product & services of oriental insurance company

8/3/2019 PRODUCT & SERVICES OF ORIENTAL INSURANCE COMPANY

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A PROJECT

ON

TO STUDY ON PRODUCT & SERVICES OF ORIENTAL INSURANCE COMPANY

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARDOF THE DEGREE OF

Bachelor of Business Administration

(Banking and Insurance)

Submitted by : NITIKA GARG

Enrollment No. : 04419301809

UNDER THE GUIDANCE OF: PROJECT CORDINATOR:

Mrs. Swaty Wadhwa Mrs. SWATY WADHWA

Batch (2009-2012)

KASTURI RAM COLLEGE OF HIGHER EDUCATION,Narela Delhi-110040

(Affiliated to Guru Gobind Singh Indraprastha University, Delhi)


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Acknowledgment

I have taken efforts in this project. However, it would not have been possible without the kind

support and help of many individuals and organizations. I would like to extend my sincere thanks

to all of them.

I am highly indebted to Mrs. Swaty Wadhwa, Lecturer Kasturi Ram College of Higher

Education, for their guidance and constant supervision as well as for providing necessary

information regarding the project & also for their support in completing the project.

I would like to express my special gratitude and thanks to industry persons for giving me such

attention and time.

My thanks and appreciations also go to my colleague in developing the project and people who

have willingly helped me out with their abilities.

NITIKA GARG

04419301809

BBA(B&I),K.R.C.H.E.


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CERTIFICATE

This is certify NITIKA GARG student of Kasturi Ram College of Higher Education, Narela,

has successfully completed the project report on title

TO STUDY ON PRODUCT & SERVICES OF ORIENTAL INSURANCE COMPANY

Under my supervision and guidance.

She has submitted his project partial fulfillment of requirement for the award of Degree of

BBA(B&I) from GGSIPU.

PROJECT GUIDE

Mrs. Swaty Wadhwa

FACULTY MEMBER,K.R.C.H.E


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CONTENTS

CHAPTER IINTRODUCTION

Overview of Industry as a whole

Objective of the Study

CHAPTER IICOMPANY PROFILE

2.1 Profile of the Organization

2.2 Problems of the Organization

2.3 Competitors Information2.4 SWOT Analysis

CHAPTER IIICONCEPTUAL DISCUSSION

CHAPTER IVRESEARCH METHODOLOGY

CHAPTER VDATA ANALYSIS AND INTERPRETATION

CHAPTER VIFINDINGS / CONCLUSION

CHAPTER VII - RECOMMENDATIONS

ANNEXURES

Questionnaire Bibliography


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CHAPTER-1

INTRODUCTION


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AN OVERVIEW OF THE INSURANCE INDUSTRY IN INDIA

Indian economy is in transition over the last ten years owing to the initiation of major economic

reforms affecting almost all sectors. The paradigm shift from a mixed economic organization to a

market oriented organization has exposed all sectors to an intense compet0ition. Insurance being

one among the players in the financial services sector. Indian insurance business is the most

significant one among them. The industry covers two dimensions viz. Life insurance and General

insurance. While Life Insurance Corporatin (LIC) of India is a financial intermediary which

mobilizes peoples savings and invests large amounts of premiums, the General Insurance

Companies (GIC) do not collect savings, yet they raise crores of rupees from premiums. General

insurance deals with exposure of risks to goods and property, whereas life insurance is a way to

meet the contingencies of physical death and economic death. In case of prematured death of the

assured, the proceeds of policy are paid to the beneficiaries and annuities protect the assured

against economic death when he lives too long to arrange for his necessities. In simple language,

insurance promises a compensation of monetary loss sustained by a particular person, due to the

damage or destruction of a particular piece of property owned by him, provided it happens due to

certain courses. In other words, it is perfectly a simple promise to make good the loss.

HISTORICAL ASPECTS OF INSURANCE IN INDIA

Insurance activity in India is going on for more than 150 years. In India, life insurance in its

modern form was brought for the first time by the Britishers. The Oriental Life Insurance

Company started in 1818 in Calcutta was the first to be founded in India by Europeans to help

the widows of their community. The general insurance business in India, on the other hand, can

trace its roots to him Triton Insurance Company Ltd, the first general insurance company

established in the year 1850 in Kolkata by the British. The year 1870, saw the birth of first Indian

Insurance Company namely, Bombay Mutual Life Assurance Society. The basic aim of thiscompany was to insure Indian lives at normal rates since in the earlier period. Indian lives were

treated as subnormal and loaded with an extra premium of fifteen to twenty per cent. However,

right up to the end of 19th century, the foreign insurance companies in India had an upper hand in

matters of Insurance business. Insuring Indian lives with 10 percent of extra premium was a

common practice prevalent in those times. The Indian Life Assurance Companies were the first


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to regulate the life insurance business in 1912. In 1928, the Indian Insurance companies act

enabled the government to collect statistical information about both life and non life insurance

business. Later, the insurance Act of 1938 was passed and department of insurance under

authority of superintendent of insurance was established for the administration of the Act. Upto

1939, 199 companies were working in India.

However, the period 1939-55 was marked by:

World war II resulting in hasty premium adjustments by Indian companies. Series of amendments to the insurance Act, 1938. Appointment of a committee under the Chairmanship of Sir Cowasji Jehanger to enquire into

and to recommend measures to check certain trends and undesirable features in the

management of insurance companies.

The findings of the sub committee on insurance under the National Planning Commissionheaded by Pt. Jawaharlal Nehru.

Partition of India. De-valuation of rupee on September 18, 1949. The insurance Amendment Act. Interest yield sagging to the lowest lend of three percent and remaining at that level over

1947-1949.

The rate war and cut throat competition between insurance companies. The recommendation of the ruling political party, the Indian National Congress, to the

government that the life sector insurance be nationalized, and

The founding of the Jiwanlal Chimanlal Setawad Memorial--The Federation of InsuranceInstitutes.


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INSURANCE SECTOR REFORMS

The government in a bid to complement the reforms initiated in the financial sector established a

committee headed by former finance secretary and Reserve Bank of India (RBI) governor, Mr

R.N. Malhotra to evaluate the insurance industry and to recommend its future direction. This

committee suggested the following changes:

Government stake in insurance companies be brought down to 50 percent. The take over of the holding of GIC and its subsidiaries in order to facilitate their functioning

as independent corporations.

Allowing private enterprise in the sector with companies with a paid up capital of a minimumof Rs 100 crore.

No single entity to function in both Life and General insurance segments. Foreign companies to be allowed only in combination with an Indian partner. Changed to be made to the insurance Act. An independent insurance regulatory authority to be set up. Reduction in the mandatory investments of LIC Life Fund in government securities to be

brought down from 75 percent to 50 percent.

