The Shriram Group is one of the largest and well-respected financial services conglomerates in India. The Group’s main line of activities in financial services include chit fund, truck financing, consumer durable financing, stock broking, insurance broking and life insurance.
The Group has a customer base of 30 lacs chit subscribers and investors and operates through a network of 630 offices all over the country. The Group has the largest agency force in the private sector consisting of more than 75,000 loyal and dedicated agents.

Shriram Life Insurance Co. Ltd. was launched in January 2006. India currently accounts for 16% of the world’s population.70% of this population is below 35 years of age. Between 2001 and 2006, Indian demography has changed with the higher income classes (more than INR 70,000 per annum) constituting about 79%. This represents huge market for insurance products.

This is amply reflected in the growth of insurance industry in the last couple of years. However, this growth has not really reach the Rural and Semi Urban areas. Shriram Group with its network of branches particularly in these areas enjoys a unique opportunity for reaching out to wider audience and sustain the growth story of the insurance industry. Most of the products of Shriram Life were designed by advisors working in the field and based on need analysis done through Intense Market Research.

Sanlam Life Insurance Limited, a part of the Sanlam Group, is one of the largest providers of life insurance in South Africa with 3.2 million individual policies under administration. It has a significant presence

across South Africa, United Kingdom and Namibia and is a major provider of life insurance, retirement annuities, saving and investment products, personal loans, home loans and trust services to individuals. The shareholder’s funds of Sanlam Life equates to USD 4.4 billion.

The Sanlam Group was established in 1918 and has a leadership position in financial services in South Africa. Demutualized in 1998, the group is listed on the JSE Securities Exchange in Johannesburg and on the Namibian Stock Exchange. It has a current market capitalization of USD 5.4 billion.

The Sanlam Group also operates in the areas of Group Schemes, Retirement Funds, Life Insurance, Asset Management and other financial services. It has an employee strength of 10,000 and has shareholder funds in excess
of US$ 4.6 billion.

During the first year of operation the company (Shriram Life Insurance Company) earned a profit of Rs 2 crore, which doubled to Rs 4 crore in the subsequent year. For the fiscal ended March 2009, the company earned a profit of Rs 8 crore, adding the total premium at the end 2008-09 stood Rs 1,000 crore. The company aims to garner new business premium of Rs 1,000 crore in next three years. The company also intends to increase its presence in 100 cities in the next 3-4 years.

Presently Shriram Life Insurance Company offers 11 products catering to various situations and strata of society:

• Shri Life
• Shri Nidhi
• Shri Raksha
• Shri Vidya
• Shri Plus
• Shri Plus (SP)
• Shri Laabh
• Shri Vivah
• Shri Vishram
• Shri Sahay
• Immediate Annuity Plan

Head Office:

Shriram Life Insurance Company Limited,
3-6-478, 3rd Floor, Anand Estates,
Liberty Road, Himayat Nagar,
Hyderabad – 500 029
India.

Tel: +91-40-2343 4466
Fax: +91-40-2343 4488

List of Branch Offices

http://www.shriramlife.in

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the Corporate office. LIC’s Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are:

• 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
• 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
• 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
• 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
• 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
• 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are:

• 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
• 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
• 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
• 1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC. The company has gone in for relevant and appropriate technology over the years.

1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late 1950’s were phased out in 1980’s and replaced by Microprocessors based computers in Branch and Divisional Offices for Back Office Computerization. Standardization of Hardware and Software commenced in 1990’s. Standard Computer Packages were developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.

FRONT END OPERATIONS

With a view to enhancing customer responsiveness and services, in July 1995, LIC started a drive of On Line Service to Policyholders and Agents through Computers. This on line service enabled policyholders to receive immediate policy status report, prompt acceptance of their premium, Revival Quotation delivery and Loan Quotation on demand. All of the branches across the country have been covered under front-end operations. Thus all the divisional offices have achieved the distinction of 100% branch computerisation. New payment related Modules pertaining to both ordinary & SSS policies have been added to the Front End Package catering to Loan, Claims and Development Officers’ Appraisal. All these modules help to reduce time-lag and ensure accuracy.

