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EXECUTIVE SUMMARY
Insurance Overview also tries to give the best insurances available in the market. The selection of the best insurance is based on certain parameters and becomes a bit difficult and cumbersome for a particular individual to choose from the whole array of available insurance offers. But now-a-days the insurances are available online just like the credit cards and mutual funds where one could select, compare and apply for the same. The Indian insurance industry is divided into life and non-life. Major players in the life insurance segment are Life Insurance Corporation (LIC), ICICI Prudential and Bajaj Allianz Life. Major players in the non-life segment are New India Assurance Co. Ltd (NIACL), National Insurance Co. Ltd. (NIC) and Oriental Insurance Co. Ltd. (OIC). My project consists of introduction of insurance in India. Insurance in India are of two types general insurance and life insurance. I would like to give brief introduction of life insurance. I have given special important types of life insurance. I have explained need and importance of life insurance in India. I have focused on Max New York life insurance in India. Max New York life insurance is a combination of Max India and New York life. The plans and policies provided by Max New York life insurance are also included in my project.

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INTROUCTION
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance.

The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

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HISTORY OF INSURANCE
In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union). Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing.

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The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed. Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.
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Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes. The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments.

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TYPES OF INSURANCE

1. MOTOR INSURANCE This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized transportation. It is perhaps the most common type of insurance, and is required by law in many countries. Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third partys in the event of an accident. In return for annual or semi-annual premiums, the insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage. Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or property damage that may occur as a result of the insureds actions, and medical coverage pays any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and funeral costs.

2. HEALTH INSURANCE Most developed nations have government-funded health care which means that most or all citizens have access to medical facilities and treatment, as well as health insurance. For example, the National Health Service (NHS) in the United Kingdom pays for citizens medical needs. However, in the US, there is no
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government-funded health policy whether for insurance or treatment. As a result, US citizens and residents must be insured or risk facing astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both health and dental) is included in employee benefit packages in the US and other countries. Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most controversial and heated, as many cannot afford either. 3. DISABILITY INSURANCE This form of insurance protects workers from injuries and illnesses which prevent them from doing their jobs. It can pay for existing commitments the policyholders may have such as outstanding bills, mortgages, utilities, and more. Workers compensation is common in the US, and pays a worker his wages and medical expenses in the event of an injury on the job. Permanent disability which prevents a worker from ever working again is covered by total permanent disability insurance. This provides the disabled employee with benefits for the rest of his or her life, or according to the terms specified in the policy. 4. PROPERTY INSURANCE This type of insurance typically covers things like homes, machinery, crops, valuable goods, shipped cargo, rented property (homes or apartments), and more.

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It can cover damages as a result of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism, fraud, and more.

5. LIABILITY INSURANCE This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification. There are various types of liability insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance. Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents.

6. CREDIT INSURANCE This is taken by lenders who need coverage against the people that have credit with them (borrow money). In the event of their inability to pay it back (usually due to unemployment, disability, or death), this insurance protects the lender There are many other kinds of insurance, and even each of the major categories mentioned above has dozens of variations and types. They differ depending on the markets, the understanding of risk and availability of historical data, government regulation and law, cultural perceptions and expectations.
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LIFE INSURANCE
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

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PRODUCTS OF LIFE INSURANCE

Term Insurance

Whole Life Insurance

Endowment Insurance

Annuities

1.Term Insurance: Provides life insurance protection for the the selected period of years. If person dies during term the benefits are payable under the policy. In case of his survival till the end of selected term the policy expires without any benefit. It may regarded as temporary insurance.

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2) Whole Life Insurance: Provides payment of the assured amount upon insured death regardless when it have occurred. The policy holder pays regular premium until the death. Fails to address the additional needs of the insured during his post retirement. 3) Endowment Insurance: The benefit of this policy will be paid at the end of this term whether the insured person has survived or death. The assured benefits are paid on the date of maturity or on the death of the insured whichever is earlier. They are mostly sold common policies and popular.The price is high but worth. 4) Annuities: It is a series of periodic payment. An annuity contract is an insurance policy, under which the annuity provider (insurer) agrees to pay the purchaser of annuity (annuitant)a series of regular periodical payments for a fixed period or during someone's life.

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LIBERALISATION OF LIFE INSURANCE

The point that India is a jumbo-sized opportunity for life insurance

need hardly be belabored. Here is a nation of a billion people, of whom merely 100 million people are insured. And, significantly, even those who do have insurance are grossly underinsured. The emerging middle class population, growing affluence and the absence of a social security system combine to make India one of the worlds most attractive life insurance markets. No matter how you look at it whether in terms of life insurance premiums as a percentage of GDP or premium per capita the market is under penetrated and people are under-insured. In a country where there is high unemployment and where social

security systems are absent, life insurance offers the basic cover against lifes uncertainties. India has traditionally been a savings-oriented country and insurance plays a critical role in the development of the Indian economy. The role of insurance in the economy is vital as it is able to mobilize premium payments into long-term investible funds. As such, it is a key sector for development. For 43 long years the government-owned Life Insurance Corporation of India (LIC) held a monopoly. It is only at the dawn of the twenty-first century that the sector was finally deregulated. Reforms were initiated with the passage of the Insurance Regulatory and Development Authority Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has regulated the opening up of the insurance sector, which has seen 13 life and an equal number of non-life private companies launch their operations in India.
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In India, the decision to liberalize was not easily implemented since there was resistance to privatization.

That was not all. There were other concerns too. Would new

market entrants hire away all the best employees of LIC? Would the worldrenowned foreign insurers that would enter the market lure current and future Indian policyholders? How would the citizens of India benefit from liberalization? What would be the impact on Indias capital markets?

These and many other questions were debated for several years

until 1999. The first private insurance companies began operations in 2001.Opening up the sector has transformed the landscape. The Indian regulator has done a commendable job in liberalizing the market and putting in place rules of the game to effectively monitor the entry and progress of the new entrants. Domestic liberalization and introducing the monopoly providers to competition has been a part of this story. The positive change brought by deregulation is inestimable. Even so, some benefits are immediately apparent: Real life insurance: Historically, life insurance has been sold in

India as an investment tool. Attracted by the prospect of reasonable returns and tax savings, people put away some money into life insurance. Protection

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against risk which represents the true value of life insurance did not quite enter the frame. Until the entry of private life insurance companies. For instance, Max New York Life introduced the Whole Life product in the Indian marketplace in the belief that a good life insurance product offers the right balance between protection and savings.

Comprehensive risk coverage: Deregulation has enabled people in

India to cover a larger variety of risks. Earlier people had no option but to buy prepackaged life insurance products, which lacked flexibility. Customization, however, has been one of the key advantages of privatization. Riders have added value to the customers life insurance needs. Max New York Life was the first company to offer base products and riders. Customization: In earlier days, customers could only buy limited

prepackaged products pushed by agents chasing quick sales. Today customers have access to more and better products that suit their specific needs and a new breed of insurance advisors has taken birth. These agent advisors build enduring relationships with their clients and help them better understand the value of life insurance and sell customized solutions in a needs-based manner. This higher quality of sales interaction has been among the key benefits of privatization. Market awareness: The money that private life insurance

companies have spent on establishing their brands has helped create

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awareness about life insurance. Today life insurance brands compete with other financial services and manufacturing brands for marketing space.

In most other markets that opened their economies, new entrants in life insurance have taken 10 to 12 years to secure a market share of 10 per cent. In India, however, the progress of private life insurers has been considerably more dynamic. In less than five years since deregulation, private life insurance companies have secured 25 per cent of the market share from LIC. Further the private sector insurers have achieved year-onyear growth of more than 60 per cent. In the number of new policies too the market shares achieved by the new players is quite impressive.

In the short period following liberalization, the new private sector

insurers have together introduced more that 200 state-of-the-art products giving the customers a very wide choice indeed. It is this new dynamism that has caused insurance penetration to grow to 2.2 per cent during the years following liberalization. Indeed, life insurance is a very large financial service, a valuable medium of long-term savings.

In addition to the benefits to customers of finding products to

meet their needs, the insurance sector has also created sizeable job opportunities. Professionalization of insurance selling and new marketing concepts introduced by foreign players has meant that many more people are

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taking to insurance. There are today in India a million insurance agents and another 200,000 employees.

The introduction of competition from foreign insurers has also

served to wake up the large State-owned company, the Life Insurance Company of India or LIC. LIC has shaken off slumber, upgraded its systems, embraced actuarial prudence, and introduced more modern products and withdrawn products that had inherent guarantees in them.

Foreign participation has created benefits not only for the new

entrants, but also for the players already in the market. While the initial concerns were focused on how domestic insurers would lose their 100 per cent of the pie, the market has actually become more like a seven-layer cake. Even with a reduced market share, the actual number of policyholders has greatly increased.

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TYPES OF LIFE INSURANCE COMPANIES IN INDIA

Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India. After the opening up of Insurance sector in India there has been a glut of insurance companies in India. These companies have come up with innovative and flexible insurance policies to cater to varying needs of the individual. Opening up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better service. All in all it has been a bonanza for the consumer. MAJOR LIFE INSURANCE COMPANIES IN INDIA ARE:

Aviva Life Insurance. Bajaj Allianz. Birla S un Life Insurance. HDFC Standard Life Insurance. ICICI Prudential. ING Vysya. Kotak Mahindra. LIC.

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Max New York Life Insurance. Metlife India Insurance. Reliance Life Insurance. SBI Life Insurance. Tata AIG Life Insurance.

MAX NEW YORK LIFE INSURANCE

OVERVIEW
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company offers both individual and group life insurance solutions. It sells its products through a wide network of insurance agent advisors. It has adopted prudent financial practices to ensure safety of policyholder's funds. It is an ISO 9001:2000 certified company. The company has recently partnered with Symbiosis Institute of Business Management to launch Post Graduate Diploma in Business Management with specialization in Life Insurance. It promises an atmosphere of fun, career growth and learning opportunities for its employees. It believes in enhancing the potential of its employees to influence change in the organization.

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MAX NEW YORK LIFE INSURANCE MAX INDIA Max India limited is a multi-business corporation that has business interests in telecom services, bulk pharmaceuticals, electronic components and speciality products. It is also the service-oriented business of healthcare, life insurance and information technology.

NEW YORK LIFE New York life has grown to be fortune 100 company and an expert in life insurance. It was the first insurance company to offer cash dividends to policy owners. In 1984, New York life pioneered the then unheard-of concept of insuring women at the same rate as men. Thereafter, it continued to introduce a series of firsts- a disability benefit clause in 1990, unemployment insurance in 1992, and complete customer care on the web in 1998. Today, New York life has over US $138 bn in assets under management and over 30,000 agents and employees worldwide. In October,2000 fortune survey named New York life amongst the top three most admired life and health insurance companies worldwide. With over 3 million policyholders, New York life is a leading provider of insurance in a host of countries worldwide.

