“Potential of Life Insurance Industry in Surat Market”.

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TABLE OF CONTENTS
ContentsPage No.
Acknowledgements5
List of Tables6
List of Illustrations/Diagrams7
Executive Summary9
Chapter 1: introduction10
Objective15
Limitation17
Research Mythology 19
Data Collection22
Chapter 2: Life Insurance Industry23
Industry profile24
important milestones in the life insurance business 29 Insurance sector reforms31
IRDA32
Chapter 3: Contribution of Life Insurance Industry36
Contribution of Life Insurance in the Economy36
Flow of Insurance Industry in India37
Structure of life Insurance Industry40
Life Insurance industry41
Aggregation of Long Term Savings42
Spread of financial services in rural Areas43
Long term funds for infrastructure Development of Capital Markets/Economic Growth44 Employment generation45
Special Features46
Growth Potential47
Phase of transition47
Chapter 4:Company Profile49
Management51
Area of Business56
KMOM progress till date65
KMOM-the partnership and Lineage66
Products69
Hierarchy of KMOM of Surat branch71
Chapter 5: Survey72
Data interpretation , editing and coding73
Graph analysis73
Chapter 6: Finding and Suggestion83
Chapter 7: Conclusion84
Chapter 8: References85
Chapter 9: Annexure86

Chapter 1:

Introduction

Executive Summary

The service industry is one of 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 really have 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 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.

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907,...
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