METRO AREA NETWORK

A Metropolitan Area Network, connecting 74 branches in Mumbai was commissioned in November, 1997, enabling policyholders in Mumbai to pay their Premium or get their Status Report, Surrender Value Quotation, Loan Quotation etc. from ANY Branch in the city. The System has been working successfully. More than 10,000 transactions are carried out over this Network on any given working day. Such Networks have been implemented in other cities as well.

WIDE AREA NETWORK

All the Zonal Offices and all the MAN centres are connected through a Wide Area Network (WAN). This enables a customer to view his policy data and pay premium from any branch of any MAN city. As on November 2005, LIC had 91 centers in India with more than 2035 branches networked under WAN.

INTERACTIVE VOICE RESPONSE SYSTEMS (IVRS)

IVRS has already been made functional in 59 centers all over the country. This enables a customer to ring up LIC and receive information (e.g. next premium due, Status, Loan Amount, Maturity payment due, Accumulated Bonus etc.) about their policies on the telephone. This information could also be faxed on demand to the customer.

Subsidiaries

LIC owns the following subsidiaries:

• Life Insurance Corporation of India International: This is a joint venture offshore company promoted by LIC which commenced operations in July, 1989 with the objectives of offering US$ denomimated policies to cater to the insurance needs of NRIs and providing insurance services to holders of LIC policies currently residing in the Gulf. LIC International operates in all GCC countries.
• LIC Nepal: A joint venture company formed in 2001 with the Vishal Group of Industries, Nepal.
• LIC Lanka: A joint venture company formed in 2003 with the Bartleet Group of Companies, Sri Lanka.
• LIC Housing Finance: Incorporated in 19 June 1989, its main objective is to provide long term finance for construction or purchase of houses or apartments. It has a Dubai office.
• LICHFL Care Homes: A wholly owned subsidiary of LIC Housing Finance, it builds and operates “Assisted Community Living Centres” for senior citizens.

Head Office:

List of branch offices

http://www.licindia.com

Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 14 million policyholders. Innovative and customized policies ensure that even specialized insurance requirements are fully taken care of.

The paid-up share capital of the company is Rs.100 crores. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC’s gross direct premium income has steadily grown to 4021.97 million rupees (4021.97  crores rupees ) in the financial year 2007-2008.

NIC transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz.
Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.

National Insurance, as on May 2009, is the second largest non life insurer in India having a large market presence in Northern and Eastern India.

The steady growth in premium income has been commensurately matched by profits over the years. As of March 2008, NIC’s general reserve stood at 1457.25 million rupees (1457.25 crores rupees) with an asset value of 8867.99 million rupees (8867.99 crores rupees) signaling strong financial fundamentals. No wonder than that NIC has been accorded “AAA/STABLE” financial strength rating by CRISIL rating agency, which reflects the highest financial strength to meet policyholders’ obligations.

Products & Services: NIC offers a wide range of products, catering to almost every sector of the society

Personal

• Motor Policy – Two Wheelers
• Householders Policy
• Personal Accident Policy
• Critical Illness Policy
• NRI Accident Policy
• Amartya Siksha Yojana Policy
• Rajrajeshwari Mahila Kalyan Yojana Policy
• Bhagyashree Child Welfare Policy
• Traffic Accident Policy
• Niwas Yojana Policy
• Baggage Policy
• Mediclaim Policy
• Motor Policy – Private Car
• Professional Indemnity for Doctors
• Star National Swasthya Bima Policy
• PARIVAR – Mediclaim for Family
• VIDYARTHI-Mediclaim for Students
• UCO Medi + Care Bima Policy
• VARISTHA Mediclaim for Senior Citizens
• BOI National Swasthya Bima
• Overseas Mediclaim
• Baroda Health Policy

Rural

• Cattle / Livestock Insurance
• Sheep and Goat Insurance
• Elephant Insurance
• Dog Insurance
• Brackish Water Prawn Insurance
• Silkworm ( Sericulture) Insurance
• Janata Personal Accident Insurance
• Horticulture/Plantation Insurance
• Kisan Agriculture Pumpset Insurance

Industrial

• Erection All Risks Insurance ( EAR )
• Contractors All Risks Insurance (CAR)
• Machinery Insurance ( MI )
• Electronic Equipment Insurance ( EEI)
• Consequential Loss (Fire) Policy
• Standard Fire and Special Perils Policy
• Workmen Compensation Insurance
• Product Liability Insurance
• Public Liability Insurance

Commercial

• Burglary (Business Premises) Policy
• Shopkeepers Policy
• Bankers Indemnity Policy
• Office Package Policy
• Glass Insurance
• Money Insurance
• Jewellers Block Policy
• Extended Warranty Policy
• Directors and Officers Liability Policy
• Fidelity Guarantee Policy
• Marine Cargo Insurance

Head Office:

National Insurance Company Limited,

3 Middleton Street

Kolkata – 700071

India.

Tel: +91-33-22831705/22831706

Fax: +91-33-22831740

List of branch offices

http://www.nationalinsuranceindia.com/

The Company was formerly called CGNU, and was created by a merger of Norwich Union and CGU plc (itself created by the 1998 merger of Commercial Union and General Accident) in 2000. The Aviva name was adopted in July 2002.

In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group, a financial services company founded in 1896.

The Company has continued to use the Norwich Union name as a trading name within the United Kingdom, but on 29 April 2008 announced that it would be changing to Aviva. Then it launched a £9 million advertising campaign to promote the rebranding (one of the most expensive ever in the UK insurance market), with the participation of celebrities like Bruce Willis and Alice Cooper.

In India, Aviva has a long history dating back to 1834. At the time of nationalisation it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995.

In India, Aviva has a joint venture with Dabur, one of India’s oldest, and largest Group of companies. A professionally managed company, Dabur is the country’s leading producer of traditional healthcare products. In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), Aviva has initiated an innovative and differentiated sales approach to the business. Through the “Financial Health Check” (FHC) Aviva’s sales force has been able to establish its credibility in the market. The FHC is a free service administered by the FPAs for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the FHC assesses and recommends the right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN Amro Bank, The Lakshmi Vilas Bank Ltd., Punjab & Sind Bank, IndusInd Bank, Co-operative Banks and Regional Rural Banks.

Aviva’s Fund management operation is one of its key differentiators. Operating from Mumbai, Aviva has an experienced team of fund managers and the range of fund options includes Unitised With-Profits Fund and seven Unit Linked funds: – Protector Fund, Secure Fund, Balanced Fund, Growth Fund,Enhancer Fund,Index Fund and Bond Fund.

Aviva has 223 Branches in India supporting its distribution network. Through its Bancassurance partner locations, Aviva products are available in close to 3,000 towns and cities across India.

Aviva has also reached out to the underprivileged that have not had access to insurance so far. Through its association with Basix (a micro financial institution) and other NGOs, it has been able to reach the weaker sections of the society and provide life insurance to them.

Recently,Aviva India has been ranked amomgst the top 25 employers by The Great to Work Institute(GPTW) in the “Best Workplaces in India” study for 2008.

Partners

Aviva has pioneered bancassurance in the country through close to 40 bancassurance tie-ups. Aviva also focuses on bancassurance worldwide and has a proven track record of successful bancassurance relationships. It has 40 major partnerships with leading banks across the globe. Aviva is a leading bancassurer in countries such as France, Italy, Spain, Australia and New Zealand. Currently, Aviva has Bancassurance tie-ups with:

• ABN AMRO Bank
• The Lakshmi Vilas Bank Ltd
• Punjab & Sind Bank
• IndusInd Bank

Regestered Office:

Aviva Life Insurance Co. India Pvt Ltd
2nd Floor Prakashdeep Building,
7 Tolstoy Marg,
New Delhi – 110 001.
India

Corporate Office:

Aviva Life Insurance Co. India Pvt Ltd
8th floor, JMD Regent Square,
M.G Road,
Gurgaon
Harayana
India.