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INSURANCE PLANS PROVIDED FOR CHILDEREN:CHILDERENS ENDOWMENT TO 18 (PAR) PLAN: Life has innumerable surprises stored for us. Parenthood is wonderful and it is one such stage, when you experience various emotions you never thought you had. But parenthood also brings its own set of apprehensions and worries. What will your child grow up to be in the future? Will his/her future be as secure as you want it to be? Or more importantly what can you do to make sure his/her future is hassle-free and secure? So, planning ahead for your childs future needs such as higher education is extremely important and ensuring that you have the ability to fulfill those needs is even more critical. Max New York Life presents Children's Endowment Participating Insurance to age 18 with an option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). This policy which is especially designed to enable you to provide for higher education of your child and take care of your childs future needs in case of spiraling costs. CHILDERENS ENDOWMENT TO 24 PAR PLAN: Parenthood is wonderful. However, this is a phase in life when you are expected to fulfill various responsibilities, which grows as your child gets older. Its important that you plan in advance to meet your childs future needs and be financially prepared. Its important that you plan in advance to meet your childs future needs and be financially prepared.

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HEALTH INSURANCE SCHEMES LAUNCHED BY MAX NEW YORK LIFE INSURANCE

The leading private life insurance company - Max New York Life Insurance Company Ltd. has launched 'lifeline' - a health insurance product on Wednesday, 5th March 2008, across India. Now, the company can boast of offering complete health and life insurance products across ll regions in India. This newly launched health insurance product of Max New York Life Insurance Company offers three groups of heath insurance solutions. The Director Marketing Product Management and Corporate Affairs of Max New York Life Insurance said that these three distinct heath insurance products are meant to cover eventualities like hospitalization, surgery and critical illness of the insured. He points out that these plans have been structured with features like coverage for a wide range of ailments, no claim discount on revised premium for a healthy life, a fixed premium for a fiveyear term, free second opinion from the best health care institutions of India on detection of illness. Further, it also has provision for a free telephonic medical helpline across India. The hospitalization - is covered by "Medicash plan", which is meant to provide a fixed amount of cash benefit on a day-today basis during the entire period of hospitalization of the insured. The Medicash plan would also cover expenses for admission in ICU, lump sum benefits against an unlimited number of surgeries and recuperation benefits. The second plan of the newly launched health insurance of Max New York Life Insurance, is the "Wellness Plan", which is a more attractive one and covers 'critical illness' like cancer, alzheimers, heart ailments, liver disease, deafness, permanent disability, etc. The Wellness plan covers thirty
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eight critical illnesses, which is the highest number of illness covered under one insurance plan in India by any insurance company. The third health insurance policy of Max New York Life Insurance is a term plus health protection plan known as "Safety Net". This provides coverage to the insured person for any losses incurred by him/her in eventualities like critical illness, accident, disability and death. With 21 lakh life insurance policies and with an assured sum of Rs 62,000 crores in its kitty Max Life Insurance wishes to achieve business at least five percent higher than it did in the last financial year. Max New York Life Insurance Company is one of the fastest growing life insurance companies in India and is the first life insurance company of India to be awarded .This Rs 907.4 crores insurance company is one of the most respected companies in India. SERVICES OF MAX NEW YORK LIFE INSURANCE COMPANY The four insurers named by the agents our correspondent spoke to insist they ensure maximum transparency and that their respective agents do not indulge in any mis-selling and follow all guidelines mandated by the Insurance Regulatory and Development Authority (IRDA). Here are their comments on multilevel marketing The concept of a corporate agent was introduced to take advantage of the presence of a large number of firms, corporations, banks, NGOs, cooperative societies and panchayats and utilise their presence and services for selling insurance. Corporate Agents are required to appoint corporate insurance executives (CIE), who should meet prescribed qualifications.

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The CIE and specified persons are whole-time employees of the corporate agent. All our corporate agents follow the norms specified by Insurance Regulatory and Development Authority (IRDA). If any corporate agent is using persons who do not meet the norms of specified persons to sell insurance policies, it is a clear violation of IRDA regulations. Corporate agents can use employees to refer prospects to specified persons. But, the corporate agent has no authority to underwrite business for the insurer or settle claims. The details of business transacted by corporate agents are captured in the insurers system and the corporate agent provides a complete set of records to the insurer. The insurer does not pay any amount other than permitted agency commission. At Max New York Life Insurance, we have invested significantly in creating a dedicated training unit, which provides insurance domain knowledge, product and process training to specified persons and other staff of corporate agent. The corporate agents themselves have invested in training. For our corporate agents, we believe in taking punitive action in case we find any violation of corporate agency regulations. We provide transparent audit reports to our partners. In case the violations are repetitive, we do not hesitate in breaking relationship even at the cost of loss of revenue and limit our relationship only to servicing policies sold through this relationship in past in the interest of servicing the customers.

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Minister of State for Finance and Parliamentary Affairs, Pawan Kumar Bansal on Thursday stressed need for re-defining role of auditors, independent directors and even regulators in the wake of Satyam episode to pre-empt corporate risks. Stating this at Associated Chambers Of Commerce And Industry In India (ASSOCHAM) organized National Summit on Indian Insurance: The Way Forward, Mr. Bansal said that the insurance companies in private and public sector must avoid all pit falls and devise ways for transparent corporate governance norms so that investors and policy holders confidence in insurance sector is not shaken. In the meanwhile, Finance Ministry's Joint Secretary Insurance & Banking, Mr. Tarun Bajaj who was also present on Summit in presence of Mr. Bansal disclosed, "Insurance Regulatory Development Authority of India (IRDA) is evolving regulations to ensure fairer corporate governance in public and private insurance companies to best safe investments of lakhs of policy holders and stakeholders as none of these are listed and could be open to risks". The Depts. of Corporate Affairs must be reshaping role of independent directors for corporate India in general but the IRDA is evolving rules and regulations to put in fairer corporate governance practices in insurance sector as it is extremely vulnerable, said Mr. Bajaj.

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He added that since none of insurance companies are listed with stock exchanges, possibilities of corporate risks could arise there and to ensure a halt in them, the regulator might unfold fairer corporate governance guidelines for insurance in future with many more new laws in place. Mr. Bajaj, however, clarified saying that although the government expects voluntary disclosure of corporate governance norms from insurance players in a very transparent manner. On a question on inflation, Mr. Bansal replied that with reduced prices of petroleum products, the inflation will further moderate by over a percent and ruled out any possibility of government dictating slash of interest rates on banks as it has to be independently done by them. The Minister held that in an era when people are loosing jobs, insurance sector can help creating opportunities with innovative products and cover newer areas in nuclear power and satellite technologies. Mr. Bansal especially made a mention of nuclear energy for insurance purposes as 13 lakh megawatt capacity of power projects would be concluded in next 3 decades which will provide huge scope for insurance coverage.

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A SMOOTH & HASSLE-FREE CLAIMS SETTLEMENT FOR ITS POLICYHOLDERS

New Delhi Feb 2009: Max New York Life Insurance, one of Indias leading life insurance companies, today announced the launch of Electronic Fund Transfer (EFT) of claims payment for its policyholders. The idea behind launching EFT is to cut down on the settlement period to ensure smooth and hassle-free settlement of claims. Approved claims can now be settled within 72 hours of submitting all documents. As per Insurance Regulatory Development Authority claims to be settled within mandate of 30 days. The amount due under the settlement of claims will be credited directly into the claimants bank account enabling us to reach the bereaved families at the earliest and when most needed.

SMART ASSURE Max New York Life Insurance introduces SMART Assure, a unitlinked insurance plan. A Unit Linked Life Insurance Plan positioned to provide higher returns on higher investments. Max New York Life Insurance today, introduced SMART Assure, a unit-linked insurance plan positioned to provide higher returns on higher investments. The plan fulfils the customer's primary need of protection, along with an opportunity for long-term wealth creation.

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The customer value proposition of SMART Assure- is further strengthened with its unique features of efficiency, affordability and flexibility in handling the consumer's complex financial needs. Up to 100% Allocation - SMART Assure, offers the customer a choice of allocating up to 100% of premium paid beyond specified premium bracket. As the premium amount goes up, the allocation charges keep decreasing with no allocation charges levied on premiums upward of Rs. 3 lakhs. This strengthens the value proposition of the plan incentivising the customer to move to higher investments and get better returns. Loyalty units on maturity- The plan allocates guaranteed Persistency Units to the customer's Fund Value at maturity. The persistency units will be equal to a percentage of fund value at maturity. which increases with the term of the plan and thus promoting long-term saving behaviour.

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Increasing premium Option - SMART Assure, offers an increasing premium option under which the customer has the choice to increase the annual premium by 5% of the initial premium on each policy anniversary and accordingly the sum assured also increases @ 5% per annum without any additional underwriting. This feature not only takes care of the inflation and future value of money but also enables the customer achieve a much larger fund value through a minimal increase in the premium amount each year.

WIDE COVERAGE SMART Assure, caters to wide customer segment with the entry age ranging from as low as 91 days to as high as 75 years and the maximum age at maturity of 85 years which makes it an ideal proposition for Senior Citizens seeking insurance coverage along with investments.. The customer has the flexibility to choose any policy term between 10 years to 30 years with regular payment terms. The minimum premium which can be paid under this plan is Rs. 20,000/Dynamic Fund Allocation- SMART Assure, strikes the right balance between risk and return with respect to years remaining for year to maturity of the policy. When the policy is in its early stages, the fund would be more risk prone and the nature of the allocation changes to more secure options as the policy approaches maturity. All this happens automatically for the customers who opt for this feature and frees them from doing any manual switching of funds. Even more the asset allocation gets automatically
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rebalanced at every policy anniversary to ensure the asset allocation is in the right proportion at all times. New Dynamic Opportunities Fund Introduction - The Company has introduced a new fund called the Dynamic Opportunities fund through which the funds will be allocated according to the market movements allowing the funds to be exposed 100% in equity when the markets are high and visa versa and thus offers stability in investments with an opportunity to harness market upsides. The investor now has a choice of shuffling his funds according to his risk appetite with six investment fund options to choose from. MAX NEW YORK LIFE CROSSES OVER RS. 3,000 CRORE IN COLLECTED PREMIUM Max New York Life Insurance, one of the leading life insurance companies of India, today announced that it has crossed Rs. 3,000 crore in collected premium since January 2008 recording a growth of 61 per cent over the corresponding period last year. Of this, first year premiums contributed Rs. 1,653 crore, while earnings from renewal premium stood at Rs 1,375 crore.

The company has also acquired more than 1 million policies since January 2008, and is ranked number four amongst private life insurers in terms of number of policies sold (YTD September). The Assets under Management have also increased to over Rs.4, 185 crore on October 31, 2008 as compared to Rs. 2,851crore on October 31, 2007.
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Commenting on the continued high growth of the company, Rajesh Sud, CEO and Managing Director, Max New York Life Insurance, said, We have built a robust and value driven business model supported by the best in class agent advisors and distribution partners. We stay focused not only in the quantum of business that we do, but also on the process of how we do it. We have added one million policyholders till date during the year through our multi-channel distribution network. India is largely underinsured and it is up to us to harness the untapped potential. During the period January - October 2008, Max New York Life Insurance has added more than 8500 employees and now has over 15,000 employees. The company agent advisors strength is now touching 61,500 agents. During the calendar year 2008, Max New York Life Insurance has further strengthened its distribution network. The company has launched more than 250 new offices and now has presence in 295 cities across the country through 475 offices. The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab.

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MAX NEW YORK LIFE CROSSES OVER 2100 CRORE IN PREMIUMS TILL JULY 2008 Max New York Life Insurance announced that it has clocked Rs. 2,100 crore in collected premium for the period Jan - July 2008 recording a growth of 81% over the similar period last year. Of this, first year premiums contributed Rs. 1195crore, while earnings from renewal premium stood at Rs.905 crore. The company has acquired around 27 lakh policies since inception and is ranked number 3 amongst private life insurers in terms of number of policies sold (YTD June). The Assets Under Management have also increased to over Rs.4138 crore on July 31, 2008 as compared to Rs.2271 crore on July 31, 2007. During the period January - July 2008, Max New York Life Insurance has added more than 5000 employees and now has over 11,000 employees. The company agent advisor strength is now touching almost 50,000 agents. During the calendar year 2008, Max New York Life Insurance has further strengthened its distribution network. The company has launched more than 100 new offices and now has presence in 212 cities across the country through 311 offices. The rural business of Max New York Life Insurance started its hub and spoke operations in Haryana after witnessing stupendous success in Punjab. The company also strengthened its partnership distribution channel by signing 4 corporate agency relationships, 5 broking house tie-ups and bancassurance through 8 referral tie-ups with banks.

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Max New York Life Insurance has a portfolio of 38 products and 8 riders for individuals and entered the health insurance segment with the launch of Life Line Health Insurance Plans in February 2008. The company plans to significantly expand its distribution footprint by opening more than 250 new offices every year for next 3-4 years. The number of agent advisors is expected to touch 3,00,000 from current 46,800. The growth in agency distribution will be complemented by strong growth in partnership distribution. The capital base of the company is expected to expand to Rs.3600 crore from current equity base of Rs.1232 crore. MAX NEW YORK LIFE INSURANCE ACHIEVES 99.84 PER CENT CLAIMS SETTLEMENT IN 2007 -08 Max New York Life Insurance today announced a milestone achievement of 99.84 per cent settlement of claims. At the close of fiscal 2007-08 (on March 31, 2008), Max New York Life had only 0.16 per cent outstanding claims, among the best records in claims management for Indian and worldwide life insurers. In absolute numbers, this means that as on March 31, 2008, Max New York Life was left with just five outstanding claims. Max New York Life also achieved average claims settlement turnaround time of four days, a significant claims management milestone in Indias life insurance sector.

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KEY HIGHLIGTHS: 0.16 outstanding claims Only five outstanding claims in the year 2007-08 Average claim settlement turnaround time of four days Simplified and reduces documentation for claims Commenting on the achievement, Max New York Life Insurance, Managing Director and CEO, Gary Bennett said: Life insurance is, in the ultimate analysis, a business of meeting claims. As the life insurance sector matures, the number of claims necessarily increases. As such, Max New York Life Insurance has prioritized setting up effective claims settlement processes, making these simple, quick and hassle-free. This is especially important because claimants dealing with the loss of someone loved, who need our reassurance and support, not the pressures of complicated paperwork. Among the initiatives that Max New York Life undertook to make the claims settlement process the best, was to simplify and reduce the documentation for claims. Not only were claims documentation introduced in various regional languages, it was also reduced by as much as 70 per cent. With a Claims Mission to be the Fastest, Fairest and Friendliest in settling claims, says Sr. Vice President - Customer Operations and Service Delivery, Sanjeev Mago, we undertook intensive training of Claims Assessors to approach claims with Intent to Pay the Claim and making decisions as the documents are being received rather than waiting for all documents to be received.

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MAX NEW YORK LIFE TO HIRE 44,000 WITHIN THIS FINANCIAL YEAR Country's fourth largest private sector insurer Max New York Life Insurance mulls hiring around 14,000 employees and 30,000 agents in the current fiscal, at a time when many global companies are slashing jobs to cut costs amid global recession. Another private sector insurer MetLife India had yesterday announced hiring about 2,000 managers as well as 30,000 advisors and double its network by March. The decision to hire more people comes at a time when many financial sector giants like Citigroup and American Express have announced extensive plans to reduce their workforce. Ruling out any retrenchment plans in the wake of economic slowdown, senior director of Max New York Life Insurance, Anil Mehta said, "though the economic condition is not perfect globally, we have no plans to lay off any employee as we always took cost efficient measures." He futher said that the company faces no redemption pressure and maintains double the solvency margin specified by the insurance regulator IRDA. The company expects an overall premium growth of 65 per cent in the year 2008-09. In the last fiscal, it collected premium of Rs 2,714 crore and this year it is expected to rise to more than Rs 3,500 crore.

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"In the first seven months of the current fiscal year, we grew at 65 per cent in terms of overall premium growth. We expect to see this momentum throughout the year," he said. Max New York Life Insurance has 30 lakh policyholders. At present, it has around 500 branches and plans to take it to 1,600 by 2011. IRDA ASKS LIFE COMPANIES TO FOCUS ON RENEWAL OF LISTING POLICIES In a stock-taking meeting of life insurance companies recently, the insurance regulator has asked companies to concentrate on renewal of existing policies against focusing only on New Premium Income (NPI). Some of the insurance firms have been growing at a much higher pace relative to the industry. The sector has entered into a phase when it is important to pursue not just top line growth, but also ensure that the quality of growth is sustainable. Earlier, the growth was on a lower base. Going forward, it may not be possible to keep up with that rate. Some of the companies have been growing too fast compared with the industry as a whole. It is time companies looked at lapsation ratios, said Insurance Regulatory and Development Authority (IRDA) chairman CS Rao. Max New York Life Insurance MD and CEO Gary Bennett said : The regulator wants a greater focus on renewals and protection and retirement products to add a broader range of options to consumers. We have had a terrific run on ULIPs, but also need to do better at broader asset choice beyond equity. We should not slow down, but keep the customers we have
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made long-term and give them a much more comprehensive choice of life Insurance products. IRDA has put in place a committee for examining the commission structure in the industry. The 10-member committee, which was set up in September 2007, will also examine various distribution channels and is expected to submit its report on December 31 this year. At present, the commission structure is specified in the IRDA Act, 1938. Making changes to the structure will entail amendment to the Act, which can be a lengthy process. The existing commission structure does not incentives agents to ensure proper customer service and a lower policy lapse ratio. Life insurance agents get disproportionate commission in the first year itself, and subsequent collection of premiums is not accompanied by an attractive rate of commission as the first year this increases lapsation ratios. The committee will also look at linking commissions paid to the quality of service provided to policyholders. The structure should be such that the agent becomes responsible for the policies he has sold and follows it up in subsequent years. The payment of the commission should be such that its spread over a longer time and not the bulk of it in the first year itself, Mr Rao suggested. The commission that an agent earns in the first year of the policy can be as high as 40%. For some companies, the lapsation ratios are more than 60%.

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PURE RISK COVERS Max New York Life Insurance - Level Term Policy (Pure Risk Covers) Eligibility Minimum Age Maximum Age Maximum Age at Maturity Minimum Sum Assured FEATURES Best suited for persons desiring huge sums at economical premium rates. This is pure risk policy. Policy may be availed for terms of 5,10, 15, 20 or 25 years. Premiums are payable yearly, half-yearly, quarterly, monthly or in a single one-time installment. 18 Years 55 Years 60 Years NA

Minimum Term of the Policy NA

Additional benefits like Personal Accident Benefit (PAB) Rider, Dread Disease (DD) Rider and Waiver of Premium (WOP) Rider may be availed by paying extra premium.

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BENEFITS

ON DEATH THE SUM ASSURED IS PAYABLE TO THE NOMINEE. ON SURVIVAL NO AMOUNT IS PAYABLE MAX INDIA STRENGTHENS Max India gained 2.92% to Rs 118 at 9:56 IST on BSE, after the company said its board approved issue of equity shares on rights basis. The company made this announcement after market hours on Tuesday, 3 February 2009. Meanwhile, the BSE Sensex was up 142.85 points, or 1.56%, to 9,292.15. On BSE, 100 shares were traded in the counter. The stock had an average daily volume of 47,611 shares in the past one quarter. The stock hit a high of Rs 118 and a low of Rs 118 so far during the day. The stock hit a 52-week high of Rs 232 on 6 August 2008 and a 52-week low of Rs 81 on 24 October 2008. The mid-cap stock had outperformed the market over the past one month till 2 February 2009, declining 5.58% as compared to the Sensex's decline of 8.95%. It had also outperformed the market in the past one quarter, rising 16.84% as compared to the Sensex's decline of 7.37%.The company's current equity is Rs 44.40 crore. Face value per share is Rs 2. The current price of Rs 118 discounts the company's Q3 December 2008 annualized EPS of Rs 0.59, by a PE multiple of 200.

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The board of directors of Max India has approved issue of equity shares on rights basis of the face value of Rs 2 each for an amount not exceeding Rs 650 crore. The issue price, ratio and other terms will be decided later, the company said. Meanwhile, the board also approved issuing detachable warrants with each warrant convertible into equity shares. A large part of the money would be used to expand Max New York Life (MNYL) the insurance business. MNYL is a joint venture between Max India and US-based New York Life in which the company holds a majority 74% stake. As per the law, insurance companies in India are required to keep aside funds as security money also called solvency margin.Max India's net profit declined 84.4% to Rs 3.26 crore on a 0.9% rise in net sales to Rs 78.22 crore in Q3 December 2008 over Q3 December 2007. The company declared results on 28 January 2009. Max India is a multi-business corporate, focused on people and serviceoriented businesses of healthcare (Max Healthcare), life insurance (Max New York Life Insurance), and clinical research (Neeman Medical International)

MAX NEW YORK TO DOUBLE PAID UP CAPITAL

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Max New York Life Insurance announced it will nearly double its paid up capital to over Rs 1,500 crore by the end of next year to expand presence, as it seeks to become the top player among private life insurers. "We plan to make fresh capital infusion of Rs 750 crore by the end of 2008 for setting up another 150 offices," said Gary Bennett, Managing Director and CEO of Max New York Life Insurance Company, the third largest private life insurance player as of now. This would result in increasing access to another 78 cities in the country, he said. The company, a 74:26 joint venture between Max India Ltd and USbased New York Life, which is in operation since 2001 has a paid-up capital Rs 807 crore and the last infusion of Rs 75 crore was made in September this year. The insurer currently has a presence in 122 cities through 175 offices. On the break even target Bennett said: "Capital infusion for increasing foot print has led to the rationalization of the break even deadline by one year. We are hopeful of achieving it by the end of 2009." Elaborating on the branch expansion plan, he said about 50 offices are likely to come up this year while remaining 100 will be set up next year, he said.

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MAX NEW YORK FOCUS ON OVERALL AREAS The company has so far deployed Rs 1,782 crore since it started business in 2000. Of this, Rs 350 crore would be deployed this week, Sud said. Sud added that Max NYL hopes to scale up capital deployed to Rs 3,600 crore by 2011. Max New York life insurance has been declared one of Indias strongest consumer brands by Super brands India, an independent brand authority, formed with the objective of identifying and paying tribute to exceptional brands. The Superbrand status has been conferred after an extensive and robust selection process. Approximately 60,000 consumers participated in an on-line survey followed by the Superbrands Council (consisting of marketing and business professionals) scoring the short listed brands and arriving at the final list. Max New York Life, one of the few life insurance brands in India to have been accorded this status after only eight years of its existence will be featured in the 3rd edition of Consumer Superbrands 2008, a book that identifies and recognizes the strongest consumer brands in the country. Anisha Motwani, Executive Vice President, Marketing, Max New York Life Insurance said, Endorsement in the league of being recognized as an Indian Superbrand gives further credence to the trust and customer relevance of the brand we represent and re-affirms the fact that we are progressing well on our journey of becoming one of Indias most life insurance companies.This recognition also reiterates the exceptional brand

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performance of Max New York Life over the years to its present avatar of Karo Zyaada ka Iraada. We firmly believe that brands are not formed just by communications; it is a cumulative consumer experience through various touch points. Our emphasis on quality of advice through our trained agent advisors, superior claims management, multiple payment options, engaged employees and use of technology to provide better products and service to our various stakeholders helped us in creating a Superbrand in just 8 years of our existence.

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MAX NEW YORK LIFE LAUNCHES POLICY FOR RURAL, SEMIURBAN PEOPLE

Max New York Life Insurance Company on Tuesday launched Max Vijay, a policy designed keeping in mind the lifestyle, patterns and needs of the rural and semi-urban population. Max Vijay offers an affordable, low-ticket policy that can be purchased over the counter. The 10-year tenure policy is available in three variants with a minimum enrollment premium of Rs 1,000. Subsequent premiums are optional, flexible and affordable. once credited at the end of each year are guaranteed.

The policy will not lapse so long as the policy account is sufficient to cover charges. The sum assured is guaranteed. In the case of natural death, the claimant receives the guaranteed sum assured and the account value. In the case of accidental death, the claimant receives the account value and double the amount of sum assured. We have reinvented the entire processes of product, design, distribution, marketing and service delivery to be in sync with the target group of 100 million households, of which 55 million are in rural India, said Chairman Analjit Singh on the Max Vijay launch. Max New York Life aims to capture 10 percent of this market by selling one crore policies of Max Vijay.
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DISTRIBUTION CHANNELS Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained inhouse to ensure optimal control on quality of training. Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers. 345 agent advisors have qualified for the Million Dollar Round Table (MDRT) memberships in 2006. MDRT is an exclusive congregation of the worlds top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business. Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business,
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direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances. Max New York Life offers a suite of flexible products. It now has 31 life insurance products and 8 riders that can be customised to over 800 combinations enabling customers to choose the policy that best fits their need. MAX NEW YORK LIFE INSURANCE JOINS HANDS WITH CITY CO-OPERATIVE BANK Max New York Life Insurance, one of India's leading life insurance company has entered into a tie-up with City Co-Operative Bank Limited., Mumbai to sell its insurance products across India through lender's network. Under the arrangement, Max New York Life Insurance will utilize the branch network of the bank to sell its life insurance products. The alliance enables Max New York Life Insurance to reach its customized life insurance solutions to more than 1,90,000 customers through a network of 9 branches of The City Co-Operative Bank Ltd., Mumbai. Market watchers believe that alliance of Max New York with City CoOperative Bank Ltd. will further strengthen private insurer's presence in Mumbai. Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company currently has more than 7500 employees.
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MAX NEW YORK LIFE INSURANCE ENTERS INTO A TIE-UP WITH INDIAN OIL CORPORATION Max New York Life Insurance Co Ltd, one of India's foremost private life insurance companies, today announced a tie-up with Indian Oil Corporation. With this, IndianOil will make available its around 2,000 Kisan Seva Kendra across the country for the sale of Max New York Life insurance products. This will allow a significantly larger number of people in rural markets to have access to Max New York Life Insurance products. Announcing the tie-up, Max New York Life Insurance Deputy Managing Director Mr. Rajesh Sud commented: "The tie-up will bring insurance to the masses and help boost financial security." He further added: "Emerging markets have immense need for financial protection and longterm saving instruments but are currently underserved. To reach such diverse and widely spread population Max New York Life Insurance has adopted a multi-channel strategy and utilizing existing Distribution Networks. This tie up is a step towards furthering our reach in Emerging Markets and serves these markets more efficiently." "In line with our commitment of taking the benefit of Life insurance to the last mile, we have put in place a comprehensive strategy for Emerging Markets. We pioneered a unique Hub & Spoke distribution model, which is supported by corporate agency relationships, referral tie-ups with State and District Cooperative Banks and Regional Rural Banks to deepen our penetration in rural and semi urban markets. We offer need and aspiration

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based products and localized communication for these markets," said Mr. RP Singh, Executive Vice President & Head - Emerging Markets. Speaking on the occasion, Indian Oil Corporation's General Manager, Retail Sales, Mr. K.R. Suresh Kumar said: "Through our Kisan Seva Kendras we have been successfully reaching vital products including petroleum products to rural India. From fuel to lubricants besides insecticides, fertilizers, financial services and FMCG products, our Kisan Seva Kendras have proved to be a lifeline for the millions of rural consumers they serve. In this context, IOCL has entered into various tie ups with leading companies like National Seeds Corporation, Indo Gulf Fertilizer, Bank of Baroda, Oriental Bank, Dena Bank, Dabur etc. to make available their products and services to rural population."