GIC and its subsidiaries are not to hold more than 5 percent in any company. Popularization of pension schemes in rural areas. Allowing PLI (Postal life insurance) in rural areas. Rapid computerization of branches.


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Payment of interest on delayed claims. Use of revised mortality tables by LIC and revision of premiums after every 10 years. Issue of long term unit linked insurance plans. Transfer of LALGI and IRDP schemes to concerned government authorities. The insurance sector began its reform process with the passage of the IRDA (the Insurance

Regulatory and development authority) bill in Parliament in December 1999. However with

the setting up of IRDA, the government has once again de-regulated the sector opening it for

the private players. The entry of private players has enabled the industry to look at alternative

distribution channels. To get the maximum pie of the premium, every insurance company is

adopting new distribution and marketing strategies. In the last two years alone, the economy

has witnessed some fundamental changes in the Indian insurance industry. The total foreign

direct investment in India in the insurance sector today stands at Rs 95,250 crore. The total

premium income of the Indian insurance industry both life and non life for the year ending

March 31, 2007 stands at Rs 1,91,376,11 crore, out of this, the share of life insurance

premium is 78 percent, i.e. Rs 7155416 crore and general insurance premium is 22 percent,

i.e. Rs 15,638 crore. The share of private sector in life insurance cake has increased from0.02 to 1.99 percent in the last two years. While the share of private sector in general

insurance cake has increased from 0.07 to 9.50 percent. The transition of the insurance

industry from a public monopoly to a competitive environment new presents very interesting

challenges both to the new players and to the customer. Not only the new players have an

opportunity to test out their various hypothesis and apply learnings from overseas markets,

the customer will have a greater choice when it comes to choosing a provider or a solution

for their needs.

The study of insurance companies of that time clearly reveal that concept of trustship which

should be cornerstone of life business seemed entirely lacking and most of the managements had

no appreciation of the clear and vital distinction that exists between trust monies and those that


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belong to joint stock companies owned by shareholders. So the nationalization of life insurance

business became necessary with a view to --

provide cent percent security to policy holder, ensure the use of life insurance funds for nation building activities, avoid wasteful efforts in competition, save the dividends paid to shareholder of insurance companies, avoid certain undesirable practices adopted by some of the insurance companies

management, and

spread the gospel of life insurance into the neglected rural areas.

245 Indian and foreign insurance and provident societies taken over by the central Governmentand nationalized. In 1956, the Government of India nationalized the life insurance business.

Since then the entire life insurance business is being transacted by the Life insurance Corporation

of India for more than four decades, the LIC has been enjoying monopoly status enjoying

supernormal profits at the expense of consumers in life business in the country. The LIC by this

time has grown manifold. At present it has a network of 7 zones, 100 divisions and over 2000

branches. The annual premium income was US $21 million in 1956. Current business investment

in LIC is over US $29 billion. Life insurance funds constitute approximately 11 percent of gross

household saving in financial assets in India, and a little over 1 percent of gross domestic

product. Life insurance corporation of India, despite its best efforts, has not penetrated more than

15 percent of the insurance population, which itself is more than 300 million. Insurance

penetration as a measure of percentage of GDP is very low for India and countries like South

Korea are much higher than India. With approximately $7 billion of premium collected annually,

India is the 23rd largest market in the world. The General insurance business (Nationalization)

Act, 1972 nationalized the general insurance business in India with effect from January 1, 1973.

107 insures amalgamated and grouped into four companies, viz the national insurance company

Ltd., the New India Assurance Company Ltd., the Oriental Fire and general insurance company

Ltd., and the United India insurance company Le., General insurance company (GIC) was

incorporated as a company. The four constituents of the GIC were to operate on a competitive

basis and be governed by the guidelines structured by the Government of India. Recognizing the


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need for reforms in the financial and insurance sector, the government appointed the Malhotra

Committee to seek and identify the measures required for the reform process in the insurance

sector.


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OBJECTIVE OF THE STUDY

The aim of study is to know about various functional departments in the orientalinsurance company.

To make an awareness of the general insurance industry. To analyse the internal strength and weakness and external threats and opportunities of

the organisation.

To know the products and services of oriental insurance company and satisfaction ofconsumers.


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CHAPTER-2

COMPANY PROFILE


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COMPANY PROFILE

THE ORIENTAL INSURANCE COMPANY LIMITED

The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. TheCompany was a wholly owned subsidiary of the Oriental Government Security Life Assurance

Company Ltd and was formed to carry out General Insurance business. The Company was a

subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance

Business was nationalized in the country). In 2003 all shares of our company held by the General

Insurance Corporation of India has been transferred to Central Government.

The Company is a pioneer in laying down systems for smooth and orderly conduct of the

business. The strength of the company lies in its highly trained and motivated work force thatcovers various disciplines and has vast expertise. Oriental specializes in devising special covers

for large projects like power plants, petrochemical, steel and chemical plants. The company has

developed various types of insurance covers to cater to the needs of both the urban and rural

population of India. The Company has a highly technically qualified and competent team of

professionals to render the best customer service.

Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950.

The goal of the Company was Service to clients and achievement thereof was helped by the

strong traditions built up overtime.

ORIENTAL with its head Office at New Delhi has 26 Regional Offices and nearly 900+

operating Offices in various cities of the country. The Company has overseas operations in

Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+ employees.

From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and

during 2008-09 the figure stood at a mammoth Rs. 4077.90 crores.


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Our Corporate Mission

To contribute to the socio economic objectives of the nation by being a vibrant and viable

organization catering to the growing insurance needs of the community. Towards this end we

will strive for effective management of business operations.

Our Corporate Objectives

1. To serve better the insurance needs of the entire community, keeping CUSTOMER as the

focus.

2. To strengthen our tradition of being CUSTOMER - FRIENDLY, in order to provide

quality service.

3. To manage Business profitably, manage funds judiciously and deploy investible funds for

optimum yield.

4. To optimise the retention of Indian business and conduct reinsurance and international

operations in the best interest of the country.

5. To work towards minimisation of losses and develop Risk Management Technologies.

6. To function as a strong and dynamic non-life insurer.

Management

Oriental Insurance is a professionally managed independent Board-run Company. Illustrious

personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ),

Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the

Governor of West Bengal) were among our past Chairmen.

At present Dr. R.K.Kaul is Chairman-Cum-Managing Director of our Company. The Board of

Directors of our Company include eminent personalities in various fields.

