...will provide the health insurance planning overview, general information regarding the organization, the existing group health insurance plan which provided by the employer (LHDNM), background of study, the problem statement, research objective, research question, hypothesis, and scope of study, limitation of study, significance of study and definition of terms. Firstly, the title of the research is “The Study on the Factors Influencing The Purchasing Behavior of Personal Health Insurance among The Inland Revenue Board of Malaysia‟s (LHDNM) Staff”. There are general overviews of the personal health insurance planning and the background of the organization. After that the researcher will discuss about the background of study, problem statement, research objective and research questions. Besides, the researcher will state hypothesis of the relationship between three independent variables. Then the researcher will attach the scope of study and limitation of study. The next part is the significant of the study and definition of term. 1 1.1 About health insurance planning Health insurance, like other forms of insurance, is a form of collectivism by means of which people collectively pool their risk, in this case the risk of incurring medical expenses. The collective is usually publicly owned or else is organized on a non-profit basis for the members of the pool, though in some countries health insurance pools may also be managed by...
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...Research paper on Awareness of Life Insurance In Yeoor Gaon Submitted By Finance- I Roll No: 010103 For the degree of Master of Business Administration Under the guidance of Academic year 2010-2012 Table of Content Sr.no | Topics | Page no | 1 | Executive Summary | 3 | 2 | Introduction | 4 | 3 | Objectives | 6 | 4 | Literature Review | 7 | 5 | Research Methodology | 9 | 6 | Research Outcome | 10 | 7 | Conclusion | 11 | 8 | References | 12 | 9 | Annexure-Questionnaire | 13 | EXECUTIVE SUMMARY The service industry is one the fastest growing sectors in India today. The upcoming sectors which are really showing the graph towards upwards are - Telecom, Banking, and Insurance. These, Sectors have really a lot of responsibility towards the economy. Amongst the above-mentioned areas insurance is one sector, which took a lot of time in positioning itself. The insurance business of non-life insurance companies was not much in problems but the major problem was with life insurance. Life Insurance Corporation, of India had monopoly for more than 45 years, but the picture then was completely different. Previously people felt that “Insurance is only for classes not for masses” but now the picture is vice-versa. This research paper title named “Awareness of Life Insurance Policies is in context of Life Insurance Corporation and its significant presence in the life insurance industry” details, the scope Life Insurance Corporation for which is...
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...8160 Research Paper Economics Insurance Sector in India: Challenges and Opportunities Dr. NARESH RAMDAS MADHAVI ABSTRACT Associate Professor and Head Department of Economics Mahatma Phule A. S. C. College, Panvel, Dist. - Raigad Insurance sector in India is one of the growing sectors of the economy. India’s growing consumer class, rising insurance awareness, increasing domestic savings and investments are among the most critical factors that have positively driven the market penetration of the insurance product among its consumer segments. Both the life and non-life insurance in India, which were nationalized in the 1950s and 1960s respectively, which were liberalized in 1990s. Since the formation of IRDA and the opening of the insurance sector to private players in 2000, the Indian insurance sector has witnessed rapid growth. The opening up of the insurance sector has led to rapid growth of the sector. The total premium of the insurance industry has increased at a CAGR of 24.6 percent to reach INR 2,523.9 billion in 2009 KEYWORDS : Life Insurance, LIC, IRDA, Private Insurance Companies Introduction: The economic reforms initiated in the early 90s paved the way for the growth and opening up of the financial sector, which led to a sustained period of economic growth. The insurance industry was opened up for private players in 2000, and has seen tremendous growth over the past decade with the entry of global insurance majors. India is fast emerging as one of...
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...SYNOPSIS TOPIC “Study of consumer awareness and perception towards health insurance portability.” INTRODUCTION Healthcare Insurance Market in India is unique and has a strong growth potential than the other insurance markets. Life insurance includes all risks related to the lives of human beings. IRDA (Insurance Regulatory and Development Authority) allowed to the customer to change their insurance company in case of dissatisfaction with company. Health insurance portability gives the flexibility to the customer and increase the fair competition among companies. The concept of Portability is new in India so the awareness and perception towards portability of customers depends on several factors. The study covers all the fundamental aspects of awareness and customer preference towards healthcare insurance portability in India. The objective of this study is therefore to examine some of the influences such as consumer awareness and enthusiasm, the role of social influences like advertising, services provided by company, groups and family in affecting consumer’s perception and evaluations of health insurance. RATIONALE OF STUDY • The main logic behind doing this study is that the concept of Health insurance portability is new in India so the awareness of that is not measure till now. • The second rationale of the study is that there are certain reason to influence the customer to change their service provider. • Another rationale of study is to understand the...