Fax – +91-124-2804142

List of Offices

http://www.avivaindia.com/

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc. Kotak Mahindra Old Mutual Life Insurance is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001.

Registered Office:

Customer Service Centre:

Complete list of branches

Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada’s oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.

Apart from being India’s number one private general insurance company, it was the first general insurance company in India to be ISO 9001:2000 certified, as well as the first one to provide digitally signed documents through an online interface. The company has also been assigned the iAAA rating by ICRA indicating highest claims paying ability. ICICI Lombard offers a high security level, through a 128-bit encryption in case of online data exchange.

ICICI Lombard Head Offices

Corporate Office
Zenith House, Keshavrao Khade Marg,
Landmark: Opp Racecourse,
Mahalaxmi,
Mumbai 400 034

Registered Office
ICICI Bank Towers,
Bandra- Kurla Complex,
Mumbai- 400 051

Complete list of branches

http://www.icicilombard.com

]]> http://www.provigator.com/icici-lombard-general-insurance-company-ltd/feed 0 http://www.provigator.com/aegon-religare http://www.provigator.com/aegon-religare#comments Mon, 23 Feb 2009 07:29:34 +0000 admin http://www.provigator.com/?p=19 AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups, have come together to launch AEGON Religare Life Insurance Company Limited. This venture is dedicated to build a firm future, both for customers and employees and is expected to continue to balance a local approach [...]]]> AEGON, one of the world’s largest life insurance and pension groups and Religare, one of India’s leading integrated financial services groups, have come together to launch AEGON Religare Life Insurance Company Limited. This venture is dedicated to build a firm future, both for customers and employees and is expected to continue to balance a local approach with the power of an expanding global operation. They launched their pan-India multi-channel operations in July, 2008 with over 30 branches spread across India. Their business philosophy is to help people plan their life better. In an industry first, AEGON Religare Life Insurance offers policy servicing on the phone via Interactive Voice Response System (IVR) by issuing the customer a T-Pin for authentication. It is also the first company to include the customer’s medical report in the policy kit.

AEGON’s businesses serve over 40 millions customers in over 20 markets throughout the Americas, Europe and Asia, with major operations in the United States, the Netherlands and the United Kingdom. With headquarters in The Hague, the Netherlands, AEGON companies employ more than 30,000 people worldwide. The company’s common shares are listed on four stock exchanges: Amsterdam, London, New York and Tokyo. It manages EUR 271 billion in assets under management. AEGON has more than 160 years of experience with its roots going back to 1844.

Religare has a truly pan-India footprint going well beyond Tier-1 cities, present through more than 1550 locations spread across over 460 cities and towns. Religare’s businesses are broadly clubbed across three key verticals – the retail, institutional and the wealth spectrum. Structurally, all businesses are operated through 10 subsidiaries held by the holding company Religare Enterprises Limited. 

Corporate and Registered Office

AEGON Religare Life Insurance,
2nd Floor, Paranjpe B Scheme,
Subhash Road, Near Garware House,
Vile Parle (E),
Mumbai – 400 057.

Click here for the list of branches

http://www.aegonreligare.com/

Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000 crores). Founded in 1890 in Berlin, Allianz SE has over 115 years of financial experience in over 70 countries.

Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.

Today, Bajaj Allianz is one of India’s leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants.

Head Office

Bajaj Allianz Life Insurance Company Ltd,
4th Floor ,Vardhman BuildingShankarseth Road,
Pune – 411042.

Tel: 020-26435480

Complete list of branches

http://www.bajajallianzlife.co.in