Financials

The Companys Gross Direct Premium Income in India during the year 2008-09 (Audited) was

Rs.3964.26 crores and the Premium Income outside India was Rs.113.64 crores. The Gross


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Direct Premium in India & abroad showed a growth of 4.55%. The Net Premium Income

(Domestic and Foreign), on the other hand grew by 12.38% from Rs. 2878.67 crores in 2007-.08

to Rs. 3235.10 crores in 2008-09.

The companys operations in Nepal, Dubai and Kuwait yielded a Gross Direct Premium of Rs.113.64 crores during the year 2008-09 as against Rs. 92.07 crores during the previous year. The

net premium on foreign operations stood at Rs. 111.26 crores as against this, the Net Incurred

Claims during this year in respect of foreign operations were Rs.65.95 crores at 59.27%. The

foreign operations have resulted in an overall surplus of Rs. 15.27 crores.

After taking into account the income from Interest, Dividend & Rent of Rs 608.23 crores and

Profit on sale of Investments of Rs 387.39, we have posted a pre-tax loss of Rs 82.66 crores &

post-tax loss of Rs. 52.66 crores for the year 2008-09.

As against the desirable Solvency Margin of 1.5 mandated by the Indian regulatory body, IRDA,

the available Solvency Margin is 1.66 as at 31st March 2009.

The Company had a documents issuance ratio of more than 98% during the year,

having issued 96.55 lacs documents approximately. The claims disposal ratio for non-suit claims

settlement ratio was 86.30%.

The Company is not only IT friendly but also Technology Savvy. We have our own website in

place. An integrated Non-Life Insurance Application Software (INLIAS) has been implemented

in all the 1018 offices. This will ensure that our Customer Service parameters grow by leaps and

bounds.

No wonder, The Oriental Insurance Company has been enjoying the highest rating from

leading Indian credit rating agencies CRISIL and ICRA. The Company has also been rated

as B++(Very Good by AM Best, an international rating agency.


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MANAGEMENT

Chairman-Cum-Managing Director

Dr. R.K.Kaul

Directors

Dr. R.K.Kaul

K.R.Kamath

Lalit Kumar

S. K. Chanana

D. Singh

General Managers

S. K. Chanana

D. Singh

S. Surenther

Niraj Kumar

A. K. Saxena

N. K. Singh

K. K. Rao

Financial Adviser

S. Surenther

Chief Vigilance Officer

Nawang Tobdan, GM


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Company Secretary

Mrs. Rashmi Bajpai

Popular Policies

A few of our most widely sold and most useful policies are:

PNB - Oriental Royal Mediclaim Policy Motor Policies - Terms & Conditions Comprehensive Health Insurance Scheme Electronic Equipment Insurance Policy Group Mediclaim Policy Householders Insurance Policy Individual Mediclaim Policy Kissan Package Insurance Motor Cycle Package PolicyRural Insurance Policies

Bhagyasree Child Welfare Policy

Cattle Insurance

Cycle Rickshaw Insurance Policy

Dog Insurance

fish in Ponds (Embankments)

Insurance of Fish in Ponds

Gramin Accident Insurance
http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/PNBOrientalRoyalMediclaim.htmhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/MotorPoliciesTC.htmhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details1d3b.html&dept=46&poltyp=109http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsc8c2.html&dept=44&poltyp=58http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details3b67.html&dept=48&poltyp=21http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsec6c.html&dept=48&poltyp=32http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsb7c8.html&dept=48&poltyp=20http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details9fea.html&dept=47&poltyp=95http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details7bdd.html&dept=31&poltyp=14http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-BCWP.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Cattle%20Insurance.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-CYCLE%20RICKSHAW%20%20POLICY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-DOG_a.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Fish%20in%20ponds%20_emb._%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-FISH%20IN%20PONDS.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-GAP.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-GAP.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-FISH%20IN%20PONDS.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Fish%20in%20ponds%20_emb._%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-DOG_a.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-CYCLE%20RICKSHAW%20%20POLICY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Cattle%20Insurance.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-BCWP.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details7bdd.html&dept=31&poltyp=14http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details9fea.html&dept=47&poltyp=95http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsb7c8.html&dept=48&poltyp=20http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsec6c.html&dept=48&poltyp=32http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details3b67.html&dept=48&poltyp=21http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Detailsc8c2.html&dept=44&poltyp=58http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Policy_Details1d3b.html&dept=46&poltyp=109http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/MotorPoliciesTC.htmhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/PNBOrientalRoyalMediclaim.htm


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Janata Personal Accident Policy

Khalihan Insurance Package Policy

Kissan Agricultural Pumpset Insurance

Kissan Package Insurance Policy

Poultry Insurance

Rabbit Insurance

Plantation/Horticulture Insurance

rajrajeshwari Mahila Kalyan Bima Yojna (New)

Sericulture (Silkworm) Insurance

Tea Plantation Insurance

Universal Health Insurance Scheme
http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-JPA.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KHALIHAN%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KISSAN%20AGRICLTURAL%20PUMPSET%20INSURANCE.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KISSAN%20PACKAGE%20INSURANCE%20POLICY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-POULTRY%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-RABBIT_A.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-REV_PLANTATION.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-RRMKBY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Sericulture%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Tea%20%20Plantation.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-UHIS.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-UHIS.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Tea%20%20Plantation.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-Sericulture%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-RRMKBY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-REV_PLANTATION.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-RABBIT_A.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-POULTRY%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KISSAN%20PACKAGE%20INSURANCE%20POLICY.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KISSAN%20AGRICLTURAL%20PUMPSET%20INSURANCE.pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-KHALIHAN%20Ins..pdfhttp://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/RID-JPA.pdf


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ORGANIZATION STRUCTURE

DIRECTOR

VICE PRESIDENT

SR. BRANCH MANAGER

BRANCH MANAGER

ASSISTANT BRANCHMANAGER

SR. SALES MANAGER

ASSISTANT MANAGER

MANAGEMENT TRAINEE

SALES MANAGER


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AN INSURANCE COMPANY:

In the insurance industry the sales team following the typical organization structure:

Hierarchy in Insurance Company

SALES

AREA SALESAREA SALESAREA SALES

UNIT UNIT UNIT

ADVISORS ADVISORS ADVISORS


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COMPETITIVE INFORMATION

AVIVA LIFE INSURANCE, INDIA

Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of UK and

Dabur, one of India's leading producer of traditional healthcare products. Aviva holds a 26 per

cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.

Aviva is UK's largest and the world's sixth largest insurance Group. It is one of the leading

providers of life and pensions products to Europe and has substantial businesses elsewhere

around the world..

Aviva pioneered the concept of Bancassurance in India. Currently, Aviva has Bancassurance tie-

ups with ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab,

The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 11 Co-operative Banks in Gujarat,

Rajasthan, Jammu & Kashmir and Maharashtra and one regional Bank in Sikkim.

