Professional Documents
Culture Documents
Extra Work
Extra Work
Extra Work
ON
SUBMITTED BY:
Paradise
M.B.A (HRM)
FINAL SEMESTER 2013-2014
SUBMITTED TO:
Soomro
PRINCIPAL
IN THE NAME OF
ALLAH
THE MOST BENEFICENT &
Page No:
CHAPTER 1
introduction
CHAPTER 2
KINDS / BRANCHES OF INSURANCE
CHAPTER 4
Products of slic
CHAPTER 6
CONCLUSIONS AND SUGGESTIONS
6.1 CONCLUSIONS………………………………………. 22
6.2 SUGGESTIONS………………………………………... 22
6.3 BIBLIOGRAPHIES…………………………………….. 24
CHAPTER 1
introduction
-1-
Major Achievements
-2-
1.2 HISTORICAL BACKGROUND OF INSURANCE
BUSINESS
The idea of insurance is intimately concerned with the group of
human combination in the earliest stage may have similar to that of social animal
that is association for mutual aid and defense of family. Actually business of
insurance came into existence in the fifteenth century after the industrial
revolution because business transaction were increased and need for insurance
companies were felt:
Mostly men used to get insurance for their ships and cargoes.
Specially when long distance were involved jri the trade then insurance
companies came in to exist to insure shipping industries in the world and people
were encouraged to invest in overseas trade that is why rapid industrial growth
took place in Europe.(www.google.com)
-3-
1.3 THE DEVELOPMENT OF LIFE INSURANCE IN
PAKISTAN
Life insurance has a bright future in Pakistan because of industrial
advancement new industries are springing up. More and more facilities are being
provided. Investment from foreign private sector is being encouraged; the entire
communication system is being modernized to meet the growing need of the
country. The working population is increasing tremendously. All these factors
speak about bright future of insurance in Pakistan.
The postal life insurance was started about 100 years ago as
scheme for benefits of postal employees. The benefits were intended to
employees of other organizations from time to time; today the scheme is open to
government and non-government employees and all other persons having
assured, means employees income.
-4-
1.4 OBJECTIVES, MISSION STATEMENT &
QUALITY POLICY
Objectives
Mission
Quality Policy
-5-
1.5 PURPOSE OF STUDY
A research evaluation project, aims at providing opportunity to
young, acquaint him/her self to the actual work place and writing of its project
requires him to use all the skills, abilities acquires during course of study BBA
degree.
-6-
CHAPTER 2
KINDS / BRANCHES OF INSURANCE
Definition of Insurance
Life insurance can be defined in many ways such as:
A legal contract between policy holder and the insurer is called Insurance.
Life insurance provides financial security against unforeseen but named
Events. (www.google.com)
General Insurance
It is concerned with any thing other than life.
Life Insurance
It is concerned with human beings.
Individual life
Group life
(Insurance Book)
-7-
2.3 MODES OF INSURANCE
Term Insurance
It use in general as well as life insurance it is conditional contract
and for particular period it pays claim during and the contractual period after
expiry of that period there is nothing to be paid for claim.
It is risk covering and its cash value can not generated it is also
called good and transit insurance. (www.google.com)
Endowment Insurance
It matures at the expiry of the term selected by the policyholder
who gets sum assured and bonuses at the maturity or the beneficiary gets the
sum assured plus bonuses in the event of death of policy holder.
(www.google.com)
-8-
CHAPTER 3
ORGANIZATIONAL SETUP AND
FUNCTIONAL AREAS OF STATE LIFE
INSURANCE CORPORATION OF
PAKISTAN
-9-
Departments of SLIC
Personal Service
The personal department is concerned with all aspects of
employment, employees, service, and safety and welfare of employees. This
department is responsible for recruit new employees for this department,
maintain management relations and look after employee's benefits and
discipline.
General Service
The general department is concerned with allocation of resources
like maintaining stationary, distribution of stationary items and printed material
checking and posting to sub zones, areas and sectors handling petty cash
account, maintain budget register, processing bill payments, repairing of future
sales computer, contribution of uniform.(www.google.com)
- 10 -
3.4 Budget and Accounts Departments
Budget and Accounts department is responsible to formulate the
co-operations annually budget by collecting and assessment of budget proposals
of different sub zones, areas and sectors.
- 11 -
3.6 Internal Audit and Evaluation
Department
This department is concerned with critically examine:
The rectification of record.
Checking documents.
To verify mistakes etc.(Dur Muhammad Baladi)
The Sales representatives are the key man of the corporation. He is the
first intermediary between the prospective policyholder and the corporation.
- 12 -
CHAPTER 4
PRODUCTS OF STATE LIFE
INSURANCE CORPORATION OF
PAKISTAN
Shadabad Plan
Sunehri Policy
Child Education And Marriage Plan
Child Protection Policy
Jeevan Sathi Plan. (www.wikkipedia.com)
- 13 -
Shadabad Plan
This plan will meet the requirement of who appreciate the basic
saving purpose of endowment insurance and the bonuses and terminal bonuses
payable. This plan also protect their loved in case they die, all forbid before
maturity the benefits of plant is that is case of dearth from any cause an
additional Rs: 1,000 will be payable in lump sum and on the death of accident of
and additional Rs:2,000 will be payable.(www.google.com)
Sunehri Policy
- 14 -
Child Protection Plan
These policies are issued jointly on the lives of the child and the
father, if the father is not alive or his life is not insurable, the mother will be
allowed to pay therefore policyholder subject to any special condition applicable
to female lives.(www.google.com)
It has 10 years 15, 20, 25, 30 and 35 years, as its name refers this
policy is generally its slogan is single policy single premium two personal forms
and risk coverage's for both lives. That are a life partner in particular other in
general, is very much a like to joint life endowment.(www.wikkipedia.com)
- 15 -
4.2 PAYMENT PLAN
Three payment plan, which consist the minimum age group of 20
years and the maximum age group of 75 years. It has the fixed prescribed terms.
The terms are 18,21,24,27 & 30 years, under this the contract policy holders
have the right to draw 50% of sum assured in two installments. From 1st 25%
can be drawn after the completion of 2/3 period of the term and other 25% can
be drawn after the completion of another 1/3 of the term and 2/3 of over all term.
(Insurance booklet)
- 16 -
CHAPTER 5
FINANCIAL HIGHLIGHTS FOR THE
PERIOD ENDED 2009
- 17 -
(Annual Report of State Life Insurance Corporation of Pakistan)
- 18 -
5.2 PROFIT AND LOSS ACCOUNT
- 19 -
5.3 CASH FLOW STATEMENT
- 20 -
7.4 STATEMENT OF CHANGE IN EQUITY
- 21 -
CHAPTER 6
CONCLUSIONS AND SUGGESTIONS
6.1 CONCLUSIONS
It seems that life insurance has not introduced its business in rural areas
effectively so that people are not well aware of the insurance till yet
which may consider a loss to the corporation.
It seems that the agents of representatives are not fully trained, equipped
with such skills could attract every type of people fir insuring policy.
(Internee)
- 22 -
6.2 SUGGESTIONS
State life insurance should introduce its business more effectively internal
areas with proper guidance so that the people can more benefits of the
insurance.
Life insurance should make the policy in such a way that it could meet the
income level of rural insurance.
To earn more profit strategies must be improved.
It is suggested that there is a need of effectively advertising in rural areas
and local people. And advertising material should be published in
respective local language.
(Internee)
- 23 -
6.3 BIBLIOGRAPHY
1. www.slic.com.pk
5. HRM, by SS Khanka.
12. www.google.com
13. www.wikkipedia.com
15. www.slic.com.pk
- 24 -