Está en la página 1de 55

WOMEN INSURANCE

BACHELOR OF COMMERCE
(BANKING & INSURANCE)
SEMESTER- VI
(2011-2012)

SUBMITTED
IN PARTIAL FULFILLMENT OF THE REQUIREMENT
FOR THE AWARD OF DEGREE OF BACHELOR OF
COMMERCE- BANKING & INSURANCE
BY
RIDDHI.S.VAGAL

T.Z.A.S.P.MANDALS
PRAGATI COLLEGE OF ARTS & COMMERCE
NANDIVALI ROAD,
DOMBIVLI (E)

WOMEN INSURANCE

BACHELOR OF COMMERCE
(BANKING &INSURANCE)
SEMESTER- VI
(2011-12)

SUBMITTED
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE AWARD OF DEGREE OF BACHELOR OF
COMMERCE BANKING & INSURANCE

BY
RIDDHI.S.VAGAL
SEAT NO.

T.Z.A.S.P.MANDALS
PRAGATI COLLEGE OF ARTS & COMMERCE
NANDIVALI ROAD,
DOMBIVLI (E)

T. Z. A. SHIKSHAN PRASARAK MANDALS


PRAGATI COLLEGE OF ARTS & COMMERCE

DOMBIVLI (E)

CERTIFICATE

(2011 2012)

Date:Place: - Dombivli (E)


This is to certify that Ms.RIDDHI.S.VAGALof B.Com (Banking &
Insurance) Semester VI (2011-2012) has successfully completed the
project on WOMEN INSURANCE under the guidance of Prof.
JYOTI JANGIR.

(Prof. Ms. Archana Rao)


Course Co-ordinator

(Dr. A. P. Mahajan)
Principal

(Prof. Mrs. Jyoti Jangir)


Project Guide / Internal Examiner

External Examiner

DECLARATION BY GUIDE

Date:-

I, the undersigned Mrs.Jyoti Jangir have guided Ms. Riddhi .S. Vagal
for her project; she has completed the project WOMEN INSURANCE
successfully.

I hereby declare that the information provided in this project is true as per
the best of my knowledge.

Thanking you,

Yours Faithfully

Prof. Mrs. Jyoti Jangir

DECLARATION BY INVESTIGATOR

Date:-

I, Ms. Riddhi .S. Vagal the student of B.COM (Banking & Insurance)
Semester VI (2011-2012) hereby declare that I have completed the project
on WOMEN INSURANCE

The information submitted is true and original to the best of my


knowledge.

(Riddhi .S. Vagal)

ACKNOWLEDGMENT

At the outset, I would like to thank Almighty GOD for his shower of
blessings. The desire of completing thisresearch project was given by my
guide Prof. Mrs. Jyoti Jangir. I am very much thankful to her for the
guidance, support and for sparing her precious time from a busy and
hectic schedule.

I am thankful to Dr. A.P. Mahajan, Principal of Pragati College. My


sincere thanks to our co-ordinator Prof. Ms. Archana Rao who always
motivated me and provided a helping hand for conceiving higher
education. I hereby take an opportunity to extend my sincere thanks to
Women Customer who provided me valuable information regarding my
topic of research project.

I would fail in my duty if I dont thank my parents and brother who are
pillars of my life and my friends who have always supported and
motivated me. Finally, I would express my gratitude to all those persons
who directly and indirectly helped me in completing my research project.

RIDDHI.S.VAGAL

TABLE OF CONTENT

SR. NO.

CONTENT

1.

EXECUTIVE SUMMARY

2.

ABBREVIATION

3.

LIST OF TABLE

4.

LIST OF FIGURE

5.

CHAPTER 1- INTRODUCTION TO
BANKING

6.

CHAPTER 2- LOANS & ADVANCES

7.

CHAPTER 3 PROFILE OF AXIS BANK

8.

CHAPTER 4- DATA ANALYSIS &


INTERPRETATION

9.

CHAPTER 5- FINDING, SUGGESTIONS,


CONCLUSION

10.

BIBLIOGRAPHY& WEBLIOGRAPHY

11.

ANNEXURE

PG. NO.

EXECUTIVE SUMMARY

ABBREVIATION

LIST OF TABLE

TABLE

NAME OF TABLE

PG.

NO.
4.1

NO.
RECENT

INNOVATION

IN

LOANS

&

ADVANCES
4.2

LOANS FOR CUSTOMERS

4.3

LOAN PROCEDURE

4.4

CUSTOMERS

PRIORITY

TOWARDS

LOAN/ADVANCES
4.5

ADVANTAGES
BANK

&

DISADVANTAGES

TO

LIST OF FIGURES

FIGUR

NAME OF FIGURE

NO.

NO.
4.1

RECENT INNOVATION IN LOANS &


ADVANCES

4.2

LOANS FOR CUSTOMERS

4.3

LOAN PROCEDURE

4.4

CUSTOMERS PRIORITY TOWARDS


LOAN/ADVANCES

4.5

PG

ADVANTAGES & DISADVANTAGES TO


BANK

CHAPTER-1 INTRODUCTION TO BANKING

1.1

WHAT IS INSURANCE?

1.2

MEANING OF INSURANCE

1.3

BASIC DEFINITION

1.4

CONCEPT OF INSURANCE / HOW


INSURANCE WORKS

1.5

TYPES OF INSURANCE COMPANIES

1.6

TYPES OF INSURANCE

1.7

FEATURES OF INSURANCE

1.8

BENEFITS OF INSURANCE

1.9

ADVANTAGES OF INSURANCE

1.10

DISADVANTAGES OF INSURANCE

1.11

OBJECTIVES OF THE STUDY

1.12

RESEARCH METHODOLOGY

CHAPTER 1 INTRODUCTION TO INSURANCE

1.1 WHAT IS INSURANCE?

Insurance is a form of risk management primarily used to hedge against


the risk of a contingent, uncertain loss. Insurance is defined as the
equitable transfer of the risk of a loss, from one entity to another, in
exchange for payment. An insurer is a company selling the insurance; the
insured, or policyholder, is the person or entity buying the insurance
policy. The amount to be charged for a certain amount of insurance
coverage is called the premium. Risk management, the practice
of appraising and controlling risk, has evolved as a discrete field of study
and practice.
The transaction involves the insured assuming a guaranteed and known
relatively small loss in the form of payment to the insurer in exchange for
the insurer's promise to compensate (indemnify) the insured in the case of
a financial (personal) loss. The insured receives a contract, called
the insurance policy, which details the conditions and circumstances
under which the insured will be financially compensated.
Everyone that wants to protect themselves or someone else against
financial hardship should consider insurance. This may include:
Protecting family after one's death from loss of income

Ensuring debt repayment after death


Covering contingent liabilities
Protecting against the death of a key employee or person in your
business
Buying out a partner or co-shareholder after his or her death
Protecting your business from business interruption and loss of
income
Protecting yourself against unforeseeable health expenses
Protecting your home against theft, fire, flood and other hazards
Protecting yourself against lawsuits
Protecting yourself in the event of disability
Protecting your car against theft or losses incurred because of
accidents
And many more

Insurance works by pooling risk. What does this mean?

It simply means that a large group of people who want to insure against a
particular loss pay their premiums into what we will call the insurance
bucket, or pool. Because the number of insured individuals is so large,
insurance companies can use statistical analysis to project what their
actual losses will be within the given class. They know that not all
insured individuals will suffer losses at the same time or at all. This
allows the insurance companies to operate profitably and at the same time
pay for claims that may arise. For instance, most people have auto
insurance but only a few actually get into an accident. You pay for the
probability of the loss and for the protection that you will be paid for
losses in the event they occur.

1.2 MEANING OF INSURANCE


Insurance provides financial protection against a loss arising out of
happening of an uncertain event. A person can avail this protection by
paying premium to an insurance company.
A pool is created through contributions made by persons seeking to
protect themselves from common risk. Premium is collected by insurance
companies which also act as trustee to the pool. Any loss to the insured in
case of happening of an uncertain event is paid out of this pool.
Insurance works on the basic principle of risk-sharing. A great advantage
of insurance is that it spreads the risk of a few people over a large group
of people exposed to risk of similar type.

1.3 DEFINITION

Insurance is a contract between two parties whereby one party agrees to


undertake the risk of another in exchange for consideration known as
premium and promises to pay a fixed sum of money to the other party on
happening of an uncertain event (death) or after the expiry of a certain
period in case of life insurance or to indemnify the other party on
happening of an uncertain event in case of general insurance.
The party bearing the risk is known as the 'insurer' or 'assurer' and the
party whose risk is covered is known as the 'insured' or 'assured'.

1.4 CONCEPT OF INSURANCE / HOW INSURANCE WORKS


The concept behind insurance is that a group of people exposed to similar
risk come together and make contributions towards formation of a pool of
funds. In case a person actually suffers a loss on account of such risk, he
is compensated out of the insurance companies in the form of premiums.
Same pool of funds. Contribution to the pool is made by a group of
people sharing common risks and collected by theinsurance companies in
the form of premiums.

1.5 TYPES OF INSURANCE COMPANIES

Insurance companies can be categorized into two main divisions which


are as follows:
General Insurance Companies: They provide all types of
insurance apart from life insurance.
Life Insurance Companies: The companies, dealing with life
insurance, pension products and annuities are life insurance
companies.
Insurance companies are usually identified as stock companies. Insurance
is a device for indemnifying an individual against loss and in the recent
past due to natural calamities, few insurance companies have suffered
financial setback. Premiums of few insurances have suddenly gone uphill
as plenty of insurance providers have become insolvent. While selecting
an insurance company, financial strength of the company must be
considered as viability of the insurance provider is extremely crucial.

