Rakesh Final Project
Rakesh Final Project
Rakesh Final Project
MEANING
Working capital management is a business process that helps companies make effective use of
their current assets and optimize cash flow. It's oriented around ensuring short-term financial
obligations and expenses can be met, while also contributing towards longer-term business
objectives.
It is the capital that a business uses to meet its daily expenses and is considered to be the most
liquid part of the total capital. Working capital is also known as Net Working Capital (NWC).
This is derived by comparing the current assets with the current liabilities on the balance sheet.
requires monitoring a company's assets and liabilities to maintain sufficient cash flow meet its short-term
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Working capital management refers to the process of managing a company's short-term assets
and liabilities, such as inventory, accounts payable, accounts receivable, and cash. It involves
optimizing the balance between these assets and liabilities to ensure that a business has sufficient
cash flow to meet its short-term obligations while maintaining its daily operations.
businesses to remain solvent and profitable, as it ensures that a company can cover its
expenses and debts while still having enough cash on hand to fund its growth and expansion.
Without proper management, a business may struggle to pay its bills, which could lead to cash
flow issues, missed opportunities, and ultimately, failure. Therefore, working capital
management is an essential function of financial management for businesses of all sizes and
industries.
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Inventory Management: Inventory management refers to the process of managing the inventory
levels of a business to ensure that it has sufficient stock on hand to meet customer demand while
avoiding overstocking. This is important as excess inventory ties up valuable cash, while
credit given to customers and ensuring that they pay their bills on time. This is crucial for
payments made to suppliers and other creditors to ensure that bills are paid on time, but not too
Cash Management: Cash management involves managing the inflow and outflow of cash to
ensure that a business has sufficient cash on hand to meet its short-term obligations while
Working Capital Financing: Working capital financing involves securing financing to fund the
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Forecasting and Planning: Forecasting and planning involves predicting future cash flow needs
and developing strategies to meet those needs, such as increasing sales, reducing expenses, or
securing additional financing. This is important for ensuring that a business can continue to
The primary objectives of working capital management are to ensure that a company has
sufficient liquidity to operate its day-to-day activities, manage short-term debts, and fund growth
Maintaining Adequate Cash Flow: One of the primary objectives of working capital
management is to maintain sufficient cash flow to meet a company's daily operating expenses,
Optimizing the Balance Between Assets and Liabilities: Working capital management aims to
ensure that a company has a balanced mix of short-term assets and liabilities, which maximizes
Minimizing the Cost of Capital: Effective working capital management can reduce the cost of
capital by optimizing the use of existing assets and liabilities, reducing the need for expensive
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Managing Short-Term Debt: Working capital management also aims to manage short-term debt
effectively, such as credit lines and accounts payable, to ensure that a company can meet its
Enhancing Profitability: By optimizing cash flow and minimizing the cost of capital, effective
working capital management can contribute to enhanced profitability by increasing revenue and
reducing expenses.
Supporting Growth Opportunities: Finally, working capital management aims to ensure that a
company has sufficient resources to pursue growth opportunities, such as expanding product
Working capital is the money that a company uses to fund its day-to-day operations. It
represents the difference between a company's current assets and its current liabilities. A
Industry: Different industries have different working capital needs. For example, companies in
the retail industry typically require a larger amount of working capital to maintain inventory
levels and cover operational expenses, while companies in the service industry may require less
working capital.
Sales Volume: Companies with higher sales volume generally require more working capital to
cover expenses such as payroll, inventory, and accounts receivable. Conversely, companies with
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Seasonality: Companies that experience seasonal fluctuations in demand may require more
working capital during peak seasons to cover expenses such as increased inventory levels and
labor costs.
Growth: Companies that are experiencing growth may require more working capital to fund
Payment Terms: Companies that offer longer payment terms to customers may require more
working capital to cover expenses until payment is received. Similarly, companies that negotiate
longer payment terms with suppliers may require less working capital in the short term.
Operating Efficiency: Companies that have streamlined their operations and are able to collect
payments from customers quickly and efficiently may require less working capital than
Economic Conditions: Economic conditions can affect a company's working capital needs. For
example, during a recession, companies may require more working capital to cover expenses
while waiting for payments from customers, as customers may be slower to pay during tough
economic times.
Effective working capital management can bring several benefits to a company, including:
Improved Cash Flow: Effective working capital management helps a company to generate more
cash flow by reducing the time it takes to convert inventory and accounts receivable into cash.
This improves the company's ability to meet its financial obligations and invest in growth
opportunities.
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Better Financial Stability: Efficient management of working capital can help a company to
maintain financial stability by ensuring that it has sufficient cash reserves to cover its short-term
obligations. This can also help the company to weather economic downturns or unexpected
events.
Lower Financing Costs: By reducing the need for external financing, effective working capital
management can lower a company's financing costs. This can free up resources that can be used
Improved Vendor Relationships: Effective working capital management can help a company to
negotiate better payment terms with suppliers. This can result in lower costs for inventory and
creditworthiness and make it more attractive to lenders and investors. This can make it easier for
the company to secure financing at favorable terms, which can help to fuel growth and expansion.
Improved Profitability: By reducing the cost of financing and improving cash flow, effective
working capital management can help to improve a company's profitability. This can also help to
increase shareholder value and enhance the company's reputation in the market.
It’s clear that working capital optimization is a useful priority. Here are some effective working
Inventory and procurement systems are some of the most important factors in your working
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Start with tracking: It can be difficult to make adjustments to these systems without careful
tracking in place. If possible, set up a tracking system that collects information about your
inventory.
Make reasonable decisions about demand: Instead of ordering inventory with an optimistic
It’s difficult to thrive as a business if you are consistently late with paying your vendors. Late
payments lead to bad feelings: When you don’t make payments on time, it can be challenging to
get access to the materials you need in the future. Plus, suppliers are more likely to negotiate
Everyone wants to get paid on time. As a business, it’s important to build out the accounts
receivables process to streamline getting your money for goods and services.
Send out invoices ASAP: Although sending invoices can be a chore, it’s a critical part of getting
Enlist the help of technology: Use an invoicing reminder system that contacts customers with
Incentivize on-time payments: If you want to speed up payments, make an incentive program.
Consider offering a discount to customers that pay in full when they receive the goods.
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Providing debt to customers is sometimes unavoidable as you grow your business. If you provide
financing, negotiate repayment terms that work well for your business.
liabilities to ensure that it has sufficient cash flow to meet its operational needs. Effective
Here are some solutions that companies can implement to improve their working capital
management:
Cash Flow Forecasting: Companies can implement cash flow forecasting to better understand
their cash inflows and outflows. This can help to identify potential shortfalls in cash flow and
optimize their inventory levels and reduce excess inventory. This can help to free up cash and
management solutions to improve their collection processes and reduce the time it takes to
receive payments from customers. This can improve cash flow and reduce the need for external
financing.
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solutions to optimize their payment processes and negotiate better payment terms with suppliers.
Short-term Financing: Companies can use short-term financing options such as lines of credit or
factoring to bridge cash flow gaps and meet short-term obligations. However, it is important to
management solutions to establish strong relationships with suppliers and negotiate favorable
payment terms. This can help to reduce costs and improve cash flow.
Working Capital Metrics: Companies can use working capital metrics such as the current ratio,
quick ratio, and cash conversion cycle to monitor their working capital performance and identify
areas for improvement. This can help to ensure that the company's working capital management
Mr. Manoj Kumar Jain managing director received the best CEO of the year BFSI Mr.
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R. Thyagarajan received the Padma Bhushan award from former president of India
award in 2015.
SLIC was awarded the BFSI award of best life insurance company in the year
2015. Shriram Life Insurance Company received the bizz Americans 2016 award.
Best Indian insurance award for non -urban coverage - life insurance was awarded to
Mrs. Akhila Srinivas, managing director was awarded Asia’s most powerful business
Policy term- 10 years Entry age- 8 years Minimum entry age- 8 years Maximum entry
age- 60 years Maximum maturity age- 70 years Minimum premium- 25000 Paying
period- 1 to 5 years
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Death benefits-
value
Entry age- 30 days to 50 years Policy term- 8 years to 10 years Sum assured-
DEATH BENEFIT
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Opportunity:
Threats:
COMPETITORS:
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PRODUCTS OF
SLIC
• Shriram Life has more than 528 branches with over and above 1.45 crore customers.
• The company has a network of 609 offices and 75,000 agents across India.
• Shriram Life Insurance generates more than 40% business through providing
insurance to rural area and weaker segment individuals - ‘AAM AADMI’ of India.
Piramal Group
Mr. Ajay Piramal, Chairman of Piramal Group. The group calls themselves a global,
Financial Services, Information Management, Glass Packaging and Real Estate. With
76,000+ staff and over 100 million customers, Piramal operates in India, US, UK,
European Union, Japan and South Asia. The Group’s flagship company, Piramal
Enterprises Limited, generates more than 51% of its revenues from international
education and water resources. Piramal Sarvajal and Piramal Swasthya, initiatives of
the Foundation, are case studies at the Harvard Business School. By 2018, Piramal
tends to carve out the financial services business from Piramal Enterprises, which is
dominated by the healthcare business. After selling his stake in Vodafone, Piramal
spent Rs. 2,014 crore to buy a 20% stake in Shriram Capital Ltd, an arm of the
Chennai-based Shriram Group. The purchase was made in addition to a Rs. 1,636 crore
investment in Shriram Transport Finance Co. Ltd, for 9.9% stake. Mr. Ajay Piramal
Based on his understanding of the insurance business of a matured life insurer like
Sanlam and the hands on experience in nurturing and developing the operations
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functions of Shriram Life Insurance Co Ltd (SLIC), he was the right choice for the
Apart from being a wonderful human being, his main strengths lie in ability to think
ahead. He never shies away from taking on new and innovative ideas; and executes
them in a practical and planned way. As a CEO Mr. Kromhout has been instrumental
in developing and executing strategy and is leading the drive towards further
Sanlam Group
Mr. Johan van Zyl, Chairman of SanlamGroup. Sanlam is a South African financial
Johannesburg Stock Exchange and the Namibian Stock Exchange. Established in 1918
as a life insurance company, Sanlam Group has developed over time into a diversified
Through its business clusters - Sanlam Personal Finance, Sanlam Emerging Markets,
Sanlam Investments, Sanlam Corporate and Sanlam - the group provides financial
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COMPANY PROFILE
Insurance Industry;
Insurance in India was started in the year of 1956, when Life Insurance Corporation
came into place. Post liberalization, the insurance industry in India has recorded
billion by FY2020, owing to the solid economic growth and higher personal
disposable incomes in the country. Premium income of the life insurance segment had
increased 14.04% in FY17 to RS4.18 trillion (US$ 64.92 billion). The total insurance
84.72 billion in FY17. There are 24 life insurance and 33 non-life insurance
companies in the Indian market who compete on price and services to attract
customers. There are more than six reinsurance companies. The industry has been
publicity and promotional campaigns by the insurers. Private sector companies hold
48.01% market share in the general insurance segment and 28.93% market share in the
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• Shriram Life has more than 528 branches with over and above 1.45 crore customers.
• The company has a network of 609 offices and 75,000 agents across India.
• Shriram Life Insurance generates more than 40% business through providing
India.
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Investments:
1. Insurance sector companies in India have raised around Rs. 434.3 billion through
2. Increase in FDI limit to 49% from 26% approved in 2016 Policy Support:
3. Repeated attempts to make the sector more lucrative for foreign participants
such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern
day insurance. The same instinct that prompts modern business-persons to-day to
secure themselves against loss and disaster existed in primitive men also. They too
sought to avert the evil consequences of fire and flood and loss of life and were
In the year 1818, the modern Life Insurance came to India from England. Oriental Life
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company on the land of India. All of the insurance companies which were in force at
that time were working for the needs of European Community, and were proving the
insurance facilities to those companies. Indian companies were not insured by the
insurance company. Foreign insurance companies started insuring the lives of Indian
people. But the Indian lives were not given importance as compare to the Europeans.
In the year 1870, Bombay Mutual Life Assurance Society was established as first
Indian life. . The insurance companies were willing to cover the Indian lives from risk.
The United India in Madras, National Indian and National Insurance in Calcutta were
established in 1906. In the year 1907, Hindustan Co-operative Insurance Company was
formed in Calcutta. Before 1912, No regulation was there in India to regulate the
insurance business. The Life Insurance Companies Act was passed in the year 1902. It
was become essential that the insurance premium tables and periodical valuation of
Companies Act 1912. The Indian insurance companies was put at a disadvantage by
Insurance Companies Act 1912. A lot of growth was seen in the insurance business in
twentieth century. In 19th Jan. 1956 the life insurance was nationalized. At the time of
nationalization the whole life insurance industry was organized by 245 units. In 245
units, 154 were Indian insurance companies, non-Indian companies were 16 and 75
were provident funds. The process of nationalization was completed in two stages. In
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the first stage, by mean of an ordinance, the management of the insurance companies
operating in India was taken over. In the second stage, by means of a comprehensive
bill, the ownership of the insurance companies operating in India was also taken over.
On 19th June 1956, Life Insurance Act was passed by the parliament of India, with the
objective to spread the awareness about insurance widely specially in the rural areas
with a view to cover all insurable people in India, the Life Insurance Corporation of
India was established on 1st September 1956. The aim of establishing Life Insurance
Corporation of India.
• The total insurance market expanded from USD23 billion in FY05 to USD68.88
billion in FY16
• Over FY05-FY16, total gross written premiums increased at a CAGR of 10.49 percent
• Gross premium written in India for non life insurance sector for FY16 is USD14.33
billion and in FY16, the gross premium written in India for life insurance sector stood
at USD54.58 billion
• In November 2016, the total growth in life insurance premium was around USD
2.38 billion as compared to USD 1.12 billion in November 2015, witnessing a growth
of 113 per cent. Similarly during the same period, the individual single premium grew
by USD 995 million as compared to USD 164.06 million in 2015, recorded a growth
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• Indian Government announced its plans to divest USD1.63 billion worth of stakes
around 46 private players were operating in the industry, while Life Insurance
1. Term Insurance: A term plan provides death risk cover for a specified period.
In case the life assured passes away during the policy period, the life insurance
company pays the death benefit to the nominee. It is a pure risk cover plan that
offers high coverage at low premiums. There’s an option to add riders to widen
up the coverage. The death benefit is payable as lump sum, monthly payouts,
policy term. However, these days there are companies offering Term Plans
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the paid premium amount in case the life assured outlives the term period. But,
such plans are costlier than the vanilla term insurance plan.
insurance and investment. The premium paid towards ULIP is partly used as a
risk cover (insurance) and partly is invested in funds. One can invest in
appetite. The insurance company then invests the accumulated amount in the
capital market i.e. in bonds, equities, debts, market funds, or a hybrid funds
life cover-insurance, while the rest is invested by the life insurance company. In an
endowment plan, if the life assured outlives the policy term, the insurance company
offers him the maturity benefit. Endowment plans are also commonly known as
traditional life insurance, although, there is an investment component but the risk is
lower than the other investment products and so are the returns
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Most of the child plans provide annual installments or one time pay out after the
age of 60 years. In case of an unfortunate event, life assured passes away during
the policy term - immediate payment is payable to the nominee by the insurance
premiums paid. Vesting Benefit will be payable if the life assured survives the
maturity age. In which case, pay out will be fund value which has to be utilized
1. Direct channel: Direct marketing for the insurance sector is a marketing method
used to generate leads for insurance agents. Insurance brokers and companies use
many direct marketing methods to find new customers. Direct mail postcards and
letters are two types of traditional direct mail that are popular for insurance
marketing. Many companies purchase local lists and send lead-generation mailers out
for their insurance brokers. Other types of direct marketing used by the insurance
benefits to the bank's customers. In this partnership, bank staff and tellers become
the point of sale and point of contact for the customer. Bank staff are advised and
3. Agency channel: Agency is the largest distribution channel of almost all life
insurance companies, comprising a large advisor force that targets various customer
and procuring quality business. With focus on sales & people development, tied
agency has emerged as a robust, predictable and sustainable business model. All life
recruit, train, finance, and supervise their agent/advisers. For decades, agency was the
planning involving the use of these products, to provide specific information of the
policyholders and to serve as a prospecting and communication tool for its agent-
marketing:
agents or brokers.