Aviva has 40 Branches in India (including rural branches) supporting its distribution network.

Through its Bancassurance partner locations, Aviva products are available in 378 towns and

cities across India.

BAJAJ ALLIANZ

Bajaj Allianz is a joint venture between Allianz AG one of the worlds largest insurance

companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj

Allianz is into both life insurance and general insurance.
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Allianz Group is one of the worlds leading insurers and financial services providers. Founded in

1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees.

Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of

the largest in the world.

Today, Bajaj Allianz is one of Indias leading and fastest growing insurance companies.

Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants.

BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group and

Sun Life Financial of Canada. Aditya Birla Group is an Indian multinational conglomerate with

presence in India, Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia and

China.

Sun Life Assurance, Sun Life Financials primary insurance business, is one of the leading

insurance companies of the world and ranks amongst the largest international financial services

23rganizations in the world. The Group has presence in several countries such as Canada, UnitedStates, Philippines, Japan, Indonesia, India and Bermuda.

ICICI PRUDENTIAL LIFE INSURANCE

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier

financial powerhouse and Prudential plc, a leading international financial services group

headquartered in the United Kingdom.

ICICI was established in 1955 to lend money for industrial development. Today, it has

diversified into retail banking and is the largest private bank in the country. Prudential plc was

established in 1848 and is presently the largest life insurance company in the UK.
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ICICI Prudential is curently the No. 1 private life insurer in the country. For the financial year

ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total

sum assured of Rs 13,780 crore and wrote nearly 615,000 policies.

ING VYSYA LIFE INSURANCE

ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank and ING

Group of Holland, the world's 4th largest financial services group, with presence across 50

countries, and a heritage of over 150 years.

ING Vysya Life Insurance Company Private Limited entered the private life insurance industry

in India in September 2001. With in a short span of time ING Vysya Life Insurance has

registered an impressive growth. The company currently has over 10,000 active advisors

working from 75 branches (in 30 cities) across the country and over 2300 employees.

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra

Bank Ltd.(KMBL), and Old Mutual plc. Kotak Mahindra is one of India's leading financial

institutions and offers a range of financial services such as commercial banking, stock broking,

mutual funds, life insurance, and investment banking.

Old Mutual was established more than 150 years ago and offers a diverse range of financial

services in South Africa, the United States and the United Kingdom. The company is listed on

the London Stock Exchange with a market capitalization and has its headquarters in London.
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LIFE INSURANCE CORPORATION OF INDIA (LIC)

Life Insurance Corporation of India (LIC) is an autonomous body authorized to run the life

insurance business in India with its Head Office at Mumbai. It has been established by an act of

the Parliament and started functioning from 1/9/1956.

LIC is the biggest insurance player in the country. Out of the total premium of Rs 3766 crore

generated by the insurance industry through group business in the year 2005-06, LIC alone

accounted for Rs 3051 crore.

In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of lives insured,

LIC has shown a growth of over 152%. In respect of number of schemes, LIC has a growth of

2%. LIC's market share in number of individuals covered and number of policies stands at 77%

and 81%, respectively.

MAX NEW YORK LIFE INSURANCE

Max New York Life Insurance Company Limited is a joint venture between Max India Limited,

a multi-business corporate, and New York Life International, a global expert in life insurance.

New York Life is a Fortune 100 company that has over 160 years of experience in the life

insurance business. Max India Limited is a multi-business corporate dealing in Clinical

Research, IT and Telecom Services, and Specialty Plastic Products businesses.

Max New York Life Insurance started its operations in India in 2000. It is the first life insurance
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company in India to be awarded the IS0 9001:2000 certification. Max New York offers

customized products tailored to suit individual's needs. With its various Products and Riders,

there are more than 400 product combinations to choose from. Today, Max New York Life

Insurance has a network of 57 offices spread over 37 cities all over India.

METLIFE INDIA INSURANCE

MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife Group and its Indian

partners. The Indian partners include J&K Bank, Dhanalakshmi Bank, Karnataka Bank, Karvy

Consultants, Geojit Securities, Way2Wealth, and Mini Muthoothu.

Met Life Group has presence in America and Asia and has an experience of over 137 years in

providing financial services. The MetLife companies are the number one life insurer in the U.S.

with approximately US $2.8 trillion of life insurance in force. MetLife serves 88 of the top one

hundred FORTUNE 500 companies. MetLife entered Indian insurance sector in 2001.

SBI LIFE INSURANCE

SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France.

SBI Life Insurance is registered with an authorised capital of Rs 500 crore and a paid up capital

of Rs 350 crores.

State Bank of India is the largest banking franchise in India. Along with its 7 Associate Banks,

SBI Group has a network of over 14,000 branches across the country, the largest in the world.

Cardif is a wholly owned subsidiary of BNP Paribas, which is The Euro Zone's leading Bank.

BNP is one of the oldest foreign banks with a presence in India dating back to 1860.
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SHRIRAM LIFE INSURANCE

Shriram Life Insurance Company Ltd is a joint venture between the Chennai-based Shriram

Group and the South African insurance major Sanlam.

The company launched its operations in India in December 2005.

Shriram Life has set a target of achieving a premium income of Rs 110 crore during the first year

of operations. While focussing largely on the strong network of over 65,000 agents and

distribution network of more than 550 branches, Shriram Life is also contemplating

bancassurance alliances with couple of banks.

TATA AIG LIFE INSURANCE

Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and American

International Group, Inc. (AIG). Tata Group is one of the oldest and leading business groups of

India. Tata Group has had a long association with India's insurance sector having been the largest

insurance company in India prior to the nationalisation of insurance. The Late Sir Dorab Tata,

was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way

back in 1919American International Group, Inc is the leading U.S. based international insurance

and financial services organization and the largest underwriter of commercial and industrial

insurance in the United States. AIG has one of the most extensive life insurance networks in the

world.
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S.W.O.T. ANALYSIS

SWOT Analysis is a tool used for understanding an organization's strengths, weaknesses,

opportunities and threats

The SWOT Analysis tool can be used in identifying an organization's strengths (S) and

weaknesses (W), and examining the opportunities (O) and threats (T) it is facing. The outcome

from a SWOT Analysis enables organizations to focus on strengths, minimize weaknesses,

address threats, and take the greatest possible advantage of opportunities available.

Strengths:

Our members value the professional designation. They have a lower course fee structure than similar programs. They provide good customer service. Our instructors are highly-regarded in the profession. They have a small staff and low overhead.Weaknesses:

We are slow to make decisions and adapt to changes that affect the profession. The professional designation is rarely included as a condition of employment. We are overly dependent on key volunteers who developed and teach our certification

courses.

