A PROJECT

On

Study on social security and welfare scheme in Life Insurance Corporation and State Bank of India

Submitted for the partial fulfillment of the

Requirement of degree of Masters of Business Administration

Submitted By

Ankit Michael Samuel

Under the Guidance of

Amit Banerjee

Department of Management Studies

Maulana Azad National Institute of Technology

Bhopal(MP)

2012

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Declaration

I Ankit Michael Samuel student of 4th Sem from Department of Management Studies of Maulana Azad National Institute of Technology, Bhopal. Here by declare that I did my major project on " Study on Social Security & Welfare Schemes" under the guidance of Amit Banerjee.

Yours Sincerely Ankit Michael Samuel

Scholar Number: 102103107 4th Sem MANIT (DOMS), Bhopal

Certificate

This is to certify that Mr. Ankit Michael Samuel student of M.B.A. of MANIT, Bhopal has successfully completed his major project as a part of professional studies on project "Social Security and Welfare Schemes".

This project work has been carried out under the supervision and is of sufficiently high standard to warrant is presentation for the examination leading to degree of M.B.A. of MANIT university of Bhopal.

This is to certify that the above statement made by the candidate is true to the best of my knowledge.

I wish them a successful professional career.

Shri Amit Banerjee

(Associate Professor

Management Studies Department,

MANIT,Bhopal)

Counter Signature HOD(Signature)

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Acknowledgement

I thank my guide Amit Banerjee for his guidance from time to time and cooperation and the encouragement that he provided.

I thank my friends for their innovative ideas and suggestions that helped me to gain a better insight of the social security scheme and to depict a clear picture of the scenario.

I thank our department HOD Mr. Gahlot Sir for his valuable comments and suggestions that he suggested during the presentations and discussion meetings.

I encourage the feeling of guidance and optimist approaches to find a better solution and ways for better understanding and analysis of the schemes and polices of social security and welfare.

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Preface

This project describes the social security schemes and acts as directed by the government legislation of the country and the personal schemes and policies that are governed to support the concept of social security and welfare schemes of the Life insurance Corporation and State Bank of India.

The Literature review phases deals with analysis of the social security research cases and to extract the parameters of analysis for the survey.

This phases helps in getting a better insight about the policies of the State Bank of India and Life Insurance Corporation.

The Survey helps in getting the clear picture about the Awareness, Security, Satisfaction and welfare parameters analysis.

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Table of Contents

1.Introduction

Social Security Acts and Rights of the Government

1.1 What is Social Security ? ......................................................................................71.2 Right to social security..........................................................................................71.3 Universal Declaration of Human Rights.................................................................71.4 International Covenant on Economic, Social and Cultural Rights.........................81.5 Employee Provident fund Scheme.........................................................................91.6 Employee State Insurance Scheme......................................................................12

2.1 Social security legislation in India........................................................................13 2.2 Why do we need social security ?........................................................................142.3 Synopsis of Social Security Laws..........................................................................142.4 New Initiative in Social Security...........................................................................15

2.Review of literature

Life Insurance Corporation of India ..........................................................................16

1.1 Group Insurance Scheme....................................................................................16

1.1.1 Nature of the Scheme1.1.2 Premium rates1.1.3 Benefits1.1.4 Different types of Group Insurance Cover1.1.5 Non Employer - Employer Groups1.1.6 General features of Group Insurance Scheme

2.2 Jana Shri Bima Yojna ..........................................................................................192.3 Siksha Sahyog Yojna............................................................................................202.4 Aam Admi Bima Yojna.........................................................................................20

State Bank of India ..................................................................................................222.1 SBI Life - Flexi Smart Insurance...........................................................................232.1.1 Introduction2.1.2 Key Features

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2.1.3 Product Snapshot2.1.4 Benefits

2.2 SBI Life - Hospital Cash ........................................................................................252.2.1 Introduction2.2.2 What is SBI Life - Hospital Cash2.2.3 Key Features2.2.4 Eligibility2.2.5 Scale of Benefit

2.3 SBI Life Smart Performer.....................................................................................272.3.1 Introduction2.3.2 Key Features2.3.3 Product Snapshot 2.3.4 Benefits

2.4 SBI Life Swadhan (Group)....................................................................................30 2.4.1 Introduction2.4.2 Key Features2.4.3 Exclusion

3.Research Methodology

1.1 Questionnaire .....................................................................................................32

4.Analysis and Interpretation

1.1 Survey Results......................................................................................................39

5.Findings............................................................................................................42

6.Limitations.......................................................................................................43

7Suggestion........................................................................................................44

8.Conclusion.......................................................................................................45

Bibliography.......................................................................................................46

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Introduction

Social Security Acts and Rights of the Government

1.1 What is Social Security?

Social security is primarily a social insurance program providing social protection or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Social security may refer to:

social insurance, where people receive benefits or services in recognition of contributions to an insurance program. These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance.

income maintenance, mainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment

services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work and even industrial relations.

More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessities—things such as food, clothing, housing, education, money, and medical care.

The right to social security is recognized in the Universal Declaration of Human Rights and the International Covenant on Economic, Social and Cultural Rights.

1.2 Right to social security

The right to social security is recognized as a human right and establishes the right to social security assistance for those unable to work due to sickness, disability, maternity, employment injury, unemployment or old age. Social security systems provided for by states consist of social insurance programs, which provide earned benefits for workers and their families by employment contributions, and/or social assistance programs which provide non-contributory benefits designed to provide minimum levels of social security to persons unable to access social insurance.

1.3 Universal Declaration of Human Rights

The Universal Declaration of Human Rights recognizes the right to social security in articles 22, which states that:

"Everyone, as a member of society, has the right to social security and is entitled to realization, through national effort and international co-operation and in

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accordance with the organization and resources of each State, of the economic, social and cultural rights indispensable for his dignity and the free development of his personality."

And article 25, which enshrines the right to an adequate standard of living, stating that:

"(1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control. (2) Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection."

1.4 International Covenant on Economic, Social and Cultural Rights

Article 9 of the International Covenant on Economic, Social and Cultural Rights (ICESCR) recognizes "the right of everyone to social security, including social insurance." The right to social security is furthermore recognized in Article 10, which states that "special protection should be accorded to mothers during a reasonable period before and after childbirth. During such period working mothers should be accorded paid leave or leave with adequate social security benefits."[4] State parties to the ICESCR have the obligation to respect, protect and fulfill the right to social security. In the General Comment no 19 (2007) On the Right to Social Security the UN Committee on Economic, Social and Cultural Rights clarified that the right to social security as enshrined in the ICESCR encompasses:

"the right to access and maintain benefits, whether in cash or in kind, from (a) lack of work-related income caused by sickness, disability, maternity, employment injury, unemployment, old age, or death of a family member; (b) unaffordable access to health care; (c) insufficient family support, particularly children and adult dependents"

Social security is understood to encompass the following nine branches: adequate health service, disability benefits, old age benefits, unemployment benefits, employment injury insurance, family and child support, maternity benefits, disability protections, and provisions for survivors and orphans. State parties to the ICESCR have the obligation to fulfill the right to social security by adopting "the necessary measures, including the implementation of a social security scheme". State parties must ensure that "the social security system will be adequate, accessible for everyone and will cover social risks and contingencies". State parties also have an obligation to facilitate the right to social security by sufficiently "recognizing this right within the national political and legal systems, preferably by

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way of legislative implementation" and "adopting a national social security strategy".

1.5 Employee Provident Fund Scheme, 1952

Employee Definition:"Employee" as defined in Section 2(f) of the Act means any person who is employee for wages in any kind of work manual or otherwise, in or in connection with the work of an establishment and who gets wages directly or indirectly from the employer and includes any person employed by or through a contractor in or in connection with the work of the establishment.

Membership:All the employees (including casual, part time, Daily wage contract etc.) other then an excluded employee are required to be enrolled as members of the fund the day, the Act comes into force in such establishment.

Basic Wages:"Basic Wages" means all emoluments which are earned by employee while on duty or on leave or holiday with wages in either case in accordance with the terms of the contract of employment and witch are paid or payable in cash, but dose not include

a. The cash value of any food concession; b. Any dearness allowance (that is to say, all cash payment by whatever name

called paid to an employee on account of a rise in the cost of living), house rent allowance, overtime allowance, bonus, commission or any other allowance payable to the employee in respect of employment or of work done in such employment.

c. Any present made by the employer.

Excluded Employee:"Exclude Employee" as defined under pare 2(f) of the Employees' Provident Fund Scheme means an employee who having been a member of the fund has withdraw the full amount of accumulation in the fund on retirement from service after attaining the age of 55 years; Or An employee, whose pay exceeds Rs. Five Thousand per month at the time, otherwise entitled to become a member of the fund.

Explanation:'Pay' includes basic wages with dearness allowance, retaining allowance, (if any) and cash value of food concessions admissible thereon.

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Employee Provident Fund Scheme:Employees' Provident Fund Scheme takes care of following needs of the members: (i) Retirement (ii) Medical Care (iii) Housing(iv) Family obligation (v) Education of Children (vi) Financing of Insurance Polices

How the Employees' Provident Fund Scheme works:As per amendment-dated 22.9.1997 in the Act, both the employees and employer contribute to the fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. The rate of contribution is 10% in the case of following establishments:

Any covered establishment with less then 20 employees, for establishments cover prior to 22.9.97.

Any sick industrial company as defined in clause (O) of Sub-Section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 and which has been declared as such by the Board for Industrial and Financial Reconstruction,

Any establishment which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth and

Any establishment engaged in manufacturing of (a) jute (b) Breed (d) coir and (e) Guar gum Industries/ Factories. The contribution under the Employees' Provident Fund Scheme by the employee and employer will be as under with effect from 22.9.1997.

Employees' Provident Fund Interest rate:The rate of interest is fixed by the Central Government in consultation with the Central Board of trustees, Employees' Provident Fund every year during March/April. The interest is credited to the members account on monthly running balance with effect from the last day in each year. The rate of interest for the year 1998-99 has been notified as 12%. The rate of interest for 99-2000 w.e.f. 1.7.'99 was 11% on monthly balances. 2000-2001 CBT recommended 10.25% to be notified by the Government.

Benefits:A) A member of the provident fund can withdraw full amount at the credit in the fund on retirement from service after attaining the age of 55 year. Full amount in provident fund can also be withdraw by the member under the following circumstance:

A member who has not attained the age of 55 year at the time of termination of service.

A member is retired on account of permanent and total disablement due to bodily or mental infirmity.

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On migration from India for permanent settlement abroad or for taking employment abroad.

In the case of mass or individual retrenchment.

B) In the case of the following contingencies, the payment of provident fund be made after complementing a continuous period of not less than two months immediately preceding the date on which the application for withdrawal is made by the member:

Where employees of close establishment are transferred to other establishment, which is not covered under the Act:

Where a member is discharged and is given retrenchment compensation under the Industrial Dispute Act, 1947.

Withdrawal before retirement:A member can withdraw upto 90% of the amount of provident fund at credit after attaining the age of 54 years or within one year before actual retirement on superannuation whichever is later. Claim application in form 19 may be submitted to the concerned Provident Fund Office.

Accumulations of a deceased member:Amount of Provident Fund at the credit of the deceased member is payable to nominees/ legal heirs. Claim application in form 20 may be submitted to the concerned Provident Fund Office.

Transfer of Provident Fund account:Transfer of Provident Fund account from one region to other, from Exempted Provident Fund Trust to Unexampled Fund in a region and vice-versa can be done as per Scheme. Transfer Application in form 13 may be submitted to the concerned Provident Fund Office.

Nomination:The member of Provident Fund shall make a declaration in Form 2, a nomination conferring the right to receive the amount that may stand to the credit in the fund in the event of death. The member may furnish the particulars concerning himself and his family. These particulars furnished by the member of Provident Fund in Form 2 will help the Organization in the building up the data bank for use in event of death of the member.

Annual Statement of account:As soon as possible and after the close of each period of currency of contribution, annual statements of accounts will de sent to each member through of the factory or other establishment where the member was last employed. The statement of accounts in the fund will show the opening balance at the beginning of the period,

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amount contribution during the year, the total amount of interest credited at the end of the period or any withdrawal during the period and the closing balance at the end of the period. Member should satisfy themselves as to the correctness f the annual statement of accounts and any error should be brought through employer to the notice of the correctness Provident Fund Office within 6 months of the receipt of the statement.

1.6 Employee State Insurance Scheme

Employees' State Insurance scheme (ESI, Hindi: कर्म�चा�री� री�ज्य बी�र्म�) is a self-financing social security and health insurance scheme for Indian workers. For all regular employees earning less than 15,000 per month salary, the employers and employees contribute a fixed percentage of the salary. This fund is managed by the ESI Corporation, which oversees the provision of medical and other benefits to the employees, through its large network of dispensaries and hospitals throughout India.

ESI was started in India in 1948, initially for factory workers. It now provides social security to employees from all industries, covering 12.5 million employees working with about 400,000 employers. Total beneficiaries as of 2008-09 are above 50 million. The employees registered under the scheme are entitled to medical treatment for themselves and their dependants, unemployment cash benefit in certain contingencies, and maternity benefit in case of women employees. In case of employment-related disablement or death, there is provision for a disablement benefit and a family pension, respectively.

Outpatient medical facilities are available in 1398 ESI dispensaries, and through 1678 empanelled private medical practitioners. Inpatient care is available in 145 ESI Hospitals and 42 Hospital annexes; a total of 19387 beds. In addition, several state government hospitals also have beds for exclusive use of ESI Beneficiaries. Cash benefits can be availed in any of 783 ESI centres located throughout India.

Recent years have seen increasing role of information technology in ESI, with the introduction of Pehchan smart cards in 'Project Panchdeep', India's largest e-governance project. In addition to insured workers, poor families eligible under the Rashtriya Swasthya Bima Yojana can also avail facilities in ESI hospitals and dispensaries. There are plans to open medical, nursing and paramedical schools in ESI hospitals. Director General - Shri C.S. Kedar, IAS Financial Commissioner - Shri Rajiv Dutt, IRAS Medical Commissioner - Dr. J. N. Mahanty Insurance Commissioner - Shri Bimal Kumar Sahu

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2.1 Social security legislations in India

Social Security for employees is a concept which over time has gained importance in the industrialized countries. Broadly, it can be defined as measures providing protection to working class against contingencies like retirement, resignation, retrenchment, maternity, old age, unemployment, death, disablement and other similar conditions.

With reference to India, the Constitution levies responsibility on the State to provide social security to citizens of the country. The State, here, discharges duty as an agent of the society in order to help those who are in adverse situations or otherwise needs protection owing to above mentioned contingencies. Article 41, 42 and 43 of the Constitution do talk about the same. Also, the Concurrent List of the Constitution of India mentions issues like-

Social Security and insurance, employment and unemployment. Welfare of Labour including conditions of work, provident funds, employers'

liability, workmen's compensation, invalidity and old age pension and maternity benefits.

Drawing from the Constitution of India and ILO Convention on Social Security1 (ratified by India in 1964), some of the legislations that have been enacted for social security are Employees’ State Insurance Act, 1948, Workmen’s Compensation Act, 1923, Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, Maternity Benefit Act, 1961, Payment of Gratuity Act, 1972, etc. A social security division has also been set up under the Ministry of Labour and Employment which mainly focuses on framing policies for social security for the workers of organized sector.

Apart from above mentioned enactments, since the last decade the government has initialized efforts to extend the benefits to the unorganized sector too. Legislative enactments like the National Rural Employment Guarantee Act, 2005, Unorganized Sector Workers’ Social Security Act, 2008 and the Domestic Workers (Registration, social security and welfare) Act, 2008 are examples of the same.

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The National Rural Employment Guarantee Act, 2005 aim at curbing unemployment or unproductive employment in rural areas. It focuses on enhancing livelihood security to rural people, as it guarantees productive wage employment for at least 100 days in a year. The Fiscal budget, this year, has also hiked the allocation to its job guarantee scheme NREGA by 144% and also the beneficiaries under the scheme would, henceforth, be entitled for a minimum wage of Rs. 100 per day.2

Also, there is Unorganized Workers’ Social Security Act, 2008, which targets at extending social security measures to unorganized sector workers. The law thereby aims at extending to workers in informal sector status and benefits similar to that of formal sector workers.

On the same lines, Domestic Workers Act, 2008 has also been enacted. The legislation aims at regulating payment and working conditions of domestic workers and entitles every registered domestic worker to receive pension, maternity benefits and paid leave that is a paid weekly off.

These legislations for organized and unorganized sector workers need to be bestowed attention because this will help improve their productivity and industrial relations and thus ensure development of the country.

2.2 Why do we need social security ?

Social Security protects not just the subscriber but also his/her entire family by giving benefit packages in financial security and health care. Social Security schemes are designed to guarantee at least long-term sustenance to families when the earning member retires, dies or suffers a disability. Thus the main strength of the Social Security system is that it acts as a facilitator - it helps people to plan their own future through insurance and assistance. The success of Social Security schemes however requires the active support and involvement of employees and employers.

As a worker/employee, you are a source of Social Security protection for yourself and your family. As an employer you are responsible for providing adequate social security coverage to all your workers.

2.3 Synopsis of Social Security Laws

The principal social security laws enacted in India are the following:

(i) The Employees’ State Insurance Act, 1948 (ESI Act) which covers factories and establishments with 10 or more employees and provides for comprehensive medical care to the employees and their families as well as cash benefits during sickness and maternity, and monthly payments in case of death or disablement.

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(ii) The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (EPF & MP Act) which applies to specific scheduled factories and establishments employing 20 or more employees and ensures terminal benefits to provident fund, superannuation pension, and family pension in case of death during service. Separate laws exist for similar benefits for the workers in the coal mines and tea plantations.

(iii) The Workmen’s Compensation Act, 1923 (WC Act), which requires payment of compensation to the workman or his family in cases of employment related injuries resulting in death or disability.

(iv) The Maternity Benefit Act, 1961 (M.B. Act), which provides for 12 weeks wages during maternity as well as paid leave in certain other related contingencies.

(v) The Payment of Gratuity Act, 1972 (P.G. Act), which provides 15 days wages for each year of service to employees who have worked for five years or more in establishments having a minimum of 10 workers.

2.4 New Initiative in Social Security

Varishtha Pension Bima Yojana (VPBY): This scheme proposed in

the 2003-04 budget by the Ministry of Finance is to be administered by the Life Insurance Corporation of India (LIC). Its main featues are summarized below:

Under VPBY, any citizen above 55 years of age, could pay a lump-sum, and get a monthly pensions are pegged at Rs. 250 and Rs. 2000 per month respectively. These amounts are not indexed to inflation.

There is a guaranteed return of 9 percent per annum for this scheme. The difference between the actual yield earned by the LIC under this scheme

and the 9 percent will be made up by the Central Government. THE EPF & MP ACT IS PROPOSED TO BE AMENDED SUITABLY TO ALLOW EPF

SUBSCRIBERS TO INVEST IN THE VBPY.

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Review of literature

Life Insurance Corporation of India (LIC) (Hindi: भा�रीती�य जी�वन बी�र्म� निनगर्म) is the largest state-owned insurance group in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 13.25 trillion (US$264.34 billion). It was founded in 1956 with the merger of 243 insurance companies and provident societies.

Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including 2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.

The slogan of LIC is "Yogakshemam Vahamyaham" - Your welfare is our responsibility.

2.1 Group Insurance Scheme

LIC presents Group Insurance Scheme for employer-employee as well as non- employer-employee Groups for covering the life risk in case of unfortunate death of these earning members.

2.1.1 Nature of the Scheme :

Group (Term) Insurance Scheme provides life insurance protection to members of various groups. Underwriting and Administration of the scheme is on group basis; hence the cost is very low. The sum assured is allowed up to a certain limit without any medical evidence subject to some simple insurability conditions. The sum assured beyond that limit is provided subject to satisfactory medical and

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other reports. Minimum and maximum age limit for eligibility of Group cover is 18 years & 65 years.

2.1.2 Premium rates:

The premium rates depend on group size, age distribution, occupation and nature of work of the members of the group. In some schemes, subsequent years’ premium may be reduced by profit sharing if claims experience is favorable.

The premium rates shall be reviewed on the basis of actual claim experience and revised by experience rating adjustment. If the claim experience is favorable, premium rates may come down and if the mortality experience is unfavorable, premium rates may go up.

2.1.3 Benefits :

In case of death of a member covered under the scheme, the sum assured is payable to the nominee.

If double accident benefit option is exercised, additional sum assured is payable in case of death due to accident

Similarly critical illness cover also may be availed to receive lumpsum benefit in case of some major illness

2.1.4 Different Types of Group Insurance Covers

Employer - Employee Groups

Uniform or Graded cover

The simple form of group insurance scheme wherein a uniform insurance is provided to all the employees of the group. Similarly different levels of insurance is offered to different categories of employees based on their designation, salary etc.

Group Insurance in lieu of PF-EDLI is another type of group insurance scheme which is also a uniform or graded cover.

Group insurance is also used as a credit shield to cover the outstanding loans of their employees, like housing, vehicle loans or some other benefits like life cover to supplement pension or PF benefits in case of death.

2.1.5 Non Employer - Employee Groups

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Banks may provide the group insurance to all its savings bank account holders as an additional feature. A group insurance scheme may be introduced to provide maturity amounts for all recurring deposit-holders

Financial institutions and reputed housing societies may provide insurance cover to all the loanees to ensure recovery of loans in case of unfortunate death of the borrowers

Professional bodies and other welfare associations of reputed organizations can insure their members

Micro finance institutions can cover their borrowers to the extent of the loans availed by them either for a definite sum or diminishing amounts

Students of professional colleges can be insured for a uniform or graded cover

The group insurance is a very effective indemnifying tool that every financial instrument should be complemented with to ensure the financial planning of individuals or institutions can withstand the unforeseen events on account of death.

The groups should not be formed for the purpose of group insurance and entry in to the group shall not be for sole purpose of securing insurance

2.1.6 General Features of Group Insurance Scheme :-

The premium under the scheme may be wholly paid by the employer / Nodal Agency (in case of non-employer-employee scheme).

The scheme may be contributory i.e. the members may also contribute. The premium paid by the employer is allowed as business expenses and not

treated as income in the hands of the employees The premiums paid by the members are eligible for income-tax rebate. The death benefit paid under the scheme is tax free. The premium rates are reviewed from time to time depending on actual

death claim experience.

Prompt settlement of claims is the critical requirement of group insurance scheme - LIC the most trusted brand has an excellent record in claim settlement

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2.2 Jana Shri Bima Yojna

Features

The objective of the scheme is to provide life insurance protection to the rural and urban poor persons below poverty line and marginally above the poverty line.

Eligibility:A person who is*Aged between 18 and 59 years.*Below or marginally above poverty line*A member of any of the approved vocation/occupation groups

Nodal agency:A State Government Department which is concerned with the welfare of any such vocation/occupation group, a Welfare Fund/ Society, Village Panchayat, NGO,Self-Help Group, etc.

Minimum membership size:Twenty five.

Forms of Jana Bima Yojna:1. Claim form & discharge receipt under JBY ( Annexure A )

2. Application for scholarship under Shiksha Sahayog Yojana ( Proforma A )

3. List of students eligible for scholarship under Shiksha Sahayog Yojana ( Proforma B)

4. Certificate of utilisation ( Proforma C )

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2.3 Siksha Sahyog Yojna

Features:

This is a scholarship scheme launched on 31.12.2001 for the benefit of children of members of Janashree Bima Yojana.

Eligibility:Students studying in ix to xii standards, whose parents are covered under Janashree Bima Yojana.If a student fails and is detained in the same standard, he will not be eligible for scholarship for the next year in the same standard.

Benefit:Scholarship of Rs 300/- per quarter per child will be paid for maximum period of 4 years.The benefit is restricted to two children per member(family) only.

Premium:No premium is charged for the scholarship

How to claim scholarship:The Nodal Agency will identify the students.The member of Janashree Bima Yojana whose child is eligible for scholarship has to fill up an application form (available with Nodal Agency) and submit to the Nodal Agency.The applications duly filled up and certified will be sent alongwith the list of the beneficiary students by the Nodal Agency to the concerned LIC, P&GS Unit for disbursement of scholarship/s.The scholarship/s will be disbursed to the beneficiary students through the concerned Nodal Agency.

As only a limited number of beneficiaries will be provided scholarship under the scheme, the selection for eligible students will be made on the basis of poorest of the poor.

The scheme will be administered through Pension and Group Schemes Department of LIC of India.

Application for scholarship under Shiksha Sahayog Yojana ( Proforma A )

2.4 Aam Admi Bima Yogna

In a rural landless household, when everyday living is a struggle, it is difficult to face life with a smile. And it becomes even more difficult when the future of your family

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is uncertain.

AAM ADMI BIMA YOJANA, a prestigious scheme of the Central and State / Union Territory Governments and administered by LIC brings a ray of hope and smile to these households.

Nodal Agency The Nodal Agency shall mean the State / Union Territory Government appointed to administer the scheme. The Nodal Agency shall act for and on behalf of the insured members in all matters relating to the Scheme.

Identification of Beneficiaries The State / Union Territory Government in consultation with the Panchayats will identify the persons to be covered under the scheme. All the members will be provided with an identity card by LIC with an unique identity number.

Eligibility

The member should be aged between I 8 and 59 years The member should be the head of the family or one earning member in the family of rural landless household.

Age Proof

Ration Card Extract from Birth Certificate Extract from School Certificate. Voters list Identity Card

In case of doubt, a certificate from Primary Health Centre can be accepted as authentic proof of age.

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State Bank of India

State Bank of India (SBI) (NSE: SBIN, BSE: 500112, LSE: SBID) is the largest banking and financial services company in India by revenue, assets and market capitalization. Its a state-owned corporation with its headquarters in Mumbai, Maharashtra. As of March 2011, it had assets of US$ 370 billion with over 13,000 outlets including 150 overseas branches and agents globally. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banks, Bank of Calcutta and Bank of Bombay to form Imperial Bank of India, which in turn became State Bank of India. The government of India nationalized the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. SBI is ranked #292 globally in Fortune Global 500 list in 2011.

SBI provides a range of banking products through its vast network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). The State Bank Group, with over 16,000 branches, has the largest banking branch network in India. SBI has 14 Local Head Offices situated at Chandigarh, Delhi, Lucknow, Patna, Kolkata, Guwahati (North East Circle), Bhuwaneshwar, Hyderabad, Chennai, Trivandram, Banglore, Mumbai, Bhopal & Ahmedabad and 57 Zonal Offices that are located at important cities throughout the country. It also has around 130 branches overseas.

SBI is a regional banking behemoth and is one of the largest financial institutions in the world. It has a market share among Indian commercial banks of about 20% in deposits and loans. The State Bank of India is the 29th most reputed company in the world according to Forbes. Also SBI is the only bank featured in the coveted "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.

The State Bank of India is the largest of the Big Four banks of India, along with ICICI Bank, Punjab National Bank and HDFC Bank—its main competitors.

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2.1 SBI Life - Flexi Smart Insurance

2.1.1 Introduction:

SBI Life – Flexi Smart Insurance, an Individual, Non-Participating traditional life insurance cum savings plan, which helps you in fulfilling all your dreams. It gives you flexibility to adapt to your ever-changing needs, while assuring guaranteed benefits to take care of your savings.

2.1.2 Key Features: • Guaranteed Interest Rate: Guaranteed interest rate of 2.50% p.a., will be

guaranteed for the entire policy term. • Interim Interest Rate: An interim interest rate will be declared at the

beginning of every financial year, which will be equal to or more than Guaranteed Interest Rate and will be guaranteed for that year.

• Additional Interest Rate: An additional interest rate may also be declared, as on 31st March, every year, based on the performance of the Company.• Your policy account will be credited with interim interest rate and

additional interest rate, if any • Superior Flexibilities:

• Flexibility in premium frequency -> Yearly, Half Yearly, Quarterly and Monthly.

• Option of premium holiday during the policy term.

• Enjoy complete flexibility to increase or decrease your Sum Assured.

• Option to choose sum assured multiplier factor (SAMF).

• Option to boost your investments through Top-ups.

• Triple Plan Benefit of guaranteed interest rate, additional interest rate and superior flexibilities.

2.1.3 Product Snapshot:

Age^ at Entry

Min: 8 years Max: 60 years

Age^ at Maturity

Max: 70 years

Sum Assured

Min: Annualized Premium × 10

Max: Annualized Premium × 20

Policy Term 10 to 20 years (both inclusive)

Premium Same as policy term

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Paying Term

Premium Frequency

Yearly / Half-yearly / Quarterly / Monthly***

Premium Amounts

Min

Yearly - Rs 15,000 (X 100)*

Half-yearly - Rs 8,500 (X 100)*

Quarterly - Rs 4,500 (X 50)*

Monthly - Rs 1,500 (X 50)*

*In case of mode change it may be in multiples of Re 1

MaxNo limitNo limitNo limitNo limit

Top-up Premium

Rs.2,000 (X 100) At any point of time during the policy term, the total top-up premium paid shall not exceed the sum total of regular premiums paid at that point of time

^All the references to age are age as on last birthday.***For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

2.1.4 Benefits: • On Death

• Death benefit is payable only when your policy is inforce. In case of death of the life assured during the policy term, death benefit will be sum of :

• Balance of Policy Account at the time of death intimation.

• Sum Assured.• In case of death of life assured, when policy is in premium holiday mode,

death benefit will be sum of :• Balance of Policy Account at the time of death intimation.

• Sum Assured MINUS unpaid risk premium component along with applicable taxes.

• In case of minor life assured, if the proposer dies, no benefit will be paid. For the policy to be in force, guardian of the life assured should continue paying premiums.

• On Maturity

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• At maturity we would be declaring terminal interest rate, which will be attached to your balance policy account and will be paid to you as on the date of maturity in lump sum.Tax Benefits**

• U/s 80C of the Income Tax Act 1961 on your premiums.• U/s 10(10D) of the Income Tax Act 1961 on your maturity / death /

surrender proceeds under the policy.* Interim Interest rate will be declared at the beginning of every Financial Year. Additional Interest Rate may also be declared, as on 31st March, every year. The guarantee is applicable to policies which are inforce and within the revival period.

**Subject to changes in tax laws. Please consult your Tax Advisor for details.

2.2 SBI Life - Hospital Cash

2.2.1 Introduction

Good health is the most valuable asset that we have, but nowadays with increasing levels of stress, negligible physical activity and changing lifestyle our vulnerability to diseases is increasing at an alarming pace.

The cost of healthcare is rising everyday and more than the cost of your treatment, indirect costs like - hospital room rent, nursing expenses, post discharge expenses, recuperating expenses, ambulatory charges etc account for a major part of the overall cost incurred. Lack of sufficient savings or a suitable health policy may force you to compromise on the quality of medical treatment. We feel you certainly deserve better.

SBI Life - Hospital Cash is a comprehensive plan that covers not only hospitalization expenses but also other incidental costs. This plan offers you complete freedom from worries.

2.2.2 What is SBI Life - Hospital Cash:

This plan helps you keep your savings untouched in case of medical emergencies by paying you a fixed Daily Hospitalization Cash Benefit and an ICU benefit that is twice of daily cash benefit, irrespective of your hospital bill. This amount helps to pay for any kind of expenses incurred before, during or post hospitalization.

We care for you and your loved ones! To aid your family in crisis we provide you with Family Care Benefit feature and family discount benefit.

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2.2.3 Key Features:

• 100% payout from day one of hospitalization without any deductible

• Coverage of Pre-existing diseases after 2 years

• Guaranteed coverage up to 75 years

• Premium guarantee for 3 years

• Enhanced sum assured and increased payouts on each policy anniversary in case of No claim

• Tax benefit on premium paid under sec 80 D of IT Act^.

2.2.4 Eligibility:

This policy can be taken for Self /Spouse/Parents/ Parents in-law and dependent children.For children between age of 1 year-17 years to be covered at least one of the parents has to be insured under the same policy.Minimum age at entry for the proposer on last birthday

18 years

Minimum age at entryFor Dependant Child 1 year

For Adult 18 years

Maximum age at entry

For Dependant Child 24 years

For Adult65 years for a new policy

72 years for a renewed policy

Max age at maturityFor Dependant Child 27 years

For Adult 75 years

Fixed Policy Term 3 years

Premium modes - Yearly/ Half Yearly/ Quarterly

Note: All ages are as on Last BirthdayDefinition of Hospital:

"Hospital is an institution in India established for indoor care, offering allopathic treatment only for sickness and injuries and which is registered as a hospital or nursing home with the appropriate authorities and is under the supervision of a registered and qualified physician, and provides all the following facilities: - at least 10 inpatient beds

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- a fully equipped operation theatre of its own where surgical operations are carried out, and - fully qualified nursing staff under its employment 24 hours per day, and - fully qualified physicians in supervision 24 hours per day, and - maintains a daily medical record for each of its patients. For the purpose of this policy, the term hospital shall not include any institution which is primarily a rest home or convalescent facility, a place for custodial care, a facility for the aged or alcoholic or drug addicts or for the treatment of psychiatric or mental disorders; even if the institution has been registered as a hospital or nursing home with the appropriate authorities."

2.2.5 Scale of Benefits:

BENEFITS

Sum Assured per Annum(Rs) 2 Lakhs 3 Lakhs 4 Lakhs 5 Lakhs

Daily Hospitalization Cash Benefit(Rs/day)

Rs 2000 Rs 3000 Rs 4000 Rs 5000

Daily ICU Benefit(Rs/day) Rs 4000 Rs 6000 Rs 8000 Rs 10,000

Family Care Benefit(Rs) Rs 10,000 - Lump sum per policy yearWaiting Period:Hospitalization due to any illness within the first 30 days from the date of commencement of the cover or date of joining for a new member in the family policy is not covered except for those arising out of accident(s) which occur during the policy period.

^Tax benefits are subject to change in tax laws.Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

2.3 SBI Life Smart Performer

2.3.1 Introduction:

The equity market may have its ups and downs, but you now have a protective shield that will safeguard your investments, while providing upside potential. SBI Life brings you ’Smart Performer’, a unique Unit Linked, Non Participating insurance product that offers you the twin benefits of ’Higher than the Highest’ of

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the daily NAV Guarantee and the prospect of market upside. What’s more, it also allows you to protect your gains through Automatic Rebalancing facility and offers you a choice of Single and Limited Premium Payment options.

2.3.2 Key Features:• Guarantee at maturity based on ’5% Higher than Highest Guaranteed NAV’

during the first seven years or prevailing NAV at Maturity, whichever is higher, subject to conditions#.

• Enjoy the best of both worlds - Guarantee only or Guarantee and Market Upside through our unique Plan offerings - ‘Secure Plan’ and ‘Secure N Grow Plan’ respectively

• ‘Automatic Rebalancing’ to Lock-in your gains• Convenience through single premium (SP) or 5 year Premium Paying Term

(PPT)• Life Insurance coverage with minimum Sum Assured of 10 times or 7 times of

your Annualised Premium (AP), based on your age.• Liquidity through Partial Withdrawal(s)• Option to customize the product with Accidental Death Benefit• Attractive Tax benefits under the Income Tax Act, 1961, subject to conditions **

2.3.3 Product Snapshot

Age at Entry* Min: 9 years Max: 65years

Age at Maturity Max: 75 years

Premium Payment Term

SP or 5 years

Minimum Limited Premium Amounts (X 100)

Minimum Single Premium (X 100)Maximum Limited/Single Premium Amounts

Yearly Rs 50,000Half-yearly Rs 44,000Quarterly Rs 36,000Monthly Rs 20,000

Rs 60,000No limits

Policy Term 10 years from the start of the subscription period.