1.6 TYPES OF INSURANCE


Major types of insurances are as mentioned below:
Life insurance: Descendent's family receives financial benefits. Life
insurances also offer paid proceeds to the beneficiary.
Automobile insurance: Usually automobile insurances cover damages
and legal financial expenditures of the automobile driver.

Health insurance: Health insurance covers the expenditures associated


to treatment and medical expenditures.
Credit insurance: Borrowers often fail to repay debts, loans and
mortgages due to certain unavoidable circumstances, credit insurances
can be of great help during such crisis.
Property insurance: Property protection insurance provides protection
from risks associated to theft, fire, floods etc.
This type of insurance can be further classified into specialized
forms as follows:
Fire insurance
Earthquake insurance
Flood insurance
Home insurance
Boiler insurance
At present insurance market is much vibrant than before and this has an
impact on the rates of different insurance premiums.

1.7 Features of Insurance

The decision whether to buy an Insurance policy now or later always


confuses the people because at one hand you have to pay a premium
which is an expense and on the other hand you have the benefit of your
loss getting covered by insurance company in the event of any
contingency. Before deciding whether to take insurance or not one should
know the features of insurance, given below are some of the features of
insurance

1. Insurance (excluding life insurance which tends to pay after certain


period of time) is not an investment rather it is a hedge against the
future probable losses.
2. It gives you the comfort that in the event of any loss from
unforeseen events will be compensated by the insurance
companies.
3. One has to pay premiums regularly to the companies providing
insurance in order to enjoy the benefits of insurance.
4. It can be of many types like life insurance, fire, marine, health
insurance and so on and one can take any of the above polices
depending on the risk with which an individual is exposed to.
5. Insurance policies can be modified and offered to people
depending on their risk profile and the need of the insurer.
6. A person can take more than one policy, in other words there are no
restrictions on the number of policies which one can take.

1.8 BENEFITS OF INSURANCE

Insurance is a defensive measure against the financial losses that might


occur in our future. There is always a need of insurance in order to
protect our financial future. Buying an insurance policy will benefit you
in many ways.
One of the basic benefits of insurance is receiving the financial
compensation in case of actual occurrence of the loss, hazard or damage.
It also relieves the policy holder from all the worries and anxieties they
have about how they would meet the cost of risk.
Some of the insurance benefits given below:
Easy to afford
One of the great advantages of insurance in todays world is the low
insurance rate and premium one has to pay. We always look at the
insurance rate and the other associated benefits before we choose any
insurance policy. The lesser the insurance rate, the more the affordable
insurance becomes.
Easy accessibility
The easy accessibility of insurance is another benefit of insurance. One
has an easy access online to a wealth of information about insurance,
insurance companies and their policies. You can search, compare and
select their insurance coverage just by the click of a mouse right from
your home.

Pre-tax insurance benefits

Pre-tax benefits are added advantages to the policyholders. These benefits


help them to save a large portion of their tax payment. When the taxpayment gets reduced, their disposable income increases.
Reduce losses and risks
Insurance can also help in reducing losses. Many insurance companies
employ surveyors who go out and look at premises which people may
want to insure. Based on their experience and suggestions, they offer
ways to reduce risk and hazards which could injure employees. Their
advice on behalf of insurance companies cannot help but reduce the
likeliness of the risks occurring
One of the benefits of insurance is the use to which the insurance
company puts the money it holds in the common pool. The money
collected as premium is not used immediately; they hold the money until
one of the member of the pool suffers a loss. The money it holds is
invested in a wide range of investments which will go towards aiding
government, industry, commerce and consequently the whole country.
Optional insurance benefits are also given by the companies to their
policy holders in order to entice them to access their insurance package.
One will find that with time, more and more insurance companies have
cropped up. The competition among them has increased and each
company is trying to lure all the customers into its fold. You will come
across more and more innovative insurance benefits for the consumers.

1.9 ADVANTAGES OF INSURANCE


1. Removal of uncertainties:-

Insurance company takes the risks of large but uncertain losses in


exchange for small premium. So it gives a sense of security, which is real
gift to the businessman. If all certainty could be removed from business,
income would be sure. Insurance removed many uncertainties and to that
extent is profitable.
2. Stimulant of business enterprise:Insurance facilities to maintain the large size of commercial and industrial
organizations. No large scale industrial undertaking could function in the
modern world without the transfer of many of its risks to insurer. It
safeguards capital and at the same time it avoids the necessity on the part
of industrialists. They are therefore free to use their capital as many seem
best.
3. Source of credit:Modern business depends on largely credit; insurance has contributed a
lot in this regard. A life insurance policy increases the credit worthiness
of the assured person because it can provide funds for repayment if he
dies. Credit extension is also obtained by means of various kinds of
property insurance. Business man who stock of goods has been properly
insured can get credit easily. Similarly marine insurance in an essential
requirement for every transaction import and export.

4. Correct distribution of cost:Insurance helps maintain correct distribution of cost. Every businessman
tries to pass on to the customer all types of costs including accidental and

losses also. In the various fields insurance such losses are correctly
estimated keeping in view a vast number of factor bearing on them. In the
absence of insurance these losses and costs would be assessed and
distributed only by guess work.
5. Promotion of saving:Saving is a device of preparing for the bad consequences of the future.
Insurance policy is often very suitable way of providing for the future.
This type of policy is found particularly in life assurance. It promotes
savings by making it compulsory which has a beneficial effect both for
the individual and nation.
6. Reduction of the chances of loss:Insurance companies spends large sums of money with a view to finding
out the reasons of fire accidents, theft and robbery and suggest some
measure to prevent them. They also support several medical programmed
in order to make the public safety minded. Without such losses preventive
activities if insurance companies, the chances of loss would have been
greater than they are at present days.

7. Solution of social problems:Insurance serves as a useful device for solving complex social problems
e.g. compensation is available to victims of industrial injuries and road
accident while the financial difficulties arising from old age, disability or

death are minimized. It thus enables many families and business unites to
continue intact even after a loss.
8. Productive utilization of funds:Insurer accumulates large resources from the various insurance funds.
Such resources are generally invested in the country, either in the public
or private sector. This facility considerably in overall development of the
country.
9. Insurance as an investment:A life policy is a combination of protection and investment which serves
a useful purpose. The premium that the insured pays go on accumulating
in a fund every year. The sum of accumulated by the insurance company
earn interest. Under life assurance a person may also invest his capital in
a annuity which will pay him an income every year till death. Therefore,
insurance may be regarded as an investment.
10. Removing Fear:Insurance helps to remove various types of fear from the mind of the
people. The insured is secured in the knowledge that the protection of the
insurance fund is behind him if some sad event happens. It thus creates
confidence and eliminates worries which are difficult to evaluate, but the
benefit is very real.

1.10 DISADVANTAGES OF INSURANCE


Insurance is a unique service-based product that people purchase for
peace of mind, yet usually hope to avoid using. Some disadvantages of

buying insurance products are general and cover most categories of


protection, while others are specific to particular sectors of the insurance
market.
1. Premiums and Costs
Premiums are costs to obtain insurance protection. Paying for something
is an obvious disadvantage to any purchase, but premiums on insurance
products are usually dependent on individual risk factors. Insurers base
individual and family product premiums on potential risk of payout.
Thus, people with the most need for protection and care are going to pay
higher premiums.
Additionally, insurances like health and dental often include co-pays and
co-insurances. Deductibles, which are amounts that must be paid by the
insured before benefits kick in, are common to most insurance types.
These expenses add to your total costs for services above and beyond
premiums you pay your insurer for benefits protection, according to
Always-Health.
2. Restrictive Benefits
Benefits provided by insurance products are a relief for the insured, but
the process of obtaining benefits and the tough choices some insured
people face can be difficult. Network insurance setups are usually
flexible on providers, as long as you use one within your network,
according to Startup Biz Hub. Some health and dental insurance
products have more expensive or even limiting out-of-network benefits.
This is a problem if you need services and do not have close access to a
networked provider. With some insurance setups, insured people may

face high out-of-pocket levels and deductibles. This causes some to


avoid receiving needed services to avoid expensive service payments.
3. Indirect Claims Process
In group network-type insurance setups like preferred provider
organizations (PPOs) for health insurance, medical providers submit
claims for services directly to the insurance provider, according to
Always-Health. While this is convenient for the patient, it also leaves
him out of the communication process regarding service designations
and claims approvals. Your first opportunity to explain your use of
services, related to coverage, is likely after a denial. You must rely on
your care provider to accurately and effectively "code" your service as it
relates to the coverage provided by your insurer.
4. Car Insurance
The disadvantage is a driver will incur higher premiums for additional
insurance options.
5. Homeowner and Rental Insurance
The main disadvantage is the added expense of insurance premiums.
However, if your home or rental is destroyed or badly damaged by a fire,
natural disaster or other occurrence, you will have no way of recouping
your loss if you neglected to purchase insurance.

6. Health Insurance

The main disadvantage of these plans is services and choices of doctors


are often limited. Employer group plans often have lower premiums than
individually acquired plans. However, your coverage choices with
employer plans are typically limited to the offerings in the specific plan
that your employer has selected.
7. Life Insurance
The main disadvantage of life insurance is that the policy holder has to
make the payment of the premium every time.
8. Consumer Warranties
Generally, these types of warranties will not cover accidents or damages
caused by you or a third party. The major disadvantage is the cost of the
warranty may not be justified in light of the products purchase price and
expected useful life.

1.11 OBJECTIVES OF THE STUDY

The following are the objectives under taken for the present study titled
Women Insurance.

To study the basic concept of women insurance.


To study the history of women insurance.
To study the need of women insurance.
To study the awareness of women insurance among women living in
Dombivli.
To study the different schemes of women insurance in India.

1.12 RESEARCH METHODOLOGY

Primary Data:
I have collected the primary data on this topic from the customer survey.
Firstly I prepared the well-structured questionnaires and get it fill from 30

women customer having various policies. On the basis of convenience,


analyzed data and presented the data in the form of tables and diagrams.

Secondary Data:
I have collected the secondary data from books and some data from net.

Sample size:
Sample size refers to the number of time to be selected from the customer
to constitute a sample size should be optimum. The sample size of the
survey conducted for 30 women customer.

CHAPTER 2 WOMEN INSURANCE

2.1

INTRODUCTION OF WOMEN INSURANCE

2.2

HISTORY OF WOMEN LIFE INSURANCE

2.3

DO WOMEN NEED LIFE INSURANCE?

2.4

INSURANCE FOR WOMEN DIVIDED INTO


THREE CATEGORIES

2.5

WHY IS THEIR SPECIFIC INSURANCE FOR


WOMEN?

2.6

SOME BEST INSURANS PLANS FOR WOMEN


2.6.1 BAJAJ ALLIANZ
2.6.2 LIC
2.6.3 AXIS BANK PLAN
2.6.4 APOLLO MUNICH

2.7

OTHER POLICY OPTIONSAVAILABLEFOR


WOMEN

CHAPTER 2 WOMEN INSURANCE

2.1 INTRODUCTION OF WOMEN INSURANCE

Womens Insurance is basically a combination of money back policy and


some types of concession terms. These plans include special schemes like
medical insurance, saving terms, investment benefits for future.
Nature has created men and women differently but their reason to buy life
insurance remains broadly the same. Both men and women buy life
insurance to protect their family, replace lost income in case he / she dies,
provide for own retirement, fund long-term needs such as childrens
education and marriage and to pay off mortgages. But here comes the
difference. Though the needs are the same, men and women think and
behave differently in many aspects of life, including financial planning
and protection. The financial needs of women become different because
they have higher life expectancy than men, which results in more women
living alone after their partner is gone.
World over it has been found that women have either no or little life
insurance. Max New York Life NCAER India Financial Protection
Survey revealed that the same is true for India also. Of the life insurance
owners in India only 14% are women. Is that women do not require life
insurance or is it lack of awareness of the need for life insurance for
women? Even in a highly developed market like US, it has been found
that though 59% of the women own life insurance as compared to 64% of
the men, the average death benefit on men is nearly double that for
women.
Now a days lady is an inspiration to her family. She has proved time and
again that she is adept in handling running her house as well as her career.
But some people think that there is no need of womens insurance. Why
should not a woman buy life insurance? The reason that women are
underinsured is because we tend to ignore our own needs. In the past
history women were primarily based at home but now women are equally
a part of the workforce. Today, husbands and wives are economic
partners. Working women also need to protect them self, their family and
plan for their future.

2.2 HISTORY OF WOMEN LIFE INSURANCE

Woman's Benefit Association was founded in Port Huron in 1892 by Bina


West, a compassionate 25-year-old school teacher from Capac, Michigan.
In her role as an educator, Bina West observed the financial difficulty a
family endured if a wife and mother with young children died. West's
foresight and initiative resulted in her founding Woman's Benefit
Association. The Association provided life insurance to women and
opportunities for personal growth by joining others in worthwhile
endeavors to benefit themselves, their families, and their communities.
Woman's Benefit Association was one of the first organizations of its kind
to offer life insurance to women.

2.3 DO WOMEN NEED LIFE INSURANCE?


Traditionally men have been the more frequent buyers on life insurance.
Do women need life insurance? Yes, they do and they need it for exactly
the same reasons men do to replace lost income, pay a mortgage,
provide money for death expenses, provide for the long-term security of
family. Its not just married women or women with families who need life
insurance. Even single women need life insurance. For single women, life
insurance can be a way to cover loans and debts for which the
responsibility may fall on other family members. Being single isnt the
same as being without responsibilities. A single woman may have loans.
If anything happens to the single woman, there will be final expenses,
which can run into the tens of thousands of dollars. These obligations fall
on parents and other loved ones. Life insurance is very affordable for
women who are young and healthy. For a married woman life insurance
is very important. If both spouses own a home together, it becomes more
important. If the children from the marriage, life insurance is again
important. If both spouses are earning, the household tends to depend on
the income of both spouses and if the womans income is lost, the
household could face financial strains. If the woman is the only earning
member of the household, then the loss of her income can result in
financial troubles for the household. If the woman is a single parent, she
may be the sole breadwinner, responsible for the support and care of her
children. In such cases, the need for life insurance is even more crucial
than in dual-parent households, which will have another source of income

if one parent dies. Women live longer than men. Majority of women are
likely to leave alone by the time they reach 85. Most women have
reduced access to social security after retirement. Insurance can be an
affective way of taking care of retirement expenses.
With life insurance a woman can make sure her family is cared for,
whatever happens.
Adequate life insurance can replace a womans income, remove
uncertainty and help guarantee her familys financial security. Life
insurance can protect a womans future insurability as she gets older. If
married, her coverage will help protect her husband and, possibly,
children. If a woman remains single, her life insurance can accumulate
cash value to help provide a secure retirement. A cash value life insurance
policy can help accumulate funds on a tax-advantaged basis to
supplement other retirement income.
2.4 INSURANCE FOR WOMEN DIVIDED INTO THREE
CATEGORIES
For the purpose of womens products, the Insurance Industry divides
women into three categories: Working women or earning women.
The women having the fixed income from interest, dividends,
rent, or from any other source.
The housewives who do not have any source of income.
The treatment to the first 2 categories is similar to that of their male
counterparts, that is, the same insurance products can be offered to both
men & women. Homemaker is one large group of women in India. Let us
focus first on the needs of this most important group. Many a time it is
argued that homemakers do not require life insurance as they are not the
earning members and their loss would not result in financial stress.
However, it has been found that it is not true. In fact, it has been found
that it adds up to significant cost to get the services of homemakers
through third party and hence require life insurance for homemaker
women also.

2.5 WHY IS THEIR SPECIFIC INSURANCE FOR WOMEN?


Women dont only face a very different set of life experiences to men, but
they also tend to play a very different role in society. This means that
women often need to focus on the needs of their families, and on their
own needs, before they can turn their attention to financial matters.

2.6 SOME BEST INSURANS PLANS FOR WOMEN


2.6.1 Bajaj Allianz General Launched Women Critical Illness Plan

Private insurer Bajaj Allianz general insurance


has launched a Women Critical Illness plan that covers major eight
critical illnesses that women are prone to.
As is the case world over, now Indian women are also becoming more
prone to critical illnesses in comparison to few years back. Hence,
company has launched this plan that covers critical illnesses specific to
women. Although with advancement of treatment most of the critical
illnesses are curable but they cause a major dent to the finances of the
family.
This plan is available for women aged between 25 years to 55 years and
sum insured from Rs 50,000 to Rs 2 lakh. Premium ranges between Rs
250 to Rs 5,500 annually depending on the age and sum insured.

Plan provides lump sum if the policyholder survives for 30 days after the
diagnosis of the critical illness or certain congenital disorder.
Unique feature of this plan is children education bonus for the future
education of the children of the policyholder and job loss.
INSURANCE ESPECIALLY DESIGNED FOR WOMAN OF
TODAY
Regular investment and savings plan:
Investments along with critical illness benefits which provide good
returns, long term saving and protection incase of a medical
emergency
Investment plans with accidental coverage
Childrens education planning
Specialized retirement income plans for homemakers to provide a
secure and financial future.
Plans for the Confident Girl Child Each girl child should have an
equal opportunity to prove her worth in society. This can only happen
when she is given the right to good education. Her and parents dream can
become a reality with help from Bajaj Allianzs Child education plans,
which help a parent secure education for their child.
Bajaj Allianz Child Gain a special plan offers a wide array of solutions
that allows you to plan for your daughters future, including schooling,
higher education and marriage and also takes care of any uncertainties
that may happen along the way.
Plans for the Confident Young Lady As a young, confident woman,
you are either studying to make your career or are earning your own
living and are financially independent. Bajaj Allianz offers many
products, which help check, plan and keep all the finances in order, as
well as take care of the other needs. Bajaj Allianz UnitGainPlus
Gold and Bajaj Allianz Young Care are two plans that help you enter the
Capital Markets with no fear.

Motor Insurance specifically for Women Special Motor Insurance


Package Policy with unique women-specific services makes sure that you
can drive around, worry-free.
Plans for House-wife As a home maker of today, you are also the
decision maker, unlike before. You are equally aware of the outside world
and are accustomed to being consulted by your husband on decisions
pertaining to finances. You also go out of your way to take care of your
family with your warmth and support in case of any illness and ensure
that your family members are treated with the best medical care. Saluting
the confident home maker of today, Bajaj Allianz offers two
plans Bajaj Allianz InvestGain and Bajaj Allianz Family CareFirst.
These plans offer riders especially developed for todays woman to give
her that extra bit of confidence. Housewives need to safeguard their
financial independence.
Additional benefits like Mahila Gain have special features for women
which offer:
Critical Illness Benefits.
Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
Congenital Disability Benefits.
Complications of Pregnancy Benefits.
Plans for the Future Grand Mother A majority of women consider
financial security to be one of their top priorities, yet most women feel
they do not have the knowledge to address financial matters. It is
necessary to be financially independent, as it gives you a sense of worth
and purpose. Bajaj Allianz Future Income Generator is one plan which
suits all. Irrespective of age this is one plan which would ensure that you
remain financially independent in your golden years of life.
2.6.2 LIC

LIC has specially designed a policy for


women encouraging them to save for safety & security. This Policy
provides for fund in times of need like education, marriage, sickness etc.
JeevanBharathi from Life Insurance Corporation of India (LIC)
JeevanBharati is an insurance policy exclusively for women, and has a
combination of endowment and mediclaim policies. Certain womenspecific problems such as some critical illnesses are covered only under
this policy.The plan also provides the cover against affliction of certain
Female Critical Illnesses and occurrence of certain Congenital
Disabilities in newly born children.

Premium:
Premiums at yearly intervals are payable throughout the term of the
policy or till earlier death. After at least two full years premiums have
been paid, full insurance cover is available even when premiums are not
paid for up to three years. Premium for congenital disability benefit
ceases at policy anniversary after the life assured completes the age of 40
years.

Guaranteed Additions during the first 5 years:


During the first 5 years, Guaranteed Additions of Rs.50/- per Rs.1000/Sum Assured will be added to the policy at the end of each completed
year for which premium is paid.

Bonuses after the first 5 years:


This is a with-profit plan and participates in the profits of the
Corporations life insurance business after 5 years. It gets a share of the
profits in the form of bonuses. Simple Reversionary Bonuses are declared

per thousand Sum Assured annually at the end of each financial year.
Once declared, they form part of the guaranteed benefits of the plan. A
Final (Additional) Bonus may also be payable provided a policy has run
for certain minimum period.

2.6.3 AXIS BANK PLAN

Axis bank plan for Women's Savings


Account: Smart Advantage
Smart Advantage is an exclusive insurance cover specially designed for
the holders of Special Women's Account that covers woman related
diseases. This insurance protects the woman against the risk of serious
illness. It gives the policyholder the security of knowing that a guaranteed
cash sum will be paid in case she is diagnosed with a life-threatening
illness. The insurance is available at a nominal premium to existing
Special Women's Account holders.

Coverage and Benefits


Critical Illness Benefit:
100% of the sum assured would be payable in case the insured is
diagnosed with critical illness like Breast Cancer, Fallopian tube cancer,
Uterine or Cervical Cancer, Ovarian Cancer, Vaginal Cancer, Paralysis,
Multi-trauma, Burns etc.
Congenital Disability Benefit:
50% of the sum assured would be payable to the insured upon the birth of
a child with congenital disabilities like Down's Syndrome, Congenital
cyanotic heart disease, Tracheo-esophageal fistula, Cleft palate with or
without cleft lip, Spina bifida
Children Education Bonus:

Rs 25,000 is payable for future education of children on the diagnosis of


critical illness of the insured
Loss of Job as covered in the policy:
Working women would get Rs 25,000 in the event of losing her job
within a period of three months of the date of diagnosis of any of the
critical illness

2.6.4 APOLLO MUNICH


Insurance Policy for Women
Health insurance is an entity that cannot be differentiated on the basis of
sex, gender or religion. Whether it is man or woman, every individual
should have health cover. It is believed that woman's body is more prone
to health related risks than man's body. So, health insurance for women
plays an equal role as health insurance for men.
Apollo Munich Health Insurance Company, a pure health insurer, has
emanated in the market providing coverage to women in all of their
products. We occupy the leading role in the Indian market with our
promise to Uncomplicate healthcare solutions for Indians. We promise
you to take the fear out of faces, the bitter out of medicines, the jargon
out of words and the trouble out of treatment.
Our Easy Health Individual plan can be used as health insurance policy
for women to provide them various facilities and benefits. Women can
also be covered in Easy Health family plan, which provide coverage to
you and your entire family. Women get the maternity benefits under
Premium and Exclusive variants of Easy Health plan
In the same way, women can be covered in Personal Accident Plan and
Easy Travel Plan that offer health coverage for risks arising from accident
or travel respectively. If you are looking for a broad health insurance
policy for women, you can opt for Maxima, which is India's first 360
degree plan.
All the above mentioned products are power packed with several valueadded services that help you to stay healthy.

2.7 OTHER POLICY OPTIONSAVAILABLEFOR WOMEN


As a part of general policyholders, all basic covers such as life cover,
personal accident, and mediclaim such as maternity insurance and critical
illness form a part of women's life insurance policies. Term insurance
policies can be bought by any female, working or not.Infact; there are
many term plans which provide special discount to women as life
expectancy in India is higher for women than men. Few such plans are
Max New York Life Platinum Protect Plan, SBI Life Swadhan Plan,
Aviva iLife Online Term Plan, Kotak Term Plan,etc.
Besides, special tailor-made insurance products provide cover against few
important female-centric requirements. LIC's JeevanBharati-I is one such
exclusive plan for women, providing benefits for accident, critical illness
and congenital disability structured in as optional riders. The product has
been structured keeping in mind women specific requirements like
encashment of survival benefit, advance premium flexibility, option to
take annuity from maturity proceeds and auto cover. The maximum and
minimum amount that the insured will receive would be Rs 50,000 and
Rs 25,00,000 respectively. The plan also provides rebates for any sum
assured opted above Rs 1,00,000.
Typically, the special covers under woman insurance (life/health)
include:

Pre-natal and post-natal expenses


Female critical illnesses, e.g. Breast cancer, etc.
Occurrence of certain congenital disabilities in the new-born,
Congenital abnormality at the time of delivery

Exclusion to these special cover are:

Post-delivery complications
A still-born child,
Death of the mother during childbirth
Miscarriage, infanticide, any defect that is not congenital
Malfunctioning of any organ and defect manifesting after 200 days
of the delivery

Most pre-natal and birth-related policies have to be taken not later


than the 20th week of pregnancy

CHAPTER- 4 DATA ANALYSIS & INTERPRETATION

TABLE OF AWARENESS OF WOMEN


INSURANCE
4.1
FIGURE OF AWARENESS OF WOMEN
INSURANCE

4.2

TABLE OF MOST PREFERABLE TYPE PF


WOMENINSURANCE
FIGURE OF MOST PREFERABLE TYPE PF
WOMENINSURANCE

4.3

TABLE OF MOST PREFERABLE INSURANCE


COMPANIES FOR WOMEN INSURANCE
FIGURE OF MOST PREFERABLE INSURANCE
COMPANIES FOR WOMEN INSURANCE

TABLE OF PURPOSE OF TAKING WOMEN


INSURANCE
4.4
FIGURE OF PURPOSE OF TAKING WOMEN
INSURANCE

4.1TABLE

AWARENESS OF WOMEN INSURANCE

CUSTOMER RESPONSE
SR. NO.

Awareness
Of
Women
Insurance

AWARE

NOT AWARE

63%

37%

Source: Sample Survey


INTERPRETATION
From the table no. 4.1 investigator investigates that the no. of
percent of awareness of women insurance among women living in
Dombivli is 63% and the women which are not aware are 37%.

4.1 FIGURE

AWARENESS OF WOMEN INSURANCE

4.2TABLE
MOST PREFERABLE TYPE OF WOMEN INSURANCE

SR.NO

Types
Of
Women
Insurance

CUSTOMER RESPONESE
Life

Health

Maternity

Critical
illness

40%

30%

20%

10%

Source: Sample Survey


INTERPRETATION
From table no.4.2, investigator investigate that most preferable
types of women insurance for life is 40% ,health 30% , maternity
20% and critical illness 10%.

4.2 FIGURE

MOST PREFERABLE TYPE OF WOMEN INSURANCE


LIFE

HEALTH

MATERNITY

CRITICAL ILLNESS

10%
20%

40%

30%

4.3 TABLE

MOST PREFERABLE INSURANCE COMPANIES FOR


WOMEN INSURANCE

INSURANCE COMPANIES
CUSTOMER RESPONSE
LIC

BAJAJ
ICICI
ALLIANCE LOMBARD

50%

20%

18%

APOLLO
MUNICH

TATA
AIG

6%

6%

Source: Sample Survey


INTERPRETATION
From the table no. 4.3 the investigator investigates that most
preferable insurance companies for women insurance are LIC 50%,
Bajaj Alliance 20%, ICICI Lombard 18%, Apollo Munich 6% and
TATA AIG 6%.

4.3 FIGURE

MOST PREFERABLE INSURANCE COMPANIES FOR WOMEN INSURANCE


LIC

Bajaj Alliance ICICI Lombard Apollo Munich TAT AIG

6% 6%
18%

50%
20%

4.4 TABLE

PUPOSE OF TAKING WOMEN INSURANCE

SR.NO

Purpose
Of
Taking
Women
Insurance

CUSTOMER RESPONSE
Security

Tax
Benefits

Savings

78%

10%

12%

Source: Sample Survey


INTERPRETATION
From the table no. 4.4 the investigator investigates that the purpose
of taking women insurance for security is 78%, Tax benefits 10%,
and for savings 12%.

4.4 FIGURE

PURPOSE OF TAKING WOMEN INSURANCE

SAVINGS; 12%
TAX BENEFITS; 10%

SECURITY; 78%

FINDINGS

SUGGESTION

CONCLUSION

Unfortunately, not all women are capable of maintaining their needs as


they look after her families. Their needs would oftentimes come last, but
thats if they remember because theyre most likely to forget themselves
when faced with the pains and needs of the ones that they love.

Once theyre done taking care of their spouses, parents and children, most
of these women are left to take care of themselves. That should be okay
if their resources are still intact. Unfortunately, this is rarely the case.

When a woman provides care for her family she does not only assist them
physically but financially, as well. So when its her turn to receive care
there is barely anything left in her nest egg. This is the reason every
woman is encouraged to buy long term care insurance for women can
never let go of their responsibilities to their families no matter how heavy
these can get.

BIBLIOGRAPHY

SR.NO
.

NAME OF
BOOK

NAME OF
AUTHOR

PUBLICATIONS

1.

WEBLIOGRAPHY

www.nos.org/srsec319/319-35.pdf
www.rbidocs.rbi.org.in
www.articles.economictimes.indiatimes.com - by economic
times on May 10, 2011.
www.banknetindia.com
www.nos.org/srsec319/319-33.pdf
www.echow.com/about_6570240_difference_between_loans_ad
vances.html
www.scribd.com/doc/5494692/Introduction-of-loans-andadvances

ANNEXURE

También podría gustarte