We do not have the resources to research the market and promote the designation.Opportunities

A developing market such as the Internet Mergers, joint ventures or strategic alliances Moving into new market segments that offer improved profits A new international market A market vacated by an ineffective competitor


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Threats

A new competitor in your home market Price wars with competitors A competitor has a new, innovative product or service Competitors have superior access to channels of distribution Taxation is introduced on your product or service


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CHAPTER- 3

CONCEPTUAL DISCUSSION


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INTRODUCTION TO HR POLICIES

Human resources is an increasingly broadening term with which an organization, or other

human system describes the combination of traditionally administrative personnel functions with

acquisition and application of skills, knowledge and experience, employee relations and resource

planning at various levels

PURPOSE

PURPOSE OF HR POLICIES HR POLICIES ALLOW AN ORGANIZATION

To be clear with employees on The nature of the organisation What they should expect from the company What the company expects of them How policies and procedures work at your company What is acceptable and unacceptable behaviour The consequences of unacceptable behaviour Group Growth policy

The establishment of policies can help an organization demonstrate that it meets requirements for

diversity, ethics and training. In order to fire a person it may be necessary to show cause

compliant with employment contracts and collective bargaining agreements; the establishment of

HR Policies to document steps in procedures, including displinary procedures, is now standard.

IMPORTANCE

Human resource managementpolicies are vital for organizations that are serious about resolving

personnel issues and finding hr solutions. Absolute hr solutions provide clients with
http://en.wikipedia.org/wiki/Resource_(economics)http://en.wikipedia.org/wiki/Resource_(economics)


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professional human resource advice, human resource policy solutions and job description writing

and evaluation services.

Common Sense would seem to dictate the necessity of having written policies and procedures

covering all aspects of the employee/organization relationship. Yet, there are organizations with

few or no written policies. In fact, there are organizations that have never considered developing

policies and procedures-written or otherwise. There are organizations with written policies and

procedures that read well but have no relationship to the needs of the organization/company or

employees. There are organizations with elaborate sets of policies and procedures that no one

seems to read, let alone follow, and there are organizations that appear to use their policies and

procedures primarily as rules for identifying and punishing infractions.

In actuality, HR policies-

Provide clear communication between organization/company and its employees regardingconditions of employment.

Form a basis for treating all employees fairly and equally. Are a set of guidelines for supervisors and managers. Create a basis for developing employee handbooks. Establish a basis for regularly reviewing possible changes affecting employees.To fulfill all these purposes and objectives, Policies should:

Be clear and specific, but provide adequate flexibility to meet changing conditions. Comply with all appropriate federal and state laws and regulations. Agree with one another and reflect an overall fair and equal approach to employees.


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HR POLICIES AT ORIENTAL INSURANCE

ATTENDANCE POLICY FUEL REIMBURSEMENT POLICY DRIVERS SALARY REIMBURSEMENT POLICY DOMICILIARY MEDICAL REIMBURSEMENT POLICY TELEPHONE REIMBURSEMENT POLICY LEAVE POLICY CASH HANDLING BY SALES STAFF POLICY STATIONARY POLICY TRAVEL POLICY TRANSFER POLICY EDUCATIONAL SCHOLARSHIP SCHEME POLICY WHISTLEBLOWER POLICY


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ATTENDANCE POLICY

OBJECTIVE

This policy helps to create awareness & communicate the attendance guidelines to all employees

of Oriental Insurance. The policy also aims to enable a clear understanding of the attendance

system and the process.

APPLICABILITY

All employees who are on the rolls and those who have been employed on contractual basis with

Oriental Insurance. All Insurance associates are also required to mark attendance on Empower.

PROCEDURE

The policy is effective from 1 April 2009.

Salary for a month is processed based on attendance records for the entire month as per

Empower. Attendance to be marked on Empower every day for work attended.The attendance

marked for the day worked can be viewed through attendance calendar available in Empower .

For centres where Empower is not available ,the attendance can be marked to the concerned HRvia mail in an excel format. Given below is the format :-

BRANCH HEAD REGIONAL HR ZONAL HR EMPOWER TEAM

SALIENT FEATURES

ONLINE ATTENDANCEOnline attendance is captured on Empower and will be considered for all those employees

who are in locations which have Oriental Insurance intranet , as per their latest location

record on Empower.


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OFFLINE ATTENDANCEOffline attendance will be considered for those employees who are in locations which do not

have Oriental Insurance intranet, as per their latest location record on Empower.

AR (ATTENDANCE REGULATION )This option is used for updating the attendance record for those days for which the

employees has not marked attendance through the employee would have been present at the

workplace or at an outstation location. These days are considered as paid days while

calculating the salary.

LR (LEAVE REGULALARIZATION )This option is used for updating the attendance record for those days for which te employees

has been absent from the workplace due to the employee being on approved paid leave as per

the guidelines specified in the Leave policy. These days are considered as paid days while

calculating the salary.

ANY OTHER AR (ATTENDANCE REGULARIZATION) OR LR (LEAVEREGULARIZATION)

The request has to be approved by the immediate Reporting Manager of the employee on or

before 18thof the salary processing month. Only previous month s AR or LR are considere d

for reversing the salary if the same has been approved on or before 18 th of the salary

processing month. No salary is paid for an AR or LR done for days beyond last paid month.

Cut-off date for providing inputs for salary processing is 18th of the month. If an employeejoins after 18th of the month of salary processing then his/her salary for tat month will be

calculated along with the salary for the next month subject to the same being intimated and

updated in the system before 18th of the next month.


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In case of a separation case , it is mandatory for the employee to regularize his attendance onthe system till his relieving date. No manual inputs will be accepted.

NON REGULARIZATION OF ATTENDANCE :

LOP (Loss of pay) would apply for days where the employees attendance data is notavailable due to any of the below reasons :

1. Non regularization of attendance2. Non regularization of leave

3.

Approval for leave / attendance done after 18

th

of the salary processing

4. Any weekly off which is preceded and followed by non regularized attendance days ,the entire period will be considered as LOP.

5. Attendance regularization not done for the entire month. In this case, the salary forthe month will be kept on hold.

6. In case there is any irregularity in making attendance ; salary for the said month willbe kept on hold , and same will be released along with the subsequent month, subject

to regularization of attendance.

LOP will be reversed with the following pay cycle, provided the required regularizations are

done before the cutoff date for that pay cycle. For details on your attendance employees can refer

the Attendance calendar available on Empower,

EXCEPTION

Any exception to these policy guidelines requires the approval of GM HR


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FUEL REIMBURSEMENT

OBJECTIVE

Through this policy employees can claim the fuel expenses incurred during the tenure of his/her

association with Oriental Insurance.

