Relience Insurance Essay Example for Free

Relience Insurance Essay Reliance Insurance Company, now officially known as Reliance Insurance Company [in Liquidation], was founded in Philadelphia in 1817. In October 2005, Reliance Insurance Company had taken place in India. Reliance Life Insurance Company Limited is an associate company of reliance Anil Dhirubhai Ambani Group. Reliance Capital Limited is one of India’s leading private sectors. Reliance capital has interests in an asset management and mutual funds, stock broking, life and general insurance’ proprietary investments’ private equity and other activities in financials service. Reliance Group also has presence in Communications, Energy, Natural + interests. Reliance General Insurance Co. Ltd. is fast emerging as one of the biggest general insurance companies in India. The company offers over 95 insurance products for both corporate and individual customers. The distribution network of Reliance General Insurance Co. Ltd. extends 200 branch offices spread across 172 cities in 22 states in India. Automobileindia.com furnishes information on Reliance General Insurance Co. Ltd. Risks Covered by Reliance General Insurance Co. Ltd.: Reliance General Insurance offers coverage for all the accidental happenings, producing monetary loss or loss of life. It also includes risks of an individual, or a group. Reliance General Insurance offers coverage in case of: †¢Financial loss of the insured †¢Measurable or tangible monetary loss †¢Legal object of the insurance contract Advantages of Insuring with Reliance General Insurance Co. Ltd.: Reliance General Insurance Co. Ltd offers you a number of advantages. Automobileindia.com furnishes information on Reliance General Insurance Co. Ltd. Some of the advantages of using Reliance General Insurance Co. Ltd are †¢Speedy claims settlement through country wide reach †¢Free towing facility for insured vehicles in case of an accident in all metropolitan cities in India †¢Cashless claims settlement in preferred garages of the policy holder. †¢Reliance General Insurance Reliance General Insurance Co. Ltd has tie-ups with leading TPAs and hospitals offering cashless facilities, ensuring hassle free returns †¢Easy and prompt E intimation facility Claim Procedure in Reliance General Insurance: The policy holder needs to know the claim process and the different kinds of insurance. Automobileindia.com furnishes information on Reliance General Insurance Co. Ltd. Claim Procedure in Reliance General Insurance falls into three broad categories: * Theft claims * Own damage claims * Third party claim Information Required for Claiming Policy at Reliance General Insurance: The insurer or policy holder needs to provide the following details, when he or she is claiming for insurance. * Full name of the Insured * the contact details of the policy holder * Policy number * Nature of loss * Place of loss or accident site (in case of accident) * Contact details of insured person (if in case the person intimating the claim is not insured) WHAT IS INSURANCE? Insurance is a specialized type of contract. It is an agreement between two parties one party is insurance company who takes the insurance of other party known as insured party. Premium is consideration of Contract of the insurance. The insurer issues a document in writing in the name of the insured which is called policy. It includes terms and conditions of the insurance contract. The insurer has to pay a certain amount to the insured, if uncertain event takes place after taking the insurance and before the expiry of the policy NEEDS FOR INSURANCE:- Human life is a full of uncertainty and therefore ,there is a need for insurance if there no uncertainty there is no need for insurance .If one can predict the forthcoming dangers ,he can take a proper action and face the crisis . However, death, disaster and  dangers cannot be predicted and hence the insurance is needed. Insurance does not protect the assets. It also does not prevent the losses due to the perils. The perils cannot be avoided by taking the insurance ,but it compensate the losses caused due to the perils which are uncertain . The insurance companies play an important role of implementing the concept of insurance. They collect the premium in advance and create the fund out of which the losses incurred by few a insured people are compensated . Thus the variable need of life insurance can be: (a) Protection of the interest of the family members. (b)Provision for education and marriage of children. (c) Post-retirement income for self and family members. The general insurance helps to protect capital employed in industry and economic activity. Life insurance has become the main vehicle for carrying the social security to the public and the weaker section. Life insurance business is complimentary to the government efforts in social management. LIFE INSURANCE:- Life insurance business was entirely in the hands of LIC till 1999. In late 1999, the government of India allowed the opening up