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CHAPTER-2
RESEARCH DESIGN
2.1 TITTLE
INTERNSHIP REPORT AS WORKING CAPITAL MANAGEMENT AT SHRIRAM
GENERAL INSURANCE HOSUR
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2.5 DEPARTMENT
WORKING CAPITAL MANAGEMENT AT SHRIRAM
2.7 DURATION
3 WEEKS
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DAY-1
DATE:
DAY:
INTERNSHIP WORK
INTRODUCTION OF BRANCH
Basics of Life Insurance: Concepts like Human Life Value, Underwriting, and Claims.
Life Insurance Products: Detailed knowledge of Shriram Group’s life insurance products.
rating.
General Insurance Products: Positioning the right product with case studies.
DAY2
13/03/2024
EXPLANING ADOUT DIFFERENT KINDS OF INSURANCE
1. MOTOR INSURANCE
2. FIRE INSURANCE
4. TRAVAL INSURANCE
5. HEALTH INSURANCE
8. FLOP INSURANCE
9. SHOP INSURANCE
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DAY 3
14/03/2024
About motor insurance and documents required to claim the motor insurance
Motor Insurance policy issued by the Insurance Regulatory and Development Authority of India
(IRDAI) to cover vehicles on the road, including two-wheelers, four-wheelers and commercial
1. Comprehensive insurance
Comprehensive Insurance
It provides benefits of Third-Party and Own Damage cover along with Compulsory Personal Accident
(CPA) add-on cover With Shriram Comprehensive policy, choose suitable add-on to enhance your
coverage.
3. Pan Card
2. Driving Licence
7. Customer's bank details with a cancelled cheque for claim payment through [NEFT]
8. Customer's bank details with a cancelled cheque [where the premium is greater than 25000\-]
. In India, Third-Party Motor Insurance is mandatory for all vehicles under the Motor Vehicles Act,
1988 (as amended as on date)
Third-Party insurance covers death, bodily injuries, or damage to any property of third party in case
of any accident involving the insured vehicle.
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DAY 4
15/03/2024
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DAY 5
16/03/2024
Fire Insurance:
Fire Insurance is a contract between the property owner and the insurer to protect
against unforeseen events that cause physical loss, damage \destruction of building and
structure ,plant and machinery ,stock and other business assets.
Step 1;
Step 2:
Kindly submit the required property proof to proceed further such as the building space, contents
involved inside the building, construction area, cost of construction, etc.
Step 3:
Kindly complete the payment by selecting the preferred payment method (Debit Card, Credit Card,
Net Banking or Cheque) and get Shriram Fire Insurance instantly.
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Covered
01: Fire, lightning, explosion/implosion
02: Aircraft damage
03: Riot, strike and malicious damage
04: Storms, cyclones, floods, tempests, hurricanes, tornados and inundation
05: Impact damage, subsidence and landslide including rockslide
06: Bursting and/or overflowing of water tanks, apparatus and pipes
07: Missile testing operations
08: Leakage from automatic sprinkler installations and bush-fire
Day 6
18/03/2024
Not Covered
01: Loss, destruction or damage caused by war/invasion
02: Act of foreign enemy hostilities or war-like operations (whether war be declared or not)
03: Civil war, mutiny or civil commotion
04: Military rising, rebellion, revolution, insurrection, military or usurped power
Step 1:
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Step 2:
Claim Registration
Our customer support team will accept the claim intimation and provide the claim reference number.