APPLICABILITY

Employees are eligible to claim fuel reimbursement on production of bills maximum to the limit

as mentioned in employees CTC structure. Employees monthly claim cannot exceed the pro -

rata eligibility. The impact of revision in fuel prices upwards or downwards does not have any

influence on the reimbursement values as it is clearly stems from the eligibility mentioned in

employees CTC structure.

IMPORTANT POINTS TO REMEMBER

The scheme does not cover repairs , maintenance , toll or parking charges incurred on hevehicle.

This reimbursement cannot be credited as a taxed monthly component and hence if employeedecides not to claim it on a regular basis will be paid to the employee in the march salary ,

which will be subject to incometax. Number of months served in the organization in a

financial year will decide your eligibility till that period.

Employee can exhaust their fuel reimbursement limit in maximum 12 claims. Any unclaimed/balance amount for the respective financial year will be paid to the employee

in the March salary which will be subject to income-tax.

PROCEDURE

Claim for reimbursement can be done on a monthly basis wherein the fuel reimbursement forms

will be processed on 5th and 20th of every month.

The Fuel bills for every financial year are not allowed to be claimed upto 31 st March. They

cannot be claimed thereafter since no accumulation is permissible.


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DRIVERS SALARY REIMBURSEMENT

OBJECTIVE

Through this policy employees can claim the drivers salary expenses incurred during the tenure

of his/her association with Oriental Insurance. The drivers salary reimbursement process will be

considered under a financial year basis i.e. (AprilMarch)

APPLICABILITY

Employees re eligible to claim drivers salary reimbursement on complying to the limit asmentioned in the CTC structure .The monthly claim cannot exceed employees pro rata

eligibility. The impact of revision in the employees drivers salary upwards or downwards does

not have any influence on the reimbursement values as it clearly stems from the eligibility

mentioned in the CTC structure.

PROCEDURE

This policy can be exercised with the help of the following steps:-

The scheme becomes operative from the date of joining. This scheme can be availed by filling the Drivers salary reimbursement form which can

be downloaded from the HR intranet.

The form will consist of two parts one consisting of the amount to be claimed and

another an acknowledgement in form of your drivers initials on a revenue stamp.(Number of months served in the organization in a financial year will decide the

employees eligibility till that period )

Claim for reimbursement can be done on a monthly basis wherein the Drivers salaryreimbursement forms will be processed on 5th and 20th of every month.


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IMPORTANT POINTS TO REMEMBER

The scheme does not cover repairs, maintenance, toll or parking charges incurred on thevehicle.

Employees can exhaust their Drivers salary reimbursement limit in maximum 12 claims.Any unclaimed / balance amount for the respective financial year will be paid to the

employee in the march salary which will be subject to incometax.

DOMICILIARY MEDICAL REIMBURSEMENT

OBJECTIVE

The scheme covers the expenses incurred on domiciliary medical treatment for the employ and

his family.

INTRODUCTION

The scheme covers the expenses incurred on the medical treatment of the employee and his

family. Family for this purpose means spouse / parents /dependants brothers or sisters and

unmarried dependant children upto the age of 25 years.

The scheme becomes operative on confirmation of the employee retrospectively from the date of

joining. He/She can claim the medical expenses incurred during the tenure of his /her association

with Oriental Insurance. The medical reimbursement process will be considered under a financial

year basis. i.e. (AprilMarch)

PROCEDURE

The scheme can be availed of by employees by completing the medical reimbursementform which can be downloaded from the HR intranet and submit the same along with the

original medical bills to Corporate HR.


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Claim for reimbursement will be processed on a fortnightly basis ie. On 5 th and 20th ofevery month.

TERMS AND CONDITIONS

1. The medical bills for every financial year are allowed to be claimed upto 31st March.They cannot be claimed thereafter since no accumulation is possible.

2. Tax exemption on Medical reimbursement will be allowed only if claims are supportedwith necessary bills as per policy.

3. Employees can exhaust their medical reimbursement limit in 12 claims. Amount equal toprorated eligibility will be processed on settlement of claim.

4. Any unclaimed/balance amount for the respective financial year will be paid to theemployee in the March salary which will be subject to income tax.

STATIONARY POLICY

OBJECTIVE

This policy keep the track of the consolidated periodic stationary requirement of a department ,

from both expenses and budget point of view.

PROCEDURE

Presently stationary is being requested , as and when required by all , the following terms and

conditions are followed through this policy :-

Departments would generate their own stationary requisition. Requisition must be authorized by the Department head.

Requisition must be forwarded to once in a fortnight ( on 1stand on 15

th

) All requisition forwarded to Administration for consolidation. Administration will execute the supply within a day or two, according to Departments

requisition.


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TELEPHONE REIMBURSEMENT POLICY

OBJECTIVE

Through this policy employees can claim the Telephone bill expenses incurred during the tenure

of his / her association with Oriental Insurance.

INTRODUCTION

The scheme becomes operative from the date of joining and the Telephone bill reimbursement

process will be considered under a financial year basis i.e (April to March)

ELIGIBILITY

Employees are eligible to claim telephone bill reimbursement on production of bills maximum to

the limit as mentioned in the employees CTC structure. The monthly can not exceed the pro-rata

eligibility .The impact of revision in telephone call rates upwards or downwards does not have

any influence on the reimbursement values as it clearly stems form the eligibility mentioned in

the employees CTC structure.

PROCEDURE

This scheme can be availed by :-

Filling the Telephone bill reimbursement form which can be downloaded from the HRintranet and submit the same along with original or photocopy of the original bill.

Claim for reimbursement can be done on a monthly basis wherein the Telephone billreimbursement form will be processed on 5 th and 20th of every month.

The Telephone bills for every financial year are allowed to be claimed upto 31st March.They cannot be claimed thereafter since no accumulation is permissible.


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POINTS TO REMEMBER

To avail this reimbursement the telephone connection (landline or mobile).Thereimbursement can be claimed only for the connection either landline or mobile and the

same connection should remain constant at least for one financial year.

This needs to be registered on the employees name. One can exhaust the Telephone bill reimbursement limit in maximum 12 claims.

LEAVE POLICY

In Oriental Insurance, employees can avail various types of leave. All eligible employees areadvised to adhere to the following guidelines :-

Employees in the E/F band ,whose confirmation period is three months would be eligiblefor 1 casual leave and 2 sick leaves during their probation period.

All other employees whose confirmation period is 6 months or 1 year would be eligiblefor 2 casual leaves and 3 sick leaves during their probation period.

However , if the employee leaves during probation period or is terminated this leave

would be treated as leave without the pay and the same would be deducted from the Full

and Final settlement.