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...Pre-launch Survey Report of Insurance Awareness Campaign SPONSORED BY Insurance Regulatory and Development Authority © National Council of Applied Economic Research, 2011 All rights reserved, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording and/or otherwise, without the prior written permission of the publisher. Published by Jatinder S. Bedi, Secretary & Head, Operations, for and on behalf of the National Council of Applied Economic Research, Parisila Bhawan, 11, Indraprastha Estate, New Delhi–110 002 Printed at M/s. Multiplexus (India), Delhi. Email: multiplexusindia@gmail.com Study Team Project Leader Anushree Sinha Core Research Team Rajesh Jaiswal Barun Deb Pal Kalicharan Shukla Consultant Ramamani Sundar Geetha Natesh Technical Support Sadhana Singh Contents List of Tables List of Annexure Tables Foreword Preface Acknowledgements Chapter 1: Background 1.1 Concept of Insurance 1.2 Importance of Insurance 1.3 Origin of Insurance 1.4 Origin and Development of Insurance in India 1.5 Important Developments in the History of Indian Insurance Business 1.6 Insurance Scenario in India and Other Countries 1.7 Insurance Penetration and Density in India 1.8 Why Awareness is Important Chapter 2: Methodology 2.1 Coverage 2.2 Sample Design 2.3 Selection of the Rural Sample 2.4 Selection of the Urban Sample Chapter 3: Socio-Economic...
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...INTRODUCTION Health insurance is fast emerging as an important mechanism to finance health care needs of the people. Healthcare Insurance Market in India is unique and has a strong growth potential than the other insurance markets. Life insurance includes all risks related to the lives of human beings. IRDA (Insurance Regulatory and Development Authority) allowed to the customer to change their insurance company in case of dissatisfaction with company. Health insurance portability gives the flexibility to the customer and increase the fair competition among companies. The concept of Portability is new in India so the awareness and perception towards portability of customers depends on several factors. The study covers all the fundamental aspects of awareness and customer preference towards healthcare insurance portability in India. The objective of this study is therefore to examine some of the influences such as consumer awareness and enthusiasm, the role of social influences like advertising, services provided by company, groups and family in affecting consumer’s perception and evaluations of health insurance. The need for an insurance system that works on the basic principle of pooling of risks of unexpected costs of persons falling ill and needing hospitalization by charging premium from a wider population base of the same community. In the present scenario the annual expenditure on health in India amounts to about $7.00 in rural areas and $10.00 in urban areas...
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...Research Paper ON Insurance System of MFIs Executive Summary August 2010 Prepared by: RADOL EXECUTIVE SUMMARY Insurance is an important mechanism to provide consumption support by compensating the insured for their lost assets. The term “micro-insurance” refers to the insurance business activity of providing specific insurance products that meet the needs of the disadvantaged for risk protection and relief against distress or peril, which can also provide a safety net for people who are chronically prone to fall below poverty line despite all their hard work and efforts. Developing countries like South Africa, the Philippines, Indonesia and India have significantly developed this type of financial services market. In recent times, India has undergone a strong structural transformation in terms of protecting the rights of the poor and subsequently, promulgated acts related to micro-insurance to provide both legal and political leverage for the micro-insurance agenda. NGOs and others are allowed to work as insurance agents provided that they follow the Indian Regulating and Development Authority (IRDA), which has set codes with regard to conduct pricing of product and protection of the insured. In Bangladesh, the latest Act, Microcredit Regulatory Authority (MRA) Act, permits insurance companies to provide insurance in rural areas and the social sector in general. The Act has allowed the micro-finance (MF) NGOs to provide insurance services to their members...