Step 3 :
Claim Confirmation
Once the claim is registered and the loss assessor gets deputed, you will receive a text message for
confirmation along with surveyor details. The surveyor will contact you regarding the time and
conduct the survey accordingly.
Step 4:
Step 5:
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Day 7
19/03/2024
7. Customer’s bank details with a cancelled cheque for claim payment through [NEFT]
8. Customer’s bank details with a cancelled cheque[where the premium is greater than {>} 25000\-]
9. FIR[filed or
required] Personal
Accident policy ;
One can get injured while working in a construction area, inside organisation’s premises, while
crossing a road or during any other activities. A Personal Accident Insurance policy protects insured
members against unforeseen events such as accidental death, bodily injuries and partial/total
disabilities, both permanent and temporary, caused by an accident.
In the event of the insured's accidental death, the nominee receives 100% compensation from the
insurer.
Other compensations are also available for accidental disability, such as loss of vision, limbs or
speech.
• An Individual Personal Accident Insurance (IPA) protects an individual and their family members in
case of accidental damage or loss.
Exploring Different Types of Personal Accident Insurance Permanent Total Disability; In
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case someone gets injured, loses their (any) body part permanently and becomes handicapped for life.
Day 8
20/03/2024
Suppose the insured meets with an accidental bodily injury during the policy period
that causes disablement of the shoulder joint, thumb, index finger or others considered a permanent
partial disability.
Suppose the insured suffers an accidental bodily injury during the policy period because of
temporary disablement. And it completely prevents the insured from the respective occupation. The
insurer provides a weekly payment of 1 % of the capital sum insured per week, a maximum of up
to Rs. 50,000 until they return to work.
Children's Education Benefit
We think of your children's future, too; if you claim under accidental death or permanent total
disability, then we will make a one-time payment of 2% of the benefit for each child towards the cost
of education.
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Day 9
21/03/2024
Steps Involved in Buying a Life Insurance Policy
1. Picking The Right Plan
The very first step is picking a plan that fits YOUR needs and requirements. Each person’s financial
goals are different - some may want to save for retirement, some may want to build a fund for their
child’s education, some may want to create a secondary source of income, etc. There are many plans
available from various insurers that cater to different goals. Choose a plan that best fits your needs,
financial goals, and requirements. The plan should be what you are looking for and not what others
want you to buy.
2. Filling in The Basic Details
The next basic step will be for the insurance company to know you better. You will be required to
give them a few personal details, which may primarily include:
- Personal details like your name, address for communication, date of birth, and any lifestyle
questions.
- Contact details like your email ID, contact number, etc.
- Professional details like occupation, income, educational qualification, and so on.
These details are then used for calculating an estimate of your premium for the insurance policy you
Make sure you choose a cover amount that covers the financial goals you have in mind. For instance,
if you’re opting for a Retirement Plan, make sure the returns are enough to sustain you throughout
your retirement. If you’re buying a Child Plan, the cover amount should be enough to support your
child’s milestones. Ultimately you are buying a policy for yourself and nobody will know such needs
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Day 10
22/03/2024
You can choose to pay your premiums within a lesser period of time in comparison to the policy term.
This means that your premium payments, though higher than the regular, are completed sooner and you
still get to enjoy the policy benefits until later.
Under this option Insurance providers offer different terms like 5-pay, 10-pay, 15–pay, etc. Here the
number corresponds to the number of years you are willing to distribute your premium payments.
Based on your choice, the premium amount is calculated and you can pay it within your preferred
number of years.
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a. Yearly
You can choose to pay the premium amount once a year.
b. Half-yearly
You can choose to pay the premium amount twice a year.
c. Quarterly
You can choose to pay the premium amount four times a year.
d. Monthly
You can choose to pay the premium amount twelve times a year.