BAND ELIGIBILITY LEAVES

E/F CONFIRMATION

PERIOD IS 3 MONTHS

1 CASUAL LEAVE

&

2 SICK LEAVES

CONFIRMATION

PERIOD IS 6 MONTHS

OR 1 YEAR.

2 CASUAL LEAVES

&

3 SICK LEAVES


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PRIVILEGE LEAVE

Eligibility

Subject to Employee confirmation in the organization .

Quantum

30 days per calendar year.(January to December ).Privilege Leave will be credited to the

employees leave account at the end of every month proportionately @ 2.5 days per month. In

case an employee works for minimum 15 days , then 1 privilege leave will be credited to his /

her account , if he / she completes minimum 30 days , only then he will be eligible for 2.5 days .

Leave without pay will not be considered while calculating privilege leave.

Accumulation

All unutilized PL will be carried forward and will be added to the next years quantum. PL is

encashable at the time of employee exit.

Authorization

Sanction of PL request is a must prior to proceeding on leave .All employees need to take

approval from their respective reporting manager.

Note- If a holiday falls during PL period , the holiday will be considered as PL and not a holiday.

SICK LEAVE

Quantum

15 days per calendar year .Unvailed SL will be carried forward in the next year will be added to

the next years SL.


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How o avail

SL can be applied after it as been availed and should be requested for authorization. SL , which

is beyond 2 days , will require fitness certificate from a registered medical practitioner which

should be submitted through a sanctioning authority to HR while resuming duty. The company

reserves the right to examine the employee during / after SL period by the companys medical

officer if found necessary.

Accumulation

All unutilized SL will be carried forward and will be added to the next years quantum. SL is not

considered for encashment at that time of employee exit.

Note- it is important that the concerned employee communicates his/her unavailability due to

sickness to his / her senior on that day at the earliest.

CASUAL LEAVE

Quantum

8 days per calendar year. CL will be credited to the employees leave account every 1

st

Januaryeach year. Casual leave is provided for unforeseen and urgent circumstances. However, CL will

have to be necessarily applied at least one day in advance or in case of the urgency and the

employee is unable to attend duty , they need to communicate their absence on that day at the

earliest to their superior. In such cases , immediately upon resuming duty , request for CL should

be made.

Note- A maximum of 3 days CL can be availed of at a stretch. Unclaimed CL is not carried

forward and cannot be encashed also.


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MATERNITY LEAVE

Quantum

90 days ( up to 45 days before & 45 days after delivery ).

How to avail

To avail this leave , one needs to inform respective functional head/ branch manager about the

expected period of absence and provide medical certificate from the medical practitioner

certifying the approximate date & month of delivery . This document (photocopy) should be

forwarded to HR through the functional head / branch manager .

Maternity Leave is granted for two pregnancies only.

PRIVILIGE

LEAVE

SICK

LEAVE

CASUAL

LEAVE

MATERNITY

LEAVE

QUANTUM

30 days per

calendar year

15 calendar

per year

8 days per

calendar

year.

90 days (up to

45 days before

& 45 days after

delivery )

HOW TO AVAIL

The

eligibility of

this leave

subject to

employee

confirmation.

This leave

should be

requested for

authorization

By

informing

the

superior

one day

before.

Inform

respective

functional head

about the

expected

period

ACCUMULATIONAdded to thenext years

quantum

Added to thenext years

quantum

UnclaimedCL is not

carried

forward

Nothing assuch

mentioned


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LEAVE TRAVEL ASSISTANCE (LTA)

INTRODUCTION

Through this policy the employee gets the amount of the travel fare incurre by him and his

family

FAMILY MEANS

Spouse & Children of the employee. Parents , Brothers & Sisters of the employee or any other of them , wholly or mainly

dependant on the employee.

ELIGIBILITY

All confirmed employees , who have completed one year of service from the date of joining the

company , are eligible to avail Leave Travel Assistance (LTA )

HOW TO AVAIL

A minimum of four days of privilege leave will have to be availed in order to claim LTA.

LTA is eligible on a calendar year basis. It can be claimed for every completed calendar year

(Jan to Dec )

The LTA claim form needs to be forwarded to Salary Queries. Please refer Check list of

documents to be attached before sending LTA form. Check list of Documents to be attached-

Printout of Leave regularization view in EMPOWER providing proof of privilegeLeave availed & approved by seniors.

Original travel tickets.


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Once the employee submit the LTA application , and after approval of the same by the HR dept ,

it will be sent to accounts dept wherein their LTA amount will be directly credited into their

salary account.

LTA credit in advance cannot be permitted.

EXEMPTION

Employees can avail exemption only in respect of two journeys performed in a block of four

calendar years. Employee can claim such exemption against accumulated unclaimed eligibilities

of previous calendar years.

As per income Tax Act , 1961 LTA can be accumulated for a block of four calendar years

commencing from the year 1986. The current block is 2006-2009.

UNCLAIMED

Any unclaimed LTA eligible for previous block of four calendar years will be paid to the

employee in his December salary of the ensuing year of the succeeding block of four calendar

years which will be subject to income Tax

CASH HANDLING BY SALES STAFF

INTRODUCTION

All sales staff is instructed that if they accept proposals with cash from Customers/ FC/

Corporate agent , the same should be deposited with operations before the end of the cash

timings of the branch.

POINTS TO REMEMBER

If the forms are incomplete and returned by operations or if the sales staff could not makeI before the cash timings , then he needs to ensure that the money is returned with

proposal form to concerned Customer/FC/Corporate Agent the same day by itself.


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Further he needs to inform that money is not kept with him in the event of the proposalnot being logged in with operations. Violation of the same will be the sole responsibility

of the individual sales staff and any loss will have to be borne by him.

TRAVEL POLICY

OBJECTIVE

An employee has to travel for business purpose hence travel should be consistent with the needs

of the business and should be used to accomplish the business objective in the most efficient

manner.

This policy helps to achieve the above objective.

1. LOCAL CONVEYENCE

Note- Employees who are already entitled for fuel reimbursement/company owned car/company

leased car/incentive car will not be entitled for any reimbursement mentioned under:-

(a) Mode & Class of travel

The transport used should be the public transport. Reimbursement of 1st class train ticket and bus/auto/taxi fare within the city limits shall

be paid on the basis of approval in travel settlement form.

(Prior approval with written justification for booking a car, to be used locally within the

sphere of duty is mandatory.

The following table mentions the user of the travel policy and the person from whom the

approval has to be taken to continue with the policy:-


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USER APPROVAL

Employee at branches Branch Manager

Zonal Manager Business head or General Manager ,

(sales in the absence of Business head)

Employees at Head offices & Hubs Head of the Department

Head of the Department General Manager or Managing Director

General Manager Managing Director

Note-If a group of employees are traveling by public transport (taxi.. etc) then the senior

most , shall make payments for all the other subordinates.