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...INCREASING INSURANCE PENETRATION IN INDIA Insurance penetration is the ratio of the percentage of total insurance premiums to gross domestic product. It tells us the level to which a market is being tapped. Thus insurance penetration is a tool to understand and identify the reasons of the success or failure and the degree of presence of insurance in the economy of a country. Indian insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, with a period 2010-2015 projected to be the ‘Golden Age’ for the Indian insurance industry. With a huge population base and large untapped market, insurance industry is a big opportunity area in India for national as well as foreign investors. India is the fifth largest life insurance market in the emerging insurance economies globally and is growing at 32-34% annually. This impressive growth in the market has been driven by liberalization, with new players significantly enhancing product awareness and promoting consumer education and information. Indian Insurance Market – History Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata...
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...“A Study on Purchase Decision Making Of Life Insurance Products” [Submitted on: 22.12.2014] Submitted to: Prof. Anamika Prepared by: Jayajeet Das Group-2 Roll No.-14DM012 Sec-A PGDM (2014-16) Institute of Management and Information Science, Bhubaneswar Acknowledgements “First and foremost, I avail this opportunity to express my profound sense of sincere and deep gratitude to Prof. Anamika for her valuable and meticulous supervision during the preparation of this Project Report. Last but not the least I extend my support to all my group members and respondents whose kind cooperation & support helped me to bring out the study report in a successful manner. Abstract Insurance occupies an important place in the complex modern world since risk, which can be insured, has increased enormously in every walk of life. This has led to growth in the insurance business and evolution of various types of insurance covers. This research aims at determining consumers’ attitudes towards buying life insurance products and to understand their purchase and repurchase intention. This research was conducted in Bhubaneswar of Odisha taking a sample of 75 LIC and other private insurance customers. Respondents for this survey were selected using random sampling. The survey was done by all our group members. The analysed data has been presented in the form of table, bar graphs and pie-charts. This study also analyzed the repurchasing intention of policy holders. The survey...
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...study on credit system in fertilizer marketing and to evaluate a suitable credit rating system to minimize risk 4. A study on Customers perception on air conditioners : A study with reference to shopkeepers 5. Analysis of it services requirements In the organizations. 6. A study on Awareness and attitude about modular switches among mid size builder segment 7. A Study on Investors Preference towards equity broking. 8. A study on Consumer buying behavior on FMCG 9. A study on Absenteeism among the employees 10. A study on Training Effectiveness in the organization 11. A study on Credit Appraisal for Car loan financing in the finance companies. 12. A study on Consumer buying behavior towards two wheeler bikes. 13. A study on Effectiveness of Performance Management system among the employees 14. A study on Effectiveness of Quality Initiativeness among the employees. 15. A study on Safety , Welfare and Health among the employees. 16. A study on Training and Recreation programmes among the employees. 17. A study on the investor behavior towards the mutual funds investments. 18. A study on Induction Training Program among the employees. 19. A study on Quality of Work Life among the employees. 20. A study on potentiality of Auto and Engineering companies. 21. A study on Customer Financial Need Analysis. 22. A study on financial position of the firm and a comparison of cash management product and multicity cheque facility 23. A study on Effectiveness of...
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...Life Insurance Insurance in India: The penetration for the Insurance category in India is pegged at 3.9% as against the world average of 6.3%. Most G20 countries are above India in terms of life insurance penetration, with South Africa leading the pack at 15.4%. Not only is this number paltry, it is a matter of great worry considering over 51% of the urban households are squarely dependent on a single provider (earning member). (Source – Census 2011) In the case of the passing of the provider or even falling ill, most households get severely strained financially and have to often dip into their savings. This often throws their long term plans off track and adversely affects their aspirations. Life Insurance: The Life Insurance industry was opened up to private players in 2001 and it enjoyed very high growth periods from 2001 to 2008. However post the 2008 bubble, the growth slowed down significantly and in fact witnessed de-growth from 2010 – 2014. In the first quarter of 2015, the industry has reported a robust 20% growth Q-on-Q, however coming largely on the back of strong growth reported by LIC and a few private players. A large number of private players continued to witness negative growth. The Life Insurance industry in India is dominated by LIC with about 70% market share and almost 100% top of the mind recall; the other 23 players account for the balance 30% market share. (Source: Business Standard Article) Products: The LI category is classified into...