Premium Modes Single / Yearly / Half-yearly / Quarterly / Monthly***

Sum Assured Age/PPT For 5 yr PPT For SP

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Minimum Maximum Minimum Maximum

Below 45 Yrs

10 * AP 20*AP 1.25*SP 5*SP

Between

45yrs & 60yrs

7 * AP 20*AP 1.25*SP 5*SP

61 yrs and above

7 * AP 7 * AP 1.25*SP 1.25*SP

Plan Options 2 Plan Options:1. Secure Plan - All your funds would be invested in

the Daily Protect Fund 2. Secure N Grow Plan - 80% of your funds would be

invested in the Daily Protect Fund and 20% would be invested in the Index Fund

* All the references to age are age as on last birthday.*** For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

2.3.4 Benefits: • Maturity Benefit: On completion of Policy Term, Maturity Value will be paid.

Maturity value for the Daily Protect Fund will be calculated based on NAV which is higher of:• Prevailing NAV as on date of Maturity OR• Higher than Highest Guaranteed NAV: There will be an increment of 5% to

the Highest NAV achieved during the first seven years under the ‘Daily Protect Fund’.

• In addition, if there are any units in the Index Fund, the Fund value of such units, calculated at the Prevailing NAV would also be added, in order to arrive at the Maturity Value

• Death Benefit: Higher of the Fund Value or Sum Assured## is payable; subject to a minimum of 105% of the total premiums paid## at the time of death. The death benefit is payable only for inforce policies.

• Accidental Death Benefit Option: Accidental Death Benefit: Provides additional death benefit if the death occurs as a result of an accident.

Note:Daily Protect Fund - III (SFIN : ULIF020010911DLYPRO3FND111) Index Fund (SFIN : ULIF015070110INDEXULFND111)

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# The Guaranteed NAV is applicable onlyin respect of the Daily Protect Fund (and the applicable series of the fund) andshall be available only at maturity, and shall be further subject to thePolicy being in force till the maturity date. Guarantee charge of 0.50%p.a. of Daily Protect Fund (applicable series) value, would berecovered from the fund (through cancellation of units) to provide theNAV guarantee.

## Net of partial withdrawals

**Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

2.4 SBI Life Swadhan (Group)

2.4.1 Introduction:

Swadhan (Group) is a Non Participating Group Term Insurance Plan with Return of Premium. It is a simple and easy solution which offers dual benefits of life cover protection in the event of death and refund of premium in case of survival up to the end of the cover term.

2.4.2 Key Features:

• Eminently affordable premium rates• Complete protection during cover term • Refund of part/full basic premiums paid, depending on the Term of

insurance Cover • Choice with regard to Term of Insurance Cover and Sum Assured • Flexibility to choose appropriate premium payment modes • Simple and convenient joining process • Hassle free and efficient claims settlement

Revival facility is made available within 2 years from the first unpaid premium due date.

*Certain features may differ for different Master Policies.

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2.4.3 Exclusions: • Death due to natural causes within the first 45 days from cover start date • Death due to suicide within one year from cover start date For more details please dial 1800 22 9090 (Toll Free) or email at info@sbilife.co.in Section 41 of Insurance Act 1938 states: No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer

Section 45 of Insurance Act, 1938: "No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy-holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal".

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Research Methodology

Questionnaire for Life Insurance Corporation of India

Parameters:

Awareness

1. Do you know about the benefits of the Group Insurance Scheme ?

Up to dateKnows a little bitNot updated

2. Do you know the premium rates of the Group Insurance Scheme ?

Up to dateKnows a little bitNot updated

3. Do you know the process to claim scholarship of the Siksha Sahyog Yojna ?

Up to dateKnows a little bitNot updated

4. Do you know about the Eligibility criteria of the Jana Shri Bima Yojna ?

Up to dateKnows a little bitNot updated

5. Do you know about the Employee Provident Fund Scheme?

Up to dateKnows a little bitNot updated

6. Do you know about the Employee State Insurance Scheme?

Up to dateKnows a little bitNot updated

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Satisfaction

7. Are you satisfied with the Group insurance scheme?

Highly Satisfied.SatisfiedAverageLow

8. How satisfied are you with the Employee State Insurance Scheme ?

Highly Satisfied.SatisfiedAverageLow

9. How satisfied are you with the scholarship scheme of the Siksha Sahyog Yojna?

Highly Satisfied.SatisfiedAverageLow

10. How satisfied are you with the eligibility criteria of the Jana Shri Bima Yojna ?

Highly Satisfied.SatisfiedAverageLow

Welfare

11. The welfare provided by the Employee State Insurance Scheme on accidents?

Highly Satisfied.SatisfiedAverageLow

12. The welfare provided by the Employee Provident fund scheme on retirement?

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Highly Satisfied.SatisfiedAverageLow

Security

13. The economic security provided by the Group Insurance Scheme?Highly Satisfied.Satisfied

AverageLow

14. The Security of Scholarship that's being provided in Siksha Sahyog Yojna?

Highly Satisfied.SatisfiedAverageLow

15. The Security provided with the AAM Admi Bima Yojana?

Highly Satisfied.SatisfiedAverageLow

16. The security provided by the Jana Shri Bima Yojna ?

Highly Satisfied.SatisfiedAverageLow

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Questionnaire for State Bank of India

Parameters:

Awareness

1. Do you know about the Benefits of the SBI Life -Flexi Smart Insurance scheme?Up to dateKnows a little bit.Not updated

2. Do you know about the Key Features of SBI Life - Hospital Cash Scheme ?Up to dateKnows a little bit.Not updated

3. Do you know about the eligibility criteria of the SBI Life - Hospital Cash Scheme?

Up to dateKnows a little bit.

Not updated4. Do you know about the Key features of the SBI Life Smart Performer scheme?

Up to dateKnows a little bit. Not updated

5. Do you know the benefits of the SBI Life Smart Performer Scheme ? Up to dateKnows a little bit. Not updated

6. Do you know about the key features of the SBI Life Swadhan Scheme ?Up to dateKnows a little bit. Not updated

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Satisfaction:

7. How satisfied are you with the Employee State Insurance Scheme ?Highly Satisfied.SatisfiedAverageLow

8. How Satisfied are you with the SBI Life - Flexi Smart Insurance Scheme? Highly Satisfied.SatisfiedAverageLow

9. How Satisfied are you the SBI Life - Hospital Cash Scheme ? Highly Satisfied.SatisfiedAverageLow

10. How satisfied are you with the Key Features of the SBI Life - Flexi Smart Insurance scheme ?

Highly Satisfied.SatisfiedAverageLow

11. How satisfied are you with the eligibility criteria of the SBI Life - Hospital Cash scheme ?

Highly Satisfied.SatisfiedAverageLow

12. How satisfied are you with the SBI Life Smart performer scheme? Highly Satisfied.SatisfiedAverageLow

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13. How satisfied are you with the SBI Life Swadhan Scheme ? Highly Satisfied.SatisfiedAverageLow

Welfare

14. The welfare provided by the Employee State Insurance Scheme on accidents?

Highly Satisfied.SatisfiedAverageLow

15. The welfare provided by the Employee Provident fund scheme on retirement?

Highly Satisfied.SatisfiedAverageLow

Security

16. The health security provided by the SBI Life - Hospital Cash scheme ?

Highly Satisfied.SatisfiedAverageLow

17. The economic security provided by the SBI Life Swadhan Scheme ?

Highly Satisfied.SatisfiedAverageLow

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18. The insurance security provided on injury or dealth by the SBI Life -Flexi Samrt Insurance Scheme?

Highly Satisfied.SatisfiedAverageLow

19. The investment security provided by the SBI Life Smart Performer scheme ?

Highly Satisfied.SatisfiedAverageLow

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Analysis and Interpretation:

Analysis:

The Responses of the Questions were collected and the frequency of each option was calculated and a percentage of each option out of 100 was represented in interpretation.

Interpretation:

For representations of the responses the Pie chart are used to show the distribution of the responses of each option out of 100 percentage.

Life insurance Corporation of India

58%25%

17%

AwarenessUp to Date Knows a little bit Not Updated

6%

50%38%

6%

SatisfactionHighly Satisfied SatisfiedAverage Low

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13%

57%

25%

5%

WelfareHighly Satisfied Satisfied Average Low

6%

50%25%

19%

SecurityHighly Satisfied SatisfiedAverage Low

State Bank of India

40

33%

42%

25%

AwarenessUp to Date Knows a little bit Not Updated

9%

55%

21%

14%

SatisfactionHighly Satisfied SatisfiedAverage Low

10%

83%

3% 5%

WelfareHighly Satisfied Satisfied Average Low

5%

45%38%

13%

SecurityHighly Satisfied SatisfiedAverage Low

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Finding

The analysis of the Social Security and welfare paradigm under the parameters of Awareness, Satisfaction, Welfare and Security of the firms of Life Insurance Corporation of India and State Bank of India gives a vivid picture of the firms status of the social security schemes and the welfare program organized by the Government.

The depicted picture of the analysis are represented in the pie chart graphical format that gives a clear picture of the employees satisfaction level about the social security and welfare schemes of the firms.

42

Limitation

The source of collecting information was secondary data that includes research papers and email communications and social networking sites.

Being stick with the tight schedule of the college few visits to the offices and most of the work was done through email coordination and with the help of social networking sites like Facebook and Google+.

The appointment with executives of the companies was a bit difficult but thanks to software's like Skype and Yahoo Web Cam for interactive sessions.

Thanks to software like Webex for discussing the Powerpoint Presentations with executives as to take time from executives in the time slot we want was a bit difficult.

43

Suggestions

Better to use survey sites to do the research survey data collection, as it is always not feasible to collect data that easily without a chain of formalities and permissions.

Better to extract parameters of research from the research papers of the subject.

Take regular feedback from your guide , it will always give you a new direction.

44

Conclusion

From the study of the project on social security and welfare schemes of life Insurance Corporation and State Bank of India and analysis of the social security awareness , satisfaction, security and welfare parameters. And depicting their various percentages for each organization considered for study. And , thus from the survey it was found that people are updated and know the schemes.

45

Bibliography

Modigliani, Franco. Rethinking pension reform / Franco Modigliani, Arun Muralidhar. Cambridge, UK ; New York : Cambridge University Press, 2004.

Muralidhar, Arun S. Innovations in pension fund management / Arun S. Muralidhar. Stanford, Calif.; [Great Britain] : Stanford Economics + Finance, c2001.

"The Three Pillars of Wisdom? A Reader on Globalization, World Bank Pension Models and Welfare Society" (Arno Tausch, Editor). Nova Science Hauppauge, New York, 2003

Amazon.com, "When the Public Works: Generating Employment and Social Protection in Ethiopia" Peter Middlebrook, Lambert Academic Publishing. 2009. ISBN 978-3838306728

'Reforming European Pension Systems' (Arun Muralidhar and Serge Allegreza (eds.)), Amsterdam, NL and West Lafayette, Indiana, USA: Dutch University Press, Rozenberg Publishers and Purdue University Press

^ 2 de la Vega, David S (2007). International human rights law: an introduction. University of Pennsylvania Press. pp. 130. ISBN 9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.

^ 2 de la Vega, David S (2007). International human rights law: an introduction. University of Pennsylvania Press. pp. 130. ISBN 9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.

^ 2 de la Vega, David S (2007). International human rights law: an introduction. University of Pennsylvania Press. pp. 130. ISBN 9780812240320. http://books.google.com/books?id=RaU1U-4gBCkC&dq=right+to+social+security&source=gbs_navlinks_s.

^ "International Covenant on Economic, Social and Cultural Rights". Office of the United Nations High Commissioner for Human Rights. 1966. http://www2.ohchr.org/english/law/cescr.htm.

^ Franklin D. Roosevelt, “"The Economic Bill of Rights” Excerpt from 11 January 1944 message to Congress on the State of the Union.

^ Office of the UN High Commissioner for Human Rights on The Right to Water, September 2007

^ The resolution laments the fact that 884 million people lack access to safe drinking water and that more 2.6 billion do not have access to basic sanitation http://www.france24.com/en/20100728-un-declares-access-clean-water-human-right.

^ Hausmann, Ute, Globalising economic and social human rights by strenghtening extraterritorial state obligations (Brot für die Welt, FIAN and CEED, october 2006), available at:

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http://fian.org/resources/documents/others/germanys-extraterritorial-human-rights-obligations-in-multilateral-development-banks/pdf

^ "International Covenant on Economic, Social and Cultural Rights". Office of the United Nations High Commissioner for Human Rights. 1966. http://www2.ohchr.org/english/law/cescr.htm.

^ Revolutions of 1848: A Social History by Priscilla Robertson, 1952, Princeton University Press

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