Page 281 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Indian Financial System

Notes  Property insurance: Insurance providing financial protection against the loss of, or damage
to, real and personal property caused by perils like theft, windstorm, hail, explosion, riot,
aircraft, motor vehicles, vandalism, etc.
 Senior citizen policies: Insurance policies for individuals of age 65 years or more.
 Total disability: An illness or injury which prevents an insured person from continuing to
perform his own duties pertaining to his/her occupation or engaging in any other type of
work.
 Third party: The claimant under a liability policy is called the third party. He is so called
because the person making the claim is not one of the two parties to the insurance contract
– insured and insurer.

 Third party insurance: It is the insurance of third party against suffering caused to them
due to mistakes of person driving the vehicle. This insurance is compulsorily provided
with other kind of insurances related to vehicles to safeguard the interest of people on
road.
 Travel accident policy: A policy covering only accidents while an insured person is
travelling, usually on a commercial carrier.
 Workers' compensation insurance: Insurance against liability imposed on certain employers
to pay benefits and furnish care to injured employees, and to pay benefits to dependents of
employees killed in the course of working or any circumstances arising out of their
employment.
The main player of this sector is Life Insurance Corporation of India (LIC). But the sector is very
strong and well built. Let us go through brief composition of all the institutions of this sector.

1. Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance is a union between Allianz SE,
one of the largest Insurance Company and Bajaj Finserv. Allianz SE is a leading insurance
conglomerate globally and one of the largest asset managers in the world, managing
assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of
financial experience and is present in over 70 countries around the world.
At Bajaj Allianz Life Insurance is customer delight and their philosophy is to ensure
excellent insurance and investment solutions by offering customised products, supported
by the best technology.
2. Birla Sun Life Insurance Company Limited: Birla Sun Life Insurance pioneered the unique
Unit Linked Life Insurance Solutions in India. Within 4 years of its launch, BSLI cemented
its position as a leading player in the Private Life Insurance Industry. With the focus on
Investment Linked Insurance Products, supported with protection products to maintain
leadership in product innovation, it relies on Multi Distribution Channels like Direct
Sales Force, Alternate Channels and Group offering convenient channels of purchase to
customers. BSLI was the first to have issued policies over the Internet and to have an
operational Business Continuity Plan.
BSLI works with a mission to help people mitigate risks of life, accident, health and
money at all stages and under all circumstances and also to enhance the financial future of
its customers, including enterprises.
3. HDFC Standard Life Insurance Company Limited: HDFC Standard Life Insurance Company
Ltd. is one of India's leading private insurance companies, which offers a range of individual
and group insurance solutions. It is a joint venture between Housing Development Finance
Corporation Limited (HDFC Limited), India's leading housing finance institution and a
Group Company of the Standard Life Plc, UK.

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