Day 11
23/03/2024
Policy Term
The policy term is the period of time during which you will be covered by the insurance plan. Choose
a policy term that aligns with your financial goals. For example, if you’re buying a policy to meet the
education expenses for your child’s higher studies 15 years later, then choose a policy term of 15
years.
of your policy. If you choose this increasing cover feature, your cover amount will gradually keep
increasing until it reaches a limit as set by the insurer.
Riders
Riders are add-ons that can be added to your policy at an extra cost. They enhance the coverage of
your policy and give you payouts on the happening of a specified event. You can choose from the
following riders (this is an indicative list and may vary across insurers) -
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Application Process
Personal details
• Name
• Mobile number
• Email id
• Income
• Educational qualification
• Occupation
• Temporary and permanent address, etc.
Day 12
25/03/2024
Medical Details this is a mandatory clause that you have to provide to the insurance company. It
has details that help in knowing your health conditions.
These details include -
• Past medical history
• Illness or disease that you may have been treated for
• Any medical conditions that the insurer must know about
• Surgeries and treatments that you have undergone in the past
• Your family’s medical history
• Basic BMI and body measurements like your height, weight, sugar level, BP level, etc.
Lifestyle-related details
This includes details about a few of your lifestyle choices that may affect your health, like smoking,
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For instance,
• If you are a smoker, you will have to update how often you smoke and the number of cigarettes
that you smoke in a day.
• If you drink alcohol, the insurer would want to know what type of alcohol you consume, how
often you consume it, and the quantity you consume in a day or a week.
Other Details
• Nominee details
The nominee is the person entitled to receive the claim amount if you happen to pass away during the
policy term. You can choose any member of your family as the nominee for your policy - your
spouse, mother, father, child, or siblings. You will be required to provide details about them too.
• Travel plans
Insurance providers may also require you to furnish details about your immediate travel outside India,
if any.
• Covid-19 details
As a recent development after the pandemic, insurance companies may also ask you about your
Covid19 vaccination and whether you have received both doses. It may also be compulsory to update
the insurance company if you were ever diagnosed with Covid-19 before or if any of your family
members were diagnosed with the same.
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• KYC documents such as PAN Card, Aadhar Card, Passport, Voting Card, etc.
• Income proof documents such as Salary Slips of the last 3 months, Employer's Certificate, Bank
Statement of the last 6 months, Income Tax Returns, Form 16, etc.
Day 13
26/03/2024
Some of the most common reasons for buying life insurance include:
1. Guaranteed protection
2. Income replacement
3. Tax-free benefit
5. Dividend potential
6. Optional riders
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• Hospital certificate
• Post-mortem report
• Medical records of the deceased, including test results, discharge summaries, etc.
Day 14
27/03/2024
1. Maturity claims
2. Death claims
There are three main types of life insurance claims — maturity, death, and riders. Beneficiaries will
receive life insurance payouts in the case of the policyholder's untimely demise. Here is a list of claims
one can make under Life Insurance.
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1. Death claim
Here are the steps to file a death claim.
The beneficiary must immediately inform the insurer of the claim. Insured's name, policy number, death
site, date, claimant's name, etc. The beneficiary can obtain a claim notification form by contacting the
insurance company directly, submitting an online request, or visiting any of the insurer's local offices.
The beneficiary must provide the following details.
• Policy number
You can get a claim notification form from your insurance agent or advisor or visit your local insurance
agency. You should also check your insurance company's website to see if the claim intimation form is
available for download.
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Day 15
28/03/2024
• Medical records
The insurance firm notifies the policyholder by issuing a bank discharge form. Include the original policy
document, a government-issued photo ID, a cancelled check, and a copy of your bank passbook when
sending the form back to the insurer.
Documents required
• Original Policy
Insurance Riders can be added to a standard life insurance policy to increase coverage. A claim process
depends on the rider in question. For example, medical history documentation, including a record of the
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first diagnosis, a report from a doctor, etc., is required for the Critical Illness Rider. A copy of the police
report, a certificate of disability signed by the attending physician, medical information, etc., are all
necessary for the accidental disability rider.
