Accidental Insurance

OBJECTIVE OF STUDY

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To study and analyses the concept and philosophy of accidental insurance. To know what are various policies offered by public sector companies. To understand the policies condition of the accidental insurance offered by public

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sector companies. To understand the practical aspect involved in accidental insurance offered by public

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sector companies. To study the steps involved in analysis of project viability. To find out up to what extend public sector companies are successful in India. To understand the importance of accidental insurance. To know about what are the views of business men over the insurance offered by public sector companies.

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SCOPE

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The scope of the study is been restricted to the public sector companies offering and

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not been extended to the private sector companies. As there as limited number of public sector companies offering the accidental

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insurance, the information was not available easily. Number of pages is another limiting factor to the project. Due to this factor it was not possible to cover all the important to cover all the important aspects of accidental insurance and the policies offered by public sector companies.

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CHAPTER 1

INTRODUCTION

HISTORY OF INSURANCE IN INDIA Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy Page 3

is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.

Introduction of insurance Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

IRDA

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India. The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001.

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IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent. The FDI limit in insurance sector was raised to 49% in July 2014.

Powers of IRDA

The following are the powers of IRDA 1. All insurance companies have to register with IRDA compulsorily. 2. Companies can undertake only insurance business. 3. The capital structure of the companies will be determined by IRDA. 4. Companies have to deposit with RBI the amount stipulated by IRDA. 5. Accounts and balance sheets of companies have to be submitted to IRDA. 6. Insurance companies have to appoint actuaries and they will value the liabilities of the insurance companies and report the same to IRDA. 7. Investment of assets will be prescribed by IRDA in the form of approved securities.

8. The nature of general insurance business will be prescribed by IRDA.

9. Statements of investment assets to be submitted to IRDA every financial year.

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10. All insurance companies have to devote certain percentage of their business including insurance for crops. This should cover unorganized sector including the economically weaker sections. 11. The appointment of chief executive officer requires prior permission of the IRDA. 12. All insurance agents must obtain license from IRDA. 13. IRDA has powers for levying penalty on companies which fail to comply with the rules and regulations.

Function of IRDA 1. License to agents. 4. Specifying code of conduct for surveyors and loss assessors. 5. Promoting efficiency in the insurance business. 6. Undertaking inspection, conducting enquiries etc., on insurance companies. 7. Control and regulations of rates, terms and conditions by insurance company to policy holders. 8. Adjudication of disputes between insurance company and others in the insurance business. 9. Fixing the percentage of insurance business to rural and social sectors.

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Accident Insurance Accident insurance is gaining popularity with the increase in the number of Accident injuries and deaths. Insurance companies accidental covers for individuals and families as well. This means you can cover your spouse and children in the same policy but by paying a higher premium. The plan can be customised to suit the needs of different clients. These policies are like health insurance policies which means it will be yearly contract between you and insurance company. Unlike Term Insurance where insurance companies offer maximum around 20 times of your yearly income, here in accidental insurance it actually depends on company to company and also your profession matter utmost here. If your profession is more prone to accident, then insurance companies may offer less sum insured or may raise premium. Also one more interesting point that differs from life and health insurance is, here your premium is not fixed on your age, but the profession you are into. So these policies will come into picture when you met with any accident. Accident in the sense sudden, unforeseen or unexpected. Usually your profession is divided to different categories to arrive at premium.

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Level 1- Administrative/managing functions, accountants, doctors, lawyers, architects, teachers or software engineers etc. Level 2-Manual labour, garage mechanic, machine operator, paid drivers, cash carrying employee, builder, contractor, veterinary doctor etc. Level 3-Workers in underground mines, electric installations with high tension supply, circus performers mountaineers, professional river rafters etc. So any effect to your body due to accident is covered in such policies. But such accident must not be suicide, self injury or war etc. Below are the benefits covered under accidental health insurance policies.

Accident rate in india

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Chapter 2

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Company Overview Future Generali Life Insurance is a joint venture between three leading groups: Future Group - A leading retailer of India, Generali Group - A global insurance group that features among the top 50 largest companies of the world and Industrial Investment Trust Limited (IITL) - A leading investment company. Future Generali Life Insurance provides a complete range of simplified solutions for the financial security of customers and enterprises, including savings, family protection, Unit Linked Policies as well as group products.

Vision Our vision is to actively protect and enhance people’s

Mission Our mission is to be the first choice by delivering relevant and accessible insurance solutions.

Values

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Deliver on the promise

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Value our people

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Live the community



Be open

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lives.

Benefits Quick turnaround time & total reliability of service makes this product ideal for you

Instant Policy Get policy instantly with cashless/direct settlements

Helpline Customer service and claims registration with Helpline numbers

Renewal Reminder Automated renewal reminder service

Accident Help Get towing assistance (within city limits only) for accidents

Quick Surveys Claims survey is quