: Under this Online Car Auto Insurance we provide the

Owner Driver a Capital Sum Insured of Rs. 2 lakhs for death or permanent total

disability. We also provide an option to insure other named and unnamed

occupants of the car for Personal Accident benefits for death and serious injuries.

Wider Legal Liability for your Paid Driver: Auto Insurance/Car Insurance

Online also gives you the option to provide for a wider cover of your legal

liability to your Paid Driver, over and above what is offered as per the Workmens

Compensation Act.

Deductible: Car Auto Insurance Online includes a deductible of Rs.500 for

cars not exceeding 1,500cc and Rs.1,000 for cars exceeding 1,500cc. This means

that you pay the first amount of each claim for loss or damage to your car. This

policy gives you the opportunity to get a discount on the premium if you choose

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to increase this deductible. The discount is allowed from the Loss or Damage

Section premium.

TRAVEL INSURANCE:

Traveling abroad can be exciting and at the same time quite challenging, if we are not

well prepared. A little bit of planning before you leave can make your trip smooth and

memorable.Besides your luggage, money, passport and tickets, the next important item to

accompany you on your trip is a reliable travel insurance plan to take care of anyunexpected event.Until you return to India, Travel Shield guards you from unexpected

incidents such as baggage delay, loss of baggage, flight delays, medical expenses and loss

of travel documents, all under one convenient package, at an affordable price.

Key Benefits

• Instant Coverage

• No Documentation

• No Medical Examination

Key Features:

• Medical advice over the telephone

• Medical services provider referral

• Arrangement of appointments with local doctors for treatment

• Arrangement of hospital admissions

• Monitoring of medical condition during hospitalization

• Direct settlement for in-hospital medical expenses abroad (Medical expenses in

excess of US $500 only will be entertained for direct claims settlement)

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• Arrangement of emergency medical evacuation

• Arrangement of medical repatriation

• Arrangement of transportation of mortal remains

• Inoculation and visa requirement information

• Lost baggage and lost passport assistance

• Emergency message transmission assistance

• Embassy and legal referral services

• Interpreter referrals

•

Weather and exchange rate information

• Information on claims procedure

Exclusions

This Travel policy does not cover claims arising out of exclusions. Some of the

important exclusions are stated here. For details please refer the policy wording.

Plan and Premium

TRAVEL SHIELD ONLINE SECURE - BASIC

Days

Excluding USA /Canada World Wide

0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs41-60

Yrs61-70 Yrs

1 - 10 205 260 404 306 392 638

11 - 17 372 471 734 554 712 1,159

18 - 24 507 644 1,005 758 975 1,587

25 - 31 740 937 1,464 1,105 1,421 2,313

32 - 60 1,164 1,476 2,315 1,750 2,251 3,677

61 - 90 1,954 2,483 3,927 2,969 3,828 6,294

91 - 120 2,834 3,613 5,765 4,353 5,631 9,329

121 - 150 3,955 5,058 8,137 6,136 7,957 13,278

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151 - 180 5,970 7,653 12,402 9,340 12,141 20,379

TRAVEL SHIELD ONLINE SECURE – CLASSIC

DaysExcluding USA /Canada World Wide

0.3-40 Yrs 41-60 Yrs 61-70 Yrs 0.3-40 Yrs 41-60 Yrs 61-70 Yrs

1 - 10 255 326 502 367 473 759

11 - 17 460 588 910 663 856 1,378

18 - 24 628 804 1,243 906 1,171 1,886

25 - 31 913 1,169 1,809 1,319 1,706 2,746

32 - 60 1,429 1,830 2,843 2,078 2,689 4,346

61 - 90 2,378 3,053 4,782 3,501 4,541 7,394

91 - 120 3,426 4,407 6,964 5,105 6,637 10,896

121 - 150 4,750 6,124 9,761 7,160 9,330 15,429

151 - 180 7,132 9,214 14,791 10,852 14,171 23,583

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TRAVEL SHIELD ONLINE SECURE - CLASSIC SILVER PLUS



1 - 10 351 441 664 482 617 971

11 - 17 624 789 1,193 862 1,105 1,750

18 - 24 844 1,070 1,627 1,172 1,506 2,389

25 - 31 1,222 1,552 2,359 1,701 2,186 3,473

32 - 60 1,900 2,414 3,691 2,668 3,433 5,479

61 - 90 3,139 3,999 6,172 4,469 5,765 9,282

91 - 120 4,491 5,740 8,941 6,484 8,389 13,624

121 - 150 6,195 7,938 12,473 9,056 11,747 19,231

151 - 180 9,255 11,887 18,823 13,677 17,786 29,311

Days

MULTI TRIP - SILVER



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TRAVEL SHIELD ONLINE SECURE -CLASSIC SILVER



1 - 10 337 425 639 463 592 933

11 - 17 599 757 1,147 829 1,063 1,683

18 - 24 811 1,029 1,563 1,127 1,448 2,297

25 - 31 1,175 1,492 2,269 1,636 2,102 3,339

32 - 60 1,827 2,322 3,550 2,565 3,301 5,268

61 - 90 3,017 3,846 5,934 4,296 5,543 8,924

91 - 120 4,319 5,519 8,598 6,235 8,067 13,099

121 - 150 5,956 7,633 11,993 8,707 11,296 18,490

151 - 180 8,899 11,430 18,100 13,151 17,101 28,184



30 Days 2,781 3,533 6,030 3,893 5,011 8,916

45 Days 3,466 4,410 7,553 4,942 6,349 11,284

Days

MULTI TRIP - SILVER PLUS



30 Days 3,069 3,928 6,843 4,418 5,728 10,393

45 Days 3,831 4,910 8,583 5,607 7,260 13,158

HOME INSURANCE:

A policy that provides complete coverage for damages to the customers building which is

occupied as ‘Residence’ and not let out for commercial purposes. They will pay the

Reconstruction cost of the building in the event of its destruction or damages that may

arise due to insured perils (such as fire, lightning, earthquake etc). The reconstruction

cost is subject to the maximum of Sum Insured.

Key Benefits

Instant Coverage

No Documentation

Simple and easy claims process

Long term discounts from 15% to 50% based on the tenure

Coverage against earthquake

Architect’s/ Consulting Engineer’s fees are also covered

Features and Benefits:

Insured Perils

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Fire

Lightning

Explosion / Implosion

Aircraft damage

Riot, Strike and Malicious Damage

Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation

Impact Damage

Subsidence and landslide including rockslide

Bursting and / or overflowing of water tanks, apparatus and pipes

Missile testing operations

Leakage from automatic sprinkler installations

Bush fire (excluding loss or destruction caused by forest fire)

Earthquake risk is also covered

Plan and Premium:

The policy is offered for tenure of 1 year to 15 years. Premium Rate for one year is

Rs.0.55 per thousand, exclusive of Service Tax on the reinstatement value of the

building.

Reinstatement Value:

It is the approximate cost that would be incurred to Reconstruct the Property (after

damage or destruction), to its present form. As per Standard Procedure the

Reconstruction cost includes the value of plinth and foundation

HOSPITAL CASH INSURANCE:

In addition to hospital bills and medicines, incidental expenses like special diet,

commuting to the hospital and back, hospital stay with the patient become an additional

burden on the family's financial resources.

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Hospital Cash plan provides the customers with the solution for this extra financial

burden during hospitalization. Hospital Cash plan is NOT a substitute for Health

Insurance, but should be viewed as a supplement cover to help customers and their family

members in the event of hospitalization.

Key Benefits:

Instant Coverage

No Documentation required

No Medical Examination required

Daily Cash benefit of Rs.1000/- for up to 180 days

Income Tax benefit under section 80D of the IT Act

Double Accident benefit, Triple ICU benefit and Convalescence benefit

Plan and Premium:

Benefits under each plan

BENEFITS SILVER PLAN GOLD PLAN

Illness Hospital Confinement Rs 500 per day Rs 1,000 per day

Accident Hospital Confinement Rs 1,000 per day Rs 2,000 per day

Intensive Care Benefit Rs 1,500 per day Rs 3,000 per day

Convalescence Benefit Rs 7,500 lump sum Rs 15,000 lump sum

• Premium (Inclusive of 10.3% ST)

Illness Benefit

For each 24 hour period of hospital confinement, the benefit payable is the daily sum

insured as per the plan selected by customer.

Accident Benefit

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This benefit is payable only in excess of first 24 hours of confinement. Benefit payable

will be increased to double the illness benefit for each 24 hour period of hours of

confinement, resulting from an insured person sustaining bodily injury due to road, rail or

air accident. This benefit is payable up to a maximum of 21 days during the entire policy

period.

ICU Benefit

Benefit payable will be increased to triple the illness benefit for each 24 hour period of

hospital confinement, where an insured person is being confined to an intensive care unit

for a maximum of 21 days during the policy period. For this purpose, the Intensive Care

Unit shall be the special hospital unit for critically ill patients whose health

requires continuous intensive medical care and treatment.

Convalescence Benefit

A fixed lump sum amount as per Plan chosen is payable if the confinement

inhospital exceeds 21 consecutive days.

Tis benefit is payable once in the policy period.

This benefit is payable only if there is an admissible claim under any of the daily

benefits.

PERSONAL ACCIDENT INSURANCE:

Accident Shield Insurance is a worldwide, Personal Accident Cover that is specially

designed to protect customers from the following unforeseen events - Death, TotalDisability and Permanent Partial Disability. This comprehensive policy will help their

family meet its financial commitments in the hour of need.

This is available for the age band between 5 to 70 years. The proposer's age should be

between 18 to 70 years.

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Key Benefits:

Instant Coverage

No Medical Examination

Worldwide Cover

Three convenient plans to choose from – Silver, Gold and Platinum

Educational Grant for 2 dependant children up to Rs. 10000/- per policy

Family discount of 10% for insuring 3 or more people in a family

Simple and easy claims process

Three convenient plans to choose from – Silver, Gold and Platinum

o Educational Grant for 2 dependant children up to Rs. 10000/- per policy

o Family discount of 10% for insuring 3 or more people in a family

o Simple and easy claims process.

A person who is a Resident of India between the age of 18 years and 70 years can

propose for this insurance. This Insurance is also available for spouse (Maximum age of

70 years) and dependant children (Minimum age of 5 years and Maximum age of 18

years) on payment of relevant premium.

Death Benefit: In the unfortunate event of a fatal accident, the Sum Insured will be paid

to the nominee of the insured person.

Permanent Total Disablement: In the unfortunate event of an accident resulting in

Permanent Total Disablement, the Insured Person will be paid the Sum Insured.

Permanent Partial Disablement: In the unfortunate event of an accident resulting in

Permanent Partial Disablement, the Insured Person will be paid a specified percentage of

Sum Insured, according to the disability which has been listed in the policy.

Education Grant: In the event of death or Permanent Total Disablement (PTD) of any

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of the Insured Parent due to an accident as defined in the Policy, the Company shall pay

educational grant for the dependent Children who are in full term education as under:-

• One dependant child: Rs.5000/-per policy

• More than one dependant child: Rs.10000/-per policy

• Rs.10000/-towards Transportation expenses of mortal remains in case of

accidental death of Insured person.

Plan and Premium:

COVERAGEPLANS (In Rupees)

Silver Gold Platinum

Death 5,00,000 7,50,000 10,00,000

PTD 5,00,000 7,50,000 10,00,000

PPD (as a %) 5,00,000 7,50,000 10,00,000

Tranportation

expenses of mortal

remains

10,000 10,000 10,000

Education grant for

one child Rs. 10,000/-

(up to maximum of 2

children in event of

accidental death or

PTD of either Parents

insured)

10,000 10,000 10,000

One year Premium incl 10.3%

ST

589 834 1,080

Two year Premium incl 10.3%

ST

1,080 1,571 2,062

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BUSINESS SOLUTIONS:

MARINE INSUANCE:

Cargo Insurance covers transits by:

• Water

• Air

• Road or Rail

• Registered Post Parcel

• Courier

• Or any combination of the above.

For Whom?

Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks-in fact

any one engaged in the business of movement of goods.During the course of transit, the

cargo may not always be at customers risk. For instance, customer can sell it to a

buyer.The Marine Cargo Policies cover customer interest in the cargo insured and also

extends to cover the interests of any third party to whom customer have assigned interest

upon transfer of ownership, as determined by the Terms of Sale.

Marine Cargo Coverage:

• A vast majority of Marine Cargo policies are based on Institute Cargo Clauses,

that appear in three versions viz., ICC (A), ICC (B) and ICC(C). ICC (A) is based

on ''All Risks'' while (B) and (C) are based on named-perils.

•

All three clauses have certain exclusions.

The coverage available under these standard clauses include:

Actual Total Loss

Constructive Total Loss

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Particular Average i.e., Partial Loss by an insured peril

General Average

Collision Liability

Expenses such as Survey Fees, Reconditioning Costs, ForwardingExpenses, Sue and Labour etc.

THEFT/BURGLARY INSURANCE:

Royal sundaram alliance insurance offer Burglary Insurance as part of an overall package

to cater to customers insurance requirements. Burglary Insurance covers burglary or

housebreaking accompanied by either forcible or violent entry into/ exit from the

premises and hold-up.

Burglary Insurance is for

o Machinery

o Stock in trade

o Furniture, fixtures & fittings

o Goods held in trust or on commission for which the insured is

responsible.

ENGINEERING INSURANCE:

Machinery Breakdown Insurance

There is no substitue for perfection in maintenance to ensure zero breakdown in machine.

Still breakdown do occur involving expensive machinery and equipment and grabing

substantial financial investment for reasons varied.

RSA, is the company offering service prove to the word ' Insurer'. As a part of its

commitment to provide widest possible choice of general insurance products to the Indian

Insurance market,Royal Sundaram extend its hand offering Machinery Breakdown

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Insurance Cover ably supported by most capable technocrats to throw more light about

the mechanical side of all machines.

What is covered:

Machinery against unforseen, sudden accidental physical loss or damage caused by-

o Carelessness

o Short-circuit, disruption, electrical overpressure

o Failure of operation of safety devices

o Structural defects, material defects or defects of assembly

o Fortuitous working accidents such as vibration, maladjustment

o Loosening of parts, abnormal stresses, fatigue, centrifugal force, excessive speed

o Defective or accidental lack of lubrication, seizure, water hammer or local

overheating

o Falling, impact, collision or similar occurrences

o Obstruction or the entry of foreign bodies

Sum Insured:

The sum insured has to represent the new replacement value of the machine including

Customs Duty, freight and cost of erection & testing

Period of insurance:

On annual basis and to be renewed periodically

Possible extensions available:

o Third Party Liability

o Owner's Surrounding Property

o Additional Customs Duty

o Express freight

o Escalation

o Air freight

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Features:

o 50% discount on tariff rates is applicable on tariff rates for stand by

equipment (except DG Sets).

o Higher Excess can be opted for to obtain a rebate in premium rate.

o Claims Experience discount can be availed as per the provisions of the policy.

LIABILITY INSURANCE:

• Introduction - Basics of Legal Liability

• Generally, the law in all countries intends that a person who causes injury or

damage to another party should compensate the other party for that loss. The

compensation will be in the same proportion as his/her liability. The burden of

liability and the means and standard of proof necessary to establish it, will vary

from country to country and from one particular subject-matter to another within

the same legal system.

Liability arises from a civil wrong or breach of personal duty imposed by law on a

person and owed to his/her fellow citizens. In some countries, legal rights and

duties are framed in a Civil Code.

Insurance policies are concerned with breaches of Civil Law, i.e. with civil

liability and the two main sources are

1. Common Law

- Often referred to as Judge-made law

- Based on customs and traditions

- Developed by Judges through precedent

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2. Statute

- Written law

- Sets down what should and should not be done

- Usually introduced by Acts of Parliament

- By amending common law or replace it with new

INDUSTRIAL INSURANCE:

Wide and comprehensive cover for the large sized business where the assets at all

locations of the insured exceeds Rs.100 Crores.

It is an All Risks Policy covering a wide range of perils such as fire and allied perils,

burglary, accidental damage, breakdown as well as business interruption.

• Standard Cover

• Section I: Material Damage - It covers accidental physical loss or damage

(including machinery breakdown) to the property insured due to any cause other

than those excluded.

• Section II: Business Interruption- It covers loss due to business interruption

following a Physical loss or damage to the property covered and the same is

admissible, under material damage section of the policy.Loss of Profits arising out

of machinery breakdown is optional.

Features:

o Quick and expert risk inspections where required.

o Expert Risk Control Programme by our Risk Engineers on all aspects of

safety and Loss Prevention/ Minimization

o Availability of various optional covers

o Rating based on individual risk features including claims experience and

fire protection systems availability

o Superior claim service.

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OFFICE INSURANCE:

All types of offices where only administrative functions and not trading of physical assets

are performed. These could be corporate offices, computer training centres or

consultancy offices of professionals like solicitors, architects, estate agents, travel agents,

tax-consultants, insurance brokers and chartered accountants.

•Property All Risks: Fire, burglary and accidental damage cover to building (if owned), office equipment and all contents.

• Business Interruption: Loss of revenue or increased cost of working resulting

from interruption of business due to damage by fire and allied perils.

• Breakdown: Electrical and Mechanical breakdown of office equipment like air-

conditioners, photocopiers, water filters, refrigerators, computers and related

items.

• Portable items: Cover for laptops, palmtops and mobile phones against all risks

anywhere in the world.

• Money in transit and Money in safe at premises: Cover against robbery,

dacoity, burglary and housebreaking.

• Dishonesty of Employees: Loss of money or goods caused by fraud or

dishonesty of employees.

• Group Personal Accident: Any accidental bodily injury resulting in

death/disablement. This is a 24-hour worldwide cover.

• Baggage: Accidental loss of or damage to baggage while on an official journey


• Public liability: Your legal liability to pay, including costs and expenses incurred

on account of legal liability arising out of accidental bodily injury and/or property

damage to third parties happening in your premises.

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Features:

• Option to choose any section except Property All Risks section which is

compulsory

• Personal assault cover for Rs.25,000 per person subject to a maximum of

Rs.1,00,00under money section

• Modern policy wordings

• Expert Risk Control Program (RCP) on all aspects of safety and loss Prevention /

Minimisation

• Competitive pricing

HOTEL INSURANCE:

• Property All Risks: Fire, burglary and accidental damage cover to

building (if owned), office equipment and all contents.

• Business Interruption: Loss of profit or increased cost of working

resulting from interruption of business due

to damage by fire and allied perils.

• Breakdown: Electrical and Mechanical breakdown of office equipment

like air-conditioners, photocopiers, water filters, refrigerators, computers and

related items.

• Portable items: Cover for laptops, palmtops and mobile phones against

all risks anywhere in the world.







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• Baggage: Accidental loss of or damage to baggage while on an official

journey anywhere in the world.

• Public liability: Your legal liability to pay, including costs and expenses

incurred on account of legal liability arising out of accidental bodily injury and/or

property damage to third parties happening in your premises.

Features:

• Personal assault cover for Rs. 25,000 per person subject to a maximum of

Rs. 1,00,00 under money section


• Expert Risk Control Program (RCP) on all aspects of safety and loss

• Prevention/ Minimisation


• Superior claim service

MOTOR INSURANCE:

It is a package insurance cover specifically designed to meet the special needs of the

motor trade industry.

• Road Risks: Motor Trade Insurance Policy covers loss or damage to vehicles that

you own (or that are in your custody or control) and are used in the course of your

business on road (including liability to third parties).

• Internal risks: Damage to any motor vehicle belonging to the Insured caused by

external accidental means and occurring within the premises.

• Property: Fire and burglary cover to buildings and their contents, including

machinery furniture's, fixtures, fittings, improvements and decorations by tenants,

fixed plain glass, sanitary earthenware, neon and glow sign.

• Business Interruption: Loss of profit or increased cost of working resulting from

interruption of your business due to damage by fire and allied perils.

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• Breakdown: Electrical & Mechanical breakdown of office equipment like air-

conditioners, photo copiers, water filters, refrigerators, computers and related

items.









• Baggage: Accidental loss of or damage to baggage while on an official journey


• Public liability: Your legal liability to pay, including costs and expenses incurred

on account of legal liability arising out of accidental bodily injury and/or property

damage to third parties happening in your premises.

Features:

Completely new "all in one" cover for the motor trade industry

• Personal assault cover for Rs. 25,000 per person subject to a maximum of Rs.

1,00,000 under money section


• Expert Risk Control Program (RCP) on all aspects of safety and loss

• Prevention/ Minimization


• Superior claim service

ENTERPRISE SHIELD:

Enterprise Shield is a newly devised package providing total insurance solutions for

industries. Enterprise Shield Policy is the answer to all insurance needs ranging from

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providing protection for business property and assets to legal liability towards third

parties.

This insurance covers businesses that have assets worth between Rs.10 crores and

Rs.100 crores.

• Combined Fire and Burglary: Combined Fire and burglary cover to buildings

and their contents, including machinery furniture, fixtures, fittings, improvements

and decorations by tenants, fixed plain glass, sanitary earthenware, neon and glow

sign.

• Business Interruption: Loss of profit or increased cost of working resulting from

interruption of your business due to damage by fire and allied perils.

• Breakdown: Electrical & Mechanical breakdown of office equipment like air-

conditioners, photo copiers, water filters, refrigerators, computers and related

items.









FIRE INSURANCE:

A traditional and a time-tested policy that offers cover against fire and allied perils and

the perils of nature. The policy can cover building (including plinth and foundation),

plant and machinery, stocks, furniture, fixtures and fittings and other contents.The

standard cover is a named-peril policy covering the following perils:

• Fire

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• Explosion/ Implosion (excluding explosion/ implosion of boilers, economizers or

other vessels, machinery or apparatus in which steam is generated)

• Direct lightning

• Aircraft including damage caused by any article dropped there from (excluding

pressure waves)

• Riot, strike, malicious damage-excluding terrorism

• Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation

• Impact by any rail/ road/ vehicle/ animal (other than own)

• Subsidence and landslide including rockslide

• Bursting and/ or overflowing of water tanks, apparatus and pipes

•

Missile testing operations• Leakage of water from automatic sprinkler installations

• Bush fire (excluding forest fire)

• Terrorism risk can be covered on payment of additional premium

• The policy also covers

• Removal of debris up to 1% of claim amount

• Architect's and Surveyor's fees up to 3% of claim amount

Features:

• Quick and expert risk inspections where required

• Expert Risk Control Programme by our Risk Engineers on all aspects of safety

and Loss Prevention/ Minimization

• Availability of various optional covers

• Rating based on individual risk features including claims experience and fire

protection systems availability• Superior claim service

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FINDINGS

1. The company’s marketing activities are much focussed on personnel policies.

2. Majority portion of the policies issuing from this branch includes Mediclaim,

Motor insurance, Standard Fire and Special Peril Policy.

3. Sales of Social policies are few. It is due to peoples are not known about these

policies.

4. Peoples in this area were not involved in farming so there is no scope for

Agricultural Pump set Insurance, Poultry Insurance, Plantation Insurance

5. The company facing cutthroat competition from both private and public sector

companies. Their major competitors include

The New India Assurance Company Limited,

National Insurance Company Limited,

Reliance General Insurance Company Limited,

Bajaj Allianz General Insurance Company Limited,

ICICI Lombard General Insurance Company Limited.

6. Lack of awareness existing among the customers regarding policy terms, perils

covered, discounts available, procedure for applying claims.

7. Customers doesn’t having much idea regarding how claims are calculating,

conditions regarding claims calculation, due to this reason some customers are

complaining that the insurance companies are good in collecting premium but not

good in paying claims.

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CHAPTER-4

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SUGGESTIONS

1. The company can go for awareness programme regarding to the social policies,

because they can serve the community in better manner by these policies.

2. For meeting the competition they can-

Rather than try to satisfy everyone, marketers start with market

segmentation and develop a market offering that is positioned in the minds of

the target market.

The company must analyze the patterns of segmentation in a market to get

a sense of their positioning alternatives and that of the competitors,

Targeting strategies can the company use to select and enter the most

attractive market segments,

The company can update their portfolio timely with reference to

competitors products.

3. Once when issuing the policy they can provide information regarding policy

terms, perils covered, discounts available, procedure for applying claims, how

claims are calculating, conditions regarding claims calculation by talk as well as

printed documents; it will avoids the customers lack of awareness.

4. This branch having lot of agents; by motivation rewards and appreciation,

practical oriented training by expertise will help to procure more business.

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5. The company can keep in touch with the customers. They can send detail

regarding the new policy brochures, renewal notices; it will help to retain the

customers.

6. The company can effectively utilize technology platforms to retain customers.

Almost every clerical work such as issuing of new policy, renewal of policy,

underwriting, claims settlement are doing with the help of computer but they

don’t have customer interacting technology.

CONCLUSION

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CONCLUSIONS

This study is mainly focused on the study of product portfolio of the company. The

secondary data from various sources is used for this study. As a leading private sector

insurance company they have their own foot prints in the industry. The company

providing variety of products to the peoples which start from insurance cover for pedal

cycle to satellites. Their social welfare policies are really a protecting hand to backward

and typical middleclass peoples. Peoples in India receiving a lot of advantage from

those policies which offering tie-ups with Govt of India. The company is much

interested in national development that we can understand by analysing their social and

rural insurance policies.

The study has enabled to arrive at the conclusion regarding product portfolio.

Majority of the customers are satisfied with the products offered by this organisation.

Any effort in the part of the company to develop the product portfolio will definitely

improve the present position. I hope in the coming days they would be the largest

insurer in India by all means.

61 | P a g e



BIBLIOGRAPHY

Reference Books

General insurance IC-34

Life insurance IC-33

Website

www.royalsundaram.in

www.irda.com

www.productroyalsundaram.in

http://www.royalsundaram.in/

http://www.irda.com/

http://www.productroyalsundaram.in/

http://www.royalsundaram.in/

http://www.irda.com/

http://www.productroyalsundaram.in/

Praba Project

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