Internship Report

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I would like to express my sincere thanks to Religare Insurance Broking Ltd., Delhi for giving me the opportunity to carry out the Summer Internship Program in their organization. The whole period spent with the organization has been of immense learning experience about the Indian Insurance Market.

Preparing a project of such a kind is not an easy task in itself and I am sincerely thankful to all those people who help me lot, in preparing and completing this project.

I am grateful to Religare Insurance Broking Ltd. who has given me this opportunity to carry out the project “Understanding the functioning of an Insurance Broker” .

I sincerely thank to Mr. Gaurav Gupta (ABVP, Religare Insurance Broking Ltd., Delhi) for providing me this valuable learning opportunity.

Finally I would like to thank Mr Sumit Verma my project supervisor without his help and guidance the completion of this project would have become difficult task.

An overview about Insurance

Everyone is exposed to various risks. Future is very uncertain, but there is way to protect one’s family and make one’s children’s future safe. Life Insurance companies help us to ensure that our family’s future is not just secure but also prosperous. Life Insurance is particularly important if you are the sole breadwinner for your family. The loss of you and your income could devastate your family. Life insurance will ensure that if anything happens to you, your loved ones will be able to manage financially. This study titled “Study of Consumers Perception about Life Insurance Policies” enables the Life Insurance Companies to understand how consumer’s perception differs from person to person. How a consumer selects, organizes and interprets the service quality and the product quality of different Life Insurance Policies, offered by various Life Insurance Companies.

Insurance is a tool by which fatalities of a small number are compensated out of funds (premium payment) collected from plenteous. Insurance companies pay back for financial losses arising out of occurrence of insured events e.g. in personal accident policy death due to accident, in fire policy the insured events are fire and other allied perils like riot and strike, explosion etc. hence insurance safeguard against uncertainties. It provides financial recompense for losses suffered due to incident of unanticipated events, insured with in policy of insurance. Moreover, through a number of acts of parliament, specific types of insurance are legally enforced in our country e.g. third party insurance under motor vehicles Act, public liability insurance for handlers of hazardous substances under environment protection Act. Etc.


It is a commonly acknowledged phenomenon that there are countless risks in every sphere of life .for property, there are fire risk; for shipment of goods. There are perils of sea; for human life there are risk of death or disability; and so on .the chances of occurrences of the events causing losses are quite uncertain because these may or may not take place. Therefore, with this view in mind, people facing common risks come together and make their small contribution to the common fund. While it may not be possible to tell in advance, which person will suffer the losses, it is possible to work out how many persons on an average out of the group, may suffer losses. When risk occurs, the loss is made good out of the common fund .in this way each and every one shares the risk .in fact they share the loss by payment of premium, which is calculated on the likelihood of loss .in olden time, the contribution make the above-stated notion of insurance


Insurance has been defined to be that in, which a sum of money as a premium is paid by the insured in consideration of the insurer’s bearings the risk of paying a large sum upon a given contingency. The insurance thus is a contract whereby:

a. Certain sum,...
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