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...health insurance industry, with particular focus on Policyholders perceptions on Health insurance based on household survey. The Burgeoning Indian Health Insurance Industry: ……...Yet miles to go!!! By *V. Jayalakshmi (M.Phil, LLB, FIIII(Non-Life)) __________________________________________________________________ * Assistant Professor, Siva Sivani Institute of Management, Kompally, Secunderabad, Andhra Pradesh, India. Pursuing Ph D from Osmania University, jayalakshmi@ssim.ac.in *This paper was presented at the National Seminar on Health Insurance “A Decade of Experience: Health Care Insurance… Present Scenario”, in Hyderabad on 24th January, 2012. The Burgeoning Indian Health Insurance Industry: ……...Yet miles to go!!! Introduction Health insurance has become one of the fastest growing segments in the non-life insurance industry in India in the recent years, experiencing a robust sixty per cent remarkable growth during 2007 – 08 over the past year. From a modest premium volume of Rs. 675 crore in 2001- 02 the health insurance premium has grown to Rs. 7803 crores in year 2009-2010, and is poised to grow at a compound annual growth rate (CAGR) of 25 to 30 per cent to reach a market size of around Rs 28,000 crore by financial year (FY) 2015 as per IRDA estimates. This segment is also emerging as an increasingly significant line of business for life insurance companies...
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...on a research of Awareness on Insurance among Sri Lankan Community The following questionnaire is being prepared to gather information for the survey carried out to find out the awareness of SriLankan community on insurance. Your personal information and answers will be kept secured. Please be kind enough to provide true and accurate information Section 1- Background information 1. AGE : ---------------------- 2. Gender : a) Male b) Female 3. Marital status: a) Married b) Unmarried 4. Job title : ----------------------------------------------------------------------- 5. Nature of job : a) permanent b) Part time 6. No. Of Family members: --------------------------------------- 7. Highest Education Qualification : Ordinary level Advanced level Diploma Higher National diploma Degree Masters 8. Total Family income? Less than 30,000 30,000 – 50,000 50,000 – 75,000 75,000 – 100,000 More than 100,000 9. How many vehicles do you own? a) None b) 1 c) 2 d) 3 e) More than 4 Section 2 – Personal questions about insurance 10. Do you...
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...tremendous growth opportunities for insurance companies, says assocham Insurance companies can add about Rs. 1000 crore to their networth from nearly 200 million rural folk that are looking for alternate savings channels for their surpluses provided these come out with innovative schemes at affordable premium, according to The Associated Chambers of Commerce and Industry of India (ASSOCHAM). Assocham paper on `Rural India and Its New Investors’ adds that insurance companies can lure this investors lot even for agri, housing, personal, education and auto loans after these have insured them under its new schemes. Currently, only 8-10% rural households are covered under life insurance schemes and remaining 90% can be targeted for new innovative insurance schemes. According to ASSOCHAM, rural India’s income has risen due to shifting of its occupation from agriculture to non-farm agricultural income and it has become an important facet of rural India. This income mainly comes from dairy, food processing and packaging, commodity trading and infrastructure development income. The non-agriculture base of rural occupation and income have been growing in rural GDP figures that are estimated at 45%. ASSOCHAM has therefore felt that this is the opportune time for the public and private insurance companies to enter into rural India in a big way by introducing easy premium schemes in life insurance and for agri insurance, auto insurance etc. To reach the rural investors...
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...Contents Indian Insurance sector poised for its next stage of growth The puzzle of untapped potential Redefining Customer Value Proposition Improving Operational Performance Key challenges in leveraging Innovation Improving the Innovation Quotient Conclusion Contacts 1 Indian Insurance sector poised for its next stage of growth The insurance sector in India has grown at a fast rate post-liberalization in 1999. In the last decade, total premium grew at a CAGR of 25% and reached a total of $67 billion in 2010. Indian Life insurance industry (which contributes 88% of total Life and General insurance premium in India) has emerged as the 9th largest life insurance market in the world. Yet, Insurance penetration (measured as ratio of premium underwritten to GDP) was only at 5.2 % in 2010 – significantly lower than Asian peers like South Korea, Taiwan, Japan and Hong Kong which boast an insurance density greater than 10%. 1 With low insurance penetration levels, growth potential remains promising. More importantly, the pace and nature of growth will likely see a change where new behaviours and dynamics of demand and supply will apply. On the demand side, growth is being fuelled by the growing population base, rising purchasing power, increased insurance awareness, increased domestic savings and rising financial literacy. The suppliers are correspondingly playing a market making role as competition heightens and differentiation become necessary for profitable growth. In the new...
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