PROJECT ON

MISCELLANEOUS INSURANCE

AND

Under the Supervision of Prof. Sidhartha Haldar

Submitted By:-

Name – Juhi Jasmine

Exam Roll No. - 09VFMO013574
Registration No. – 09SXC013574
Class Roll No. - 1172
Semester – III
Session- 2009-2012
 PREFACE

I am privileged to present to the learned teachers and

students a thoroughly revised work piece on the project
“MISCELLANEOUS INSURANCE”.

The most important feature of the project is its chapter wise

presentation.

The research methodology and research objectives are very

clearly stated.

Products’ findings along with company profile are well shown

with data presentation. Then, there is a critical evaluation of
the project. In the end there is a comparison shown between
the two products to bring out more and more beneficial and
true picture of the project. I have concluded the project with
well attached brochures and relevant documents.

Thus, an attempt has been made to make this project more

useful.

I hope this project will be welcome by all the teachers and

students of “BFMO-SEM 3 BATCH”

My special thanks are due to SIDHARTHA HALDAR for his

immense support and to GAUTAM RUDRA our head of the
department for his valuable guidelines.
 ACKNOWLEDGEMENT

I am greatly honored to present this project in front of you.

Firstly, I would like to thank my INSURANCE FACULTY,

SIDHARTH HALDAR, who helped me a lot by providing various
information about the project and contributed to the
maximum towards the successful completion of the project.

I would also like to thank GAUTAM RUDRA, our department

head for giving me such an opportunity.

I am highly obliged to all my classmates and my friends who

cooperated in the successful completion of the project.
 CERTIFICATE
To whom it may concern

This is to certify that JUHI JASMINE, Roll No. 1172,

under the supervision and proper guidance of our
INSURANCE FACULTY SIDDHARTH HALDAR has
completed the project based on “MISCELLANEOUS
INSURANCE”

PROJECT GUIDE:
PROF. SIDDHARTHA HALDAR

SIGNATURE:
INDEX
 INTRODUCTION

Insurance is a mechanism or process by which protection of

economic value of assets is done by the way of
compensation. In the business of insurance only pure risks
are insured. Insurance is a social security tool. It mobilizes the
retail savings of the country and there by generates a huge
pool. Insurance is a social device for minimizing risk of
uncertainty regarding loss by spreading the risk over large
enough number of similar exposures to predict the individual
chance of loss. The business of insurance is greatly divided
into two categories namely Life Insurance and Non Life
Insurance.

Non Life Insurance comprises of three sections namely the

fire insurance, the marine insurance and the miscellaneous
insurance.

Miscellaneous insurance is the type of insurance used to help

the policy holders to gain a good understanding of various
kinds of insurance coverage.

In the other words the miscellaneous insurance refers to the

contracts of insurance other than those of life, fire and
marine.
 RESEARCH METHODOLOGY
RESEARCH DESIGN
Research design Exploratory

Overall design Flexible design ( design must

provide opportunity for considering
different aspects of
MISCELLANEOUS INSURANCE plans
of , HDFC ERGO &
CHOLAMANDALAM INSURANCE,
Ranchi )

Sample design Non probability sampling

Sample size 2
Sample element  Mr. ( Sales manager,HDFC
ERGO, Ranchi)
 Surbhi (class mate)
Method Convenience

Data collection Primary data -

 Personal in depth interview
with the sales manager &
other associates.
 Using of questionnaire
 Secondary data –
 Internet sites –
www.cholainsurance.com
 Brochures & pamphlets
 Proposal form
 Insurance books

Time frame Data collection & sampling – 1

month
Analysis & report – days
 RESEARCH OBJECTIVES:

The objectives behind carrying out this research work are to

–

1. To study the working of different miscellaneous

products.

2. To study the features and advantages of these products.

3. To find out the unique selling proposition of these

products.
 COMPANY PROFILE:

 CHOLAMANDALAM MS GENERAL INSURANCE

The Chola MS is a joint venture between the US $3
billion Murugappa Group & Mitsui Sumitomo insurance
group Japan. Murugappa Group is a pioneer and market
leader in various fields and has strong presence in
fertilizers, sugar, abrasives, cycles, bathroom accessories
and consumer finance.

Mitsui Sumitomo is the second largest insurance group

of Japan with a net written premium of US $12.64 billion
in general insurance.