# Use of personal owned vehicles for official work.

Use of personal owned vehicles for official work will be at the employees own risk andcompany will not be liable in case of accident or damage.

Fuel reimbursements can be claimed by employees using their personal owned vehicles for

official work except those covered under the incentive scheme subject to a ceiling of :-

CAR (all employees ) Rs 6.00 per km

Two wheelers (all employees ) Rs 2.50 km

The above takes into account :- PETROL, OIL , MAINTENANCE , EXPENSES , REPAIRS ,

etc

The new local conveyance reimbursement format is available on Oriental Insurance intranet.


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GROUP TRAVELING

The owner of the personal owned vehicle shall be eligible for reimbursement while traveling ingroup.

(b) Policy for reimbursement to employees provided with company owned car/company

leased car/fuel reimbursement.

This type of reimbursement will be subject to submission of actual bills.

Employee entitled to company owned car or leased car facility or fuel reimbursement can claim

local conveyance , IF

They do not use the company owned car/leased carthen employee can claim taxi/auto fare.

Employees traveling in a group with a colleague who is availing company owned leased car

facility shall not be entitled to claim any local conveyance.

2. OUTSTATION TRAVEL

(a) Policy for outstation business travels

Employee traveling to outstation shall make their own arrangement for pick up and drop

at their respective locations. Auto/taxi fares incurred on company work during tour are

reimbursable only at base location.

Mode of travel shall be as per eligibility as under :

GROUP AIR RAIL ROAD

General Manager &

above

Business class AC (1st class) AC car


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Head of

Departments

Economy class AC (1st class), AC

chair

AC car, Luxury

AC bus

Band D & C Economy class AC (2nd class) AC

chair

AC car, Luxury AC

Bus

Band E, F ,G Economy Class

Only in case of

exigency

3 Tier AC sleeper or

AC chair car

Non AC car /

Luxury AC bus

Employees on reaching the travel destination away from their location , shall use rental cars

only in instances where Taxi is not available

(b) Expenses that are permitted on outstation travel

Laundry charge are reimbursable, if an employee is out of station for more than 48 hours. Laundry charges maximum of Rs 100/- per day will be reimbursed .Business heads ,

head of departments and above will be reimbursed actual laundry charges.

Preferably on tour , telephone calls should be made from branch officer phone calls fromthe hotel should be restricted to extent possible. Personal calls on outstation stay will

need specific authorization by reporting superior , keeping in mind , family exigencies

and domestic compulsions.

Liquor expenses are not reimbursable. The employees may entertain company s guest for company s business will on

outstation travel .However , the relevant bills stating purpose and guest list mustaccompany travel expenses voucher and shall need the approval as follows:-


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USER APPROVAL

Employees at branches Territory Manager & above

Territory Manager Regional Manager & Zonal Manager

Zonal Manager Business Head or General Manager

Employees at head office & Hubs Head of the department

Head of the department & Business Heads General Manager & Managing Department


3. HIRED CARS

The following table shows the type of cars available to the employees oh Oriental Insurance ,

group wise:-

GROUP TYPE OF CAR

General Manager & above (AC) Honda city , Corolla , Lancer ,

Optra

Head of Department & Business Heads (AC) Ford Ikon , Maruti Esteem , (AC)

Indigo , (AC) Indica

Brand D & C (AC) Zen , Indigo , Esteem , Indica

Brand E, F , G (Non AC) Indica

The employees are asked to avoid hotel stay.


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Hotels will be arranged by Administration department only for Corporate Office Employeeson receiving duly completed and approved requisition.

Hubs & Branches will have to book through their respective administrative staff. List of hotels are mentioned , all are advised to avail Standard rooms . In event of any

non-availability in the mentioned hotels , an equivalent accommodation maybe arranged with

the same tariff range.

HOW TO AVAIL THE POLICY

There is a form for Travel policy and the following table shows the employees that should take

approval by the following person :-

USER APPROVAL

Employees at branches Territory Manager & above

Territory Manager Regional Manager & Zonal Manager

Zonal Manager Business Head or General Manager

Employees at Head office & Hubs Head of the department

Head of the Department & Business

Head

General Manager or Managing Director



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TRANSFER POLICY

OBJECTIVE

To provide guidelines to employees about the rules governing the transfer of the employees.

SCOPE

The policy is applicable to confirmed employees of Oriental Insurance.

TYPES OF TRANSFERS:

A. Transfer executed by the company to meet business requirements of the company as per

the terms of the employment.

B. A transfer arising out of the internal recruitment process through the jobs advertised by

the HR Department & the promotion within the company,

C. A transfer requested by the employee on the grounds of his personal reasons by way of

formal application & which is accepted by the company.

RULES & GUIDELINES

For A & B

The Employees would be provided with the reimbursement incurred on travel for hisfamily which includes spouse , two children & dependant parents from he base location

to new location as per the travel policy.

At the new location the employee and his family would be provided hotelaccommodation as per the travel policy .

The employee would be eligible to receive a one-time reimbursement of expenditureincurred on packing & transportation of his personal household items.


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The employee would be eligible for financial assistance to obtain leased accommodationin the transferred location.

The House rent allowance would be paid as per the rate of HRA prescribed & applicablein Oriental Insurance to the transferred location.

For C

Only confirmed employees are eligible to apply for a request transfer. The employee should make a formal application to his reporting manager detailing the

reason of request.

The reporting Manager should forward the application with his comments &recommendations to his functional head with a copy to HR.

Subsequent to the transfer the rate of HRA of any other location salary/ benefit would beapplicable as applicable to the location.

In case the request transfer is accepted the employee would be required to bear the cost ofmoving & packing and all other associated expenses.

INSURANCE OF COMPANY ASSETS

INTRODUCTION

As a rule all company properties must be insure as covered in the policy issued by the insurance

company with timely payment of premiums , HR & Admin. Department is committed to ensure

the insurance of all company properties on a regular and timely basis against risks like fire ,flood , earthquakes .etc


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OBJECTIVE

To ensure insurance coverage of all assets , all concerned employees must timely

comply with the actions required by respective departments as detailed.

Any additions or deletions of assets at all our locations must be immediately intimated tothe insurance company through Admin. with the description of the item and the value.

Any damage , destruction or loss of properties due to any reason will be immediatelyinformed to Admin. With complete details for proceeding with insurance claim.

All departments should submit replacement value of properties procured by them everyyear.

Admin. Department will review insurance procedures regularly so that all times companyproperties are insured.

EDUCATIONAL SCHOLARSHIP SCHEME

OBJECTIVE

With a view to