of the insurance sector to private parties by passing the insurance regulatory and development authority (IRDA).foreign companies are also allowed to invest up to 26 percent of equity stake in the insurance sector in the India. The market share of reliance insurance company is 0.47%. Following are the basic types of policies:- (a) Term assurance (b)Endowment product (c)Whole life insurance (d)Money- back policies (e)Annuity plan GENERAL INSURANCE :- General insurance evolved with the evolution of business and the lifestyle of the human beings. Today general insurance cover everything from space expenditure to the voice of the famous singer. general insurance business in India can be traced its roots to the Triton insurance company limited , the first general insurance company established in the year 1850 in Calcutta by the Britishers. The India mercantile insurance ltd. Was set up in 1907. In 1968 the insurance act was amended to regulate investment and set minimum solvency margins and the Tariff advisory committee was set up. Insurance act , 1938 and the general insurance business ( nationalize ) act ,1972 regulate the insurance business. Inter-regulatory committee set up to fix norms on insurance firms Paving the way for guidelines for listing by insurance companies, the Insurance Regulatory and Development Authority (IRDA) has set up a committee to finalize the norms. This committee, appointed recently, would look at the level of disinvestment that a company could undertake through the stock market. Apart from IRDA officials, the committee also consists of members from the Securities and Exchange Board of India (SEBI). The committee is headed by IRDA Member. The move would pave the way for the likes of Reliance Life Insurance to list on stock exchanges. The government is set to ease the norms to allow companies to list after five years of operation, instead of the Current 10-year norm. Reliance, which had sought a relaxation, could be the first beneficiary. The sources said that the matter had also been examined by the Insurance Regulatory and Development Authority (IRDA) and it was decided that SEBI would issue the norms. Apart from Reliance, a host of other life insurers such as HDFC Standard Life and SBI Life could also tap the market. In the run-up to the listing norms, IRDA would issue guidelines related to valuation. The insurance regulator has already issued the disclosure norms for companies. In the past, the government and the market regulator have provided a special dispensation for various sectors, such as information technology, to help companies list. COMPETITORS OF RELIANCE INSURANCE:- 1) LIFE INSURANCE CORPORATION IN INDIA THAT IS (LIC). 2) BAJAJ ALLIANZ GENERAL INSURANCE. 3) ICICI PRUDENTIAL LIFE INSURANCE. 4) ICICI LOMBARD GENERAL INSURANCE. 5) BIRLA SUN LIFE INSURANCE. 6) TATA AIG GENERAL INSURANCE. 7) NEW INDIA ASSURANCE COMPANY. 8) IFFCO TOKIO GENERAL INSURANCE. SOME ONLINE POLICIES PROVIDED BY RELIANCE INSURANCE COMPANY:- CAR INSURANCE: Reliance General Insurance offers an online car insurance portal which is quick and fast and one can purchase the automobile Insurance policy in ten minutes if one has all the information about his/her vehicle. Some of the advantages of the reliance private car Insurance policy are: The online policy is issued within 10 minutes. The online policy eliminates the process of paper work. It gives you complete Insurance cover on and off the road. It covers your car against accidents, theft, natural calamities, etc. Cashless facility is provided. In case of claim, the survey of the vehicle is arranged within 24 hours. TRAVEL INSURANCE: Travel insurance or visitor insurance also known as overseas medical insurance can cover your medical expenses, personal accident, trip delay, loss of passport and many more risk while you travel abroad. At insurance Pandit, we offer a convenient way to compare travel insurance plans offered by reliance insurance company. Not only you can compare plans but also buy and print your travel insurance policy online. Individual Overseas Medical Insurance HEALTH INSURANCE: Health and medical insurance is a recent origin in India. Health insurance covers two types of benefits. One is reimbursement of medical expenses related to specific diseases and the other is related to hospitalization. Health insurance cover operates in two ways- cashless and cash reimbursable ones. The health insurance has changed the way medicine is dispensed and sold in most of the parts of the world. In India, the introduction of the new famous policy â€Å"MEDICLAIM† has made a huge difference to an ordinary citizen’s usage of insurance for medical cover purpose. The mediclaim covers the following expenses: PROFESSIONAL INDEMNITY: General insurance evolved with the evolution of business and life style of living beings. It took shape in the sea going vessels of the early centuries. Today expeditions to the voice of famous singers. General insurance forms the lifeline of several commerce and trade activities.