Chola MS is headquartered in Chennai and has 113

offices spread across India. Chola MS offers a wide range
of products that include accident, engineering, health,
liability, marine, motor, property, travel & rural
insurance for individuals and corporate customers.
  HDFC ERGO INSURANCE COMPANY
HDFC ERGO General Insurance Company Limited is a 74:26
joint venture between HDFC LIMITED, India’s premier
Housing Finance Institution & ERGO International AG, the
primary insurance entity of Munich Re Group.

HDFC ERGO focuses on providing the “Right Insurance

Solution” for all. We offer our customers complete range of
general insurance products ranging from Motor, Health,
Travel, Home and Personal Accident in the retail space and
customized products like Property, Marine and Liability
Insurance in the corporate space.

HDFC ERGO has been expanding its presence across the

country and is today present across 71 cities with 78 branch
office with an employee base of over 950 professionals. The
company has a right balance of distribution channel
comprising of Dealership, Brokers, Retail and Corporate
Agents, Banc assurance and Direct Sales Team.
 LIMITATIONS OF THE STUDY:

While carrying out the concerned project we encountered

few problems. There were some limitations to the project
which are being discussed as below:

a) There was lack of proper interaction with the

employees of the pertaining organization.
b) There was lack of time for gathering more and more
information
c) Limitations to the financial resources made it further
difficult in widening the outreach to the information.
d) There were also some of the technical problems
which hindered in collecting relevant news and data.
plan one:
 HDFC ERGO HEALTH SURAKSHA

With medical costs spiraling out of control and the

increase in shift to lifestyle diseases, healthcare today is
at its all times high in terms of treatment costs. in the
event of unforeseen illness, you may have no option
other than to utilize your hard earned money, built over
your entire lifetime.

With HDFC ERGO’S HEALTH SURAKSHA plan, a health

insurance plan is designed to provide optimum coverage
for treatments including pre and post medical
hospitalization costs and much more. It ensures
complete peace of mind minimum out of pocket
expense.
 KEY HIGHLIGHTS OF THE PLAN:

Also;
 Option to for an annual or two year policy.
 Cashless claim service across India at 4000 plus network
hospitals.
 Hassel free claims process with minimum
documentation and turn around times.
COVERAGE FEATURES:

Basic sum insured per RS.200000;RS.300000;RS.400000

policy year
IN-patient treatment Covers hospitalization charges
due to sickness or accident upto
the policy sum insured.
Pre-hospitalization Pays for medical expenses
incurred 60 days immediately
before the hospitalization.
Post hospitalization Pays for medical expenses
incurred 90 days immediately
after the discharge post
hospitalization.
Day care procedures Pays for 141 listed day care
procedures which do not require
24 hours hospitalization due to
technological advancement.
Domiciliary treatment Pays for expenses incurred for
medical treatment taken at
home, on the advice of a
physician.
Organ donor Pays for medical expenses for
harvesting an organ donated.
Emergency ambulance Pays upto maximum Rs.2000 for
utilizing an ambulance in an
emergency.
Ayurvedic/homeopathic Pays for medical expenses for
inpatient treatment under
Ayurveda, Unani, Siadha or
Homeopathy. Pays up to 205 of
Sum Insured; Maximum
Rs20,000 (for Policy Sum Insured
2L & 3L ) and Rs 25,000 (for
policy Sum Insured Rs. 4L ).
Cumulative bonus 5% increase in sum insured for
every claim free year, up to
maximum 50%
Health check up Pays upto 1% of the Sum Insured
maximum Rs. 5000
MAIN EXCLUSIONS UNDER THE PLAN:
 30 days waiting period.
 2 years Waiting Period for Specific Illnesses and
Treatment like internal tumors, cysts, surgery on
tonsils and sinuses etc.
 Pre-existing Condition (until 48 months of continuous
coverage)
 War or any act of war.
 Any breach of any law with criminal intent
 Self-destruction or self inflicted injury, attempted
suicide or suicide
 Terrorism, war or radioactivity
 Any claim arising out of the use of Intoxicating Drugs
and Alcohol
 AIDS/HIV
 Plastic surgery or cosmetic surgery unless necessary
as a part of medically necessary treatment
 All preventive care, vaccination including inoculation
and im
PLAN TWO:
 PERSONAL ACCIDENT PROTECTION PLAN-
HOSPITAL CASH -HDFC ERGO:
Accidents do happen! In India there is an accidental death
every 2 minutes. Disability figures due to an accident far
exceed these numbers. Your Life Insurance cover is not
sufficient as it is expensive (almost 10 times) and does not
cover all your liabilities. Accident insurance is the ideal add-
on to your life insurance policy (A top-up to your life cover).
It’s an inexpensive option to secure your entire family and
investments need not be broken to meet day-to-day needs.