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MAX NEW YORK LIFE INSURANCE LAUNCHES LIFELINE SERVICES It brings long-term insurance coverage for hospitalization, surgery and critical illness. Some of the features include a fixed premium for a five-year period, no claim discount on revised premium for a healthy life, coverage for a wide range of ailments, free second opinion from the best hospitals in the country on diagnosis of illness and a free telephonic medical helpline. Medicash plans are hospital cash plans that provide the customer a fixed per day benefit for hospitalization, ICU admission, recuperation benefit and a lumpsum benefit against an unlimited number of surgeries. Wellness plans are critical illness covers against as many as 38 critical medical conditions from Alzheimers to liver disease, deafness to permanent disability, cancer to heart ailments, a range offered by no other insurer in India under one plan. Safety net is a comprehensive term plus health protection plan, offering the policyholder protection from any losses arising from critical illness, accident, disability and death. It is the only plan of its nature in the Indian marketplace. Announcing the launch of the Lifeline series, Gary Bennett, MD & CEO, Max New York Life added, We offer the most transparent documentation for our life insurance products and are one of the quickest in settling claims. Launching health insurance products is a natural progression in our journey to offer consumers a complete choice of protection plans to suit diverse needs.
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INVESTMENT
Max New York Life Insurance is further strengthening its investment function as part of Mission Everest, the growth strategy of the company. The company plans to strengthen its investment desk by adding analysts and fund managers and launching more fund options to provide better value to its customers of both products. The company also announced completion of one year of its Growth Super Fund, which has provided a return on investment of 20.2% as on 30th May 2008. At a time when equity markets have been volatile, the Growth Super Fund has performed exceptionally well. During the same period CNX 500 recorded a growth of 11.11% and the BSE Sensex a growth of 12.86%. Growth Super is a fund that has the mandate to invest a minimum of 70% in equity and can scale it up to 100%, with the rest invested in debt and cash instruments. Max New York Life offers a wide choice of funds in various products, in keeping with its stated philosophy of catering to the needs of each individual. These include the debt oriented fund, which invests in a mix of various debt instruments; the balanced fund which invests in a judicious mix of debt and equity; while the more aggressive options like Growth fund and Growth Super Fund have a higher exposure to equity. This fund option allows the fund manager to allocate funds based on valuation levels of capital markers - at higher levels exposure to equities is reduced, while it is increased at lower levels. This option helps investors to capitalize on an impending boom in the stock market while reducing risk at the time of volatility. Unit Linked Insurance Plan(ULIP) and traditional

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RECOMMENDATIONS
When I had done a survey in my society most of the members of the society preferred for the policies and plans provided by Max New York life insurance company. Max New York Life Insurance, India's leading private life-insurance company emerged as one of the best employer. Max New York Life Insurance was ranked 7th in the survey and the best life insurance company to work for in India. The top ranking in the survey, reiterates our relentless focus on making Max New York Life a great place to develop work, maximize potential and build careers. Max New York Life was a great performer in the "Employee Satisfaction Level. Max New York Life as an excellent nurturing ground for grooming talent systematically; which undoubtedly makes it a leader in HR practices. As one of the most premium survey for best employers in India; a fourpronged methodology:

HR METRICS. HR PROCESSES & POLICIES. EMPLOYEE PERCEPTION. STAKEHOLDER PERCEPTION.

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FINDINGS
The need of the hour is the integration of the insurance markets. What are the objectives, features and importance of MAX NEW YORK LIFE INSURANCE There are various players in the company and they play various roles in the insurance sector depending on their features.

The role played by the insurers in the company as a key player.

There are various risks faced by the company. To understand the benefits and achievements of the company.

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LIMITATIONS OF THE PROJECT

1. The project report is prepared taking into consideration certain guidelines given by the university. The project has to be ready within a limited period which is not sufficient to carry out a detailed research.
2.

The restriction on the pages of report makes its difficult to fit all the information which is necessary to make the project more interesting, detailed and to give a practical view.

3. Having got only an experience and knowledge as a student, it is very difficult to view and analyze the practical applications of the project which acts as a constraint to make report a realistic one.

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CONCLUSION
Life insurance is the basic services which should be given to every one in the world. There are different types of life insurance companies all over the world. Max New York life insurance is the main company which provides security to the people who are working in the organization as well as the people who are working in the industries. This insurance is requirement of every individual in this world. There are many competititors of this insurance company who have using different marketing strategies to attract more customers as compared to the other life insurance companies. There is more flexibility in the products and services provided by Max New York life Insurance Company as compared to other life insurance companies which are in the global market. There is money as well as personal security which are provided by this insurance company. The innovative policies provided by this insurance company are more attractive to the customers who want more claims in comparison of paying more premiums. The customers who want to enjoy the benefit of more claims with fewer amounts of premiums paid would go for this insurance that is Max New York life insurance. The performance of this insurance company is very good as compared to another private life insurance companies all over the world.

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BIBLIOGRAPHY
WEBSITES: _____________________________________________________

www.lic.com www.kotak.com www.irda.com www.birlasunlife.com

JOURNAL: _____________________________________________________ The Analyst October:2009 The Insurance Chronicle 5th December 2009

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