A rider is an ancillary benefit to a basic insurance policy for which the policyholder pays a higher
premium. A life insurance policy can be supplemented with a wide range of riders, including those that
cover critical sickness, accidents, hospitalization costs, premium waivers, and more.
Settling a death claim also applies to claims related to riders, such as Accidental Death Benefit Rider,
Premium Waivers, etc. Submitting the required documentation, such as a copy of the policy and a
properly filled-out claim form, will help in a smooth claim settlement.
The following are some of the most typical explanations for claim rejection.
Incomplete application
Details like age, income, occupation, credentials, lifestyle (smoking/drinking), and information on
previous policies and statements, if any, must be filled out accurately and completely. Policy benefits can
be cancelled if false or missing info is submitted to the insurer.
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Day 16
29/03/2024
Giving your insurance company as much detail as possible can help them issue your policy and handle
claims quickly. Submitting correct documents in time is extremely important.. Some of the paperwork is
necessary to finalise a claim, while other pieces of paper are situation-specific necessities. The following
are some of the most important aspects of the required paperwork for a life insurance application or
claim.
• The life insurance claim settlement process will go more smoothly if all the necessary paperwork is
on hand.
• If you present all the required documentation when applying for a life insurance policy, the life
insurance coverage amount can aid your loved ones through a tough time.
All your current insurance plans must be disclosed when applying for a new policy. People often omit
these specifics since digging through ancient records to discover the information is a hassle. Insurance
claims could be dismissed if evidence supporting the claim is hidden.
In the event of the insured's or policyholder's death, benefits will be paid to the designated beneficiary or
nominee. Therefore, keeping the insurance company updated on the nominee's information is crucial. A
life insurance claim could only be allowed if the policyholder accomplished this very important thing.
Insurance policies typically include a list of exclusions detailing the circumstances in which benefits
will not be paid. Therefore, a claim will be denied if submitted for a condition listed in the 'exclusion'
section of the policy.
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It will be denied if a claim is found to be false or inflated. In addition, there may be legal repercussions
and a higher cost associated with the fraud investigation. The insurance company must be notified
immediately if an accident has occurred. However, the insurance company may deny coverage if the
claimant delays
Day 17
1/43/2024
Working at an insurance company provides you the opportunity to gain useful and transferrable skills that
can help you advance in your career. Here are some skills you can learn while working at an insurance
company:
Customer service: You can gain strong customer service skills working for an insurance company since
much of your job is consulting with clients on their insurance needs.
Active listening: You can also become an excellent active listener while working at an insurance
company because you listen to the customer's request. They may ask questions, request changes to their
policy or seek advice about their insurance plans.
Problem-solving: You can learn problem-solving skills working for an insurance company because
agents service and maintain customer policies regularly and they fix any issues that may arise during a
policy period.
Communication: Since insurance concepts can be complex, you can learn how to explain them clearly so
your clients understand them better.
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Day 18
02/04/2024
• Joint Venture: It is a joint venture between Shriram Capital Ltd. and Sanlam
• Happy Customers: With over 60 lakh happy customers, they emphasize seamless
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Day 19
03/04/2024
Shriram General Insurance offers a dynamic work environment with opportunities for growth
and learning.
3. Work-Life Balance: Flexible leave policies allow employees to spend quality time with
loved ones.
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Day 20
04/04/2024
o Coverage Types:
Cashless Treatment: The policyholder doesn’t pay anything at network hospitals; the
o Importance: Having health insurance safeguards your emergency funds and helps manage
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CHAPTER - 4
1. Industry Exposure:
You’ll learn about policies, claims processing, risk assessment, and customer interactions.
2. Hands-On Learning:
Gain practical skills in data analysis, policy administration, and client communication.
3. Networking Opportunities:
4. Resume Enhancement:
insurance industry, understand how the company operates, and learn about
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specific knowledge.
a network of contacts within the insurance industry, which can be beneficial for
like Shriram Life Insurance can enhance your resume and make you more
offer.
scenarios.
attitude, work ethic, and time management skills that are essential for a
successful career.
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BIBILIOGRAPHY
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