HDFC ERGO offers a comprehensive accident insurance –

round the clock, round the year and round the world. More
than just accident insurance, it’s an investment in our
family’s future.
KEY HIGHLIGHTS:
 Entry Age: Any individual in the age band of 18 years
to 69 years can opt for the plan
 Sum Insured: Rs. 15 lakh to Rs. 75 lakh.
 Family Cover: Along with “Self and Family” cover
wherein Spouse and Children (max. upto two
children) are covered under a single policy. Provides
50% cover for Accident Death and Permanent Total
Disability to Spouse and 10% to Children.
 Policy Effective Date: 15 days after receipt of
payment and proposal form duly filled and signed.
 Easy Payment: by Credit Card or Cheque
 COVERAGE FEATURES :

 Accidental Death- Covers the insured in case of

loss of life from an accident upto 100% of the
Sum Insured.
 Permanent Total Disablement- Pays up to 100%
of the Sum Insured if bodily injury results in
permanent disablement due to an accident.
 Temporary Total Disablement- Pays a weekly
benefit upto the maximum of 52 weeks, if
accidents cause disablement that prevents you
from carrying out usual occupation.
 Broken Bones- Pays upto Rs. 50,000 if an
accident results in broken bones
 Last Rites- Pays a benefit towards funeral costs if
an accident causes loss of life.
 Hospital Cash- Provides a benefit of Rs.1,000 per
day for upto a maximum of 30 days in case of
hospitalization.
MAIN EXCLUSIONS:
 Armed Forces (Army/Navy/Air Force)
 Para-military Forces (BSF, RAF, CRPF, etc)
 Professional Sports Person
 Hazardous Sports (Bungee jumping, jet-Skiing, Para-
gliding, etc)
 Merchant Navy
 Airline Pilots
 Off-shore Workers (Oil rigs / Drilling platforms)
PLAN THREE:
 MOTOR INSURANCE:
Having your vehicle insured protects you from a financial loss
arising out of loss or damage to your vehicle, your liability
towards third parties for personal injury, death and property
damage on account of any accident involving your vehicle.

Under the provisions of Motor Vehicles that ply in public

places must have an insurance policy that at least covers
Third Party liability specified under the Act.

Whether it’s Insurance for a new vehicle or your’re looking to

transfer your Motor Insurance, choose cholamandalam. With
cholamandalam, processing time is down to a minimum, with
lesser paperwork involved. You will also find the entire claim
process far smoother and hassle-free with cholamandalam.
What does Motor Insurance Policy Cover?
Cholamandalam Motor Insurance policy protects your
vehicle from losses or damages that can occur due to:

 Fire, explosion, self-ignition, lightning

 Burglary, housebreaking, theft
 Riot& strike
 Earthquake (fire & shock damage)
 Flood, Typhoon, Hurricane Storms, Tempest
 Inundation, Cyclone, Hailstorm, Frost
 Accidental external means
 Malicious act
 Terrorist activity
 Landslide, Rockslide
 Whilst in transit by road, rail, inland waterway, lift,
elevator or air
 Any accidental external means
 Third Party Liability
PERSONAL LIABILITY:

Unlimited coverage i.e. whatever the court awards as your

liability to the Third Party due to accidental death or injuries
caused by your vehicle will be met by Cholamandalam MS
General Insurance Company Ltd (Chola MS)

PROPERTY LIABILITY:

In the event of your vehicle causing Third Party property

damage, Chola MS will offer compensation up to Rs
100,000/- in case of 2 wheelers and Rs.750,000/- in case of
Private Cars
VALUE ADDITION:
To further protect you and your near & dear ones commuting
in the vehicle with you, we offer a range of value added
extensions to your motor Insurance policy at a nominal
additional premium.

 Personal Accident: You can avail this cover for yourself

(as the insured), for the driver of your vehicle(in case
you have paid driver) and unnamed passengers as per
the seating capacity of the vehicle. Unnamed passengers
can include your spouse, children, parents, etc

The Personal Accident cover is available from Rs.10,000/-

to a maximum of Rs.20,000/-(In multiples of 10,000/-)

 Legal liability towards employees: Through this

extension, you will be compensated for any legal liability
towards your employees that may arise due to an
accident involving the vehicle
 Wider legal liability cover: This extension widens your
legal liability towards your paid drivers, cleaners or any
other persons involved in the maintenance of the
vehicle. Here, legal liabilities are met as per the common
law more than the legal liability offered by the Workmen
Compensation Act
PREMIUM COMPUTATION

The Insurance premium for our vehicle depends on the

cubic capacity of the engine, the carrying capacity or the
gross weight of the vehicle, the age and place of
registration and the IDV (Insured Declared Value).
WHAT DOES THE POLICY NOT COVER?
Main Exclusions:

 Accidental loss or damage suffered whilst the insured

or any person driving with the knowledge & consent
of the insured is under the influence of intoxicating
liquor or drugs
 Accidental loss or damage caused due to Willful
Negligence
 Loss or liability while the vehicle is used outside the
scope of limitations of use and/ or being driven by a
person or not duly licensed
 Consequential loss, depreciation, wear & tear,
mechanical & electrical breakdown /failure of
breakages
 Loss connected to nuclear or radioactivity or nuclear
weapons
 Loss connected with war and related activities
 Policy Deductibles: The first amount of each and
every claim which you should bear. You can chose
this amount as per the limits. The higher limit you
chose, The greater the discount on the premium
CLAIM SERVICES:
 Dedicated call center for receiving claim
intimation
 Regional claims officer will be the contact person
throughout the Claims process
 Designated Surveyor shall visit the site for
inspection within 24 hours in case of local survey
and within 48 hours for outstation survey
 One stop point for verification/ collection of
documents
 A simple 2-tier approval mechanism. Not more
than 3 persons would see the claim file ensuring
a hassle-free claim process
 Claim settlement within 10 working days from
the receipt of all documents.
PLAN FOUR:
 HOME INSURANCE POLICY

Few things in our life matter as much to us our home. After

all, it is at the heart of our family, your possessions, your
priceless investment and your memories. The best way to
protect these fond memories is by taking the right home
insurance.

With HDFC ERGO Home Insurance policy, you can ensure for
your Home the trusted protection it deserves and benefit
from affordable coverage for your property and possession
against almost any eventuality.
Key highlights:
 Safeguard your priceless property and possessions with
HDFC ERGO.
 Protection for both your home and the household
contents.
 Low cost optional cover for burglary including theft and
larceny.
 Avail upto 15% premium discount for security features.
Coverage features:
With HDFC ERGO Home Insurance Policy you can choose
to cover the structures of your home only or include the
household contents as well in a single policy with
minimum documentation. The policy covers –
 Fire and special perils:
1. Fire, lightening and explosions or implosions
and aircraft damage.
2. Riot strike, malicious and terrorist damages.
3. Bursting and overflowing of water tanks,
apparatus, pipes.
4. Storm, cyclone, Typhoon, Tempest, Hurricane,
Tornado, flood and Inundation.
5. Earthquake, Volcanic eruption and other
convulsions of nature.
6. Impact damage by rail/road vehicle and
animal.
7. Subsidence and landslide including rockslide.
8. Missile testing operations
9. Leakage from automatic sprinklers installation.
10. bush fire.
 The sum insured for the structure of the house is
based on the Reinstatement Value. Quite simply, it
would be the reconstruction cost of the house in
the event of any loss/damage due to any of the
insured events like Fire, Riots, Strom, Flood and so
on.

The reconstruction value for the structure is

determined by the construction cost. This,
however, would not include the cost of Land. The
reconstruction cost is based on two parameters
which are mentioned below:-

Built Up Area of the House (Square Feet)

Cost of Construction in your area/locality

 Burglary and Housebreaking including Larceny and

Theft (Section II)-Contents (as defined by Indian
Penal Code)

You can also insure the contents of your home against

loss due to burglary and/or housebreaking or any
attempted burglary. Jewellery kept in locked Safe within
the Home premises can also be covered.

Sum Insured for Contents under Section I A Fire &

Special Perils and Section II Burglary & Theft should be
the same.
 MAIN EXCLUSIONS

 Willful destruction of property

 Loss or damage caused by deprecation or wear and
tear and Consequential loss of any kind.
 Loss or damage, directly or indirectly, caused by or
arising from or in consequence of or contributed to
by Nuclear weapons material and / or lionizing
radiations.
 Loss or damage, whether direct or indirect
occasioned by the happening through or arising
from any consequences of war, invasion, act of
foreign enemy, hostilities (whether war be declared
or not), civil war, rebellion, revolution, insurance
military or usurped power or civil, commotion or
loot or pillage in connection therewith.
HOW MUCH TO INSURE?
The sum insured for the structure of the house is
based on the Reinstatement Value Quite simply, it
would be the reconstruction cost of the house in the
event of any/damage due to any of the insured event
like fire, riots, storm, flood and so on. The
reconstruction value for the structure is determined
by the construction cost. This, however, would not
include the cost of land. The reconstruction cost is
based on two parameters which are mentioned
below:
 Built up area of the house(square feet)
 Cost of construction in your area/locality

You would have to multiply the built up area of the

house with cost of construction to arrive at the
reconstruction cost.

Reconstruction Cost = Built up the house * Cost of

construction in your area/ locality

Contents / Valuable: The sum insured for contents /

valuable is based on market value. Market value
would mean the current cost minus an allowance for
depreciation, in the event of loss / damage. For
jewellery, you would not have to deduct depreciation.
Once you have decide the sum insured for the
structure as well as contents simply choose the
closest sum insured value and arrive at the premium.
Plan five:

shop insurance
 SHOP INSURANCE:
While there’s plenty you do to ensure your shop is
from perils, there’s always the possibility that a crisis
can strike. That’s where Chola Shop Insurance comes
in. Engineered to ensure no calamity becomes a crises
that cannot be managed.

In addition, with simple procedure and smoother

claim processes you can be sure that Chola Shop
Insure is the easiest way to manage any crisis might
come your way.

As a shop owner, you constantly worry about the

hazards your shop and the contents within are
exposed to. Sudden crises at your place can
sometimes severely hamper the running of the
establishment. It is this understanding that makes
Chola Shop Insurance unique.

Cholamaqndalam Shop Insurance is a low cost

protection plan for shop. In addition to flexible and
low premiumrates, Cholamandalam also promises
you convenience at every stage- while you apply, with
documentation and while making claims.
1A Building Fire and Special Perils
Fire, Lightning, Explosion and
Implosion, Aircraft or articles
1B Contents- (Excluding
dropped therefrom, Riots
money and valuables)
Strikes or Malicious Act,
Earthquake, (Fireand Shock),
Impact damage, Subsidence
and Landslide including
Rockslide, Flood, Inundation,
Storm, Tempest, Typhoon,
Hurricane, Tornado, or
Cyclone, Bursting and/or
overflowing of water tanks,
apparatus and pipes, Missiles
testings operations, Leakage
from automatic sprinkler
installations, Bush fire.
2 Contents- (Excluding Burglary and House breaking
money and valuables)
3 Money Insurance Accident or misfortune
4 Fidelity Guarantee Fraud or dishonesty by
salaried employees
5 Fixed Plate glass Accidental breakage
6 Neon Signs/ Glow Signs Accidental loss or damage
7 Baggage Loss or damage by accident or
misfortune while travelling in
India
MAIN EXCLUSIONS:
 Loss, destruction or damage caused by war, invasion,
act of foreign enemy, hostilities or war.
 Loss or damage caused by depreciation or wear and
tear.
 Loss of earnings, loss by delay, loss of market or other
consequential or indirect loss or damage of any kind
or description whatsoever including those caused by
spoilage resulting from the retardation or interruption
or cessation of any process or operation caused by
operation of any of the perils covered.
 Loss or damage directly or indirectly caused by or
arising from or in consequence of or continued to
contributed to by nuclear weapons materials or
ionizing radiation or contamination loss, damage or
destruction caused to the insured property by
pollution or contamination. (Detailed exclusion are
available in the policy)

8 Personal Desktop Sudden physical loss or damage
Computer
9 Machinery Breakdown Loss or damage due to electrical
or mechanical breakdown
10 Personal Accident Loss of life or permanent
total disablement of the
insured, partner, spouse, or
employees.
1 Public Liability Covers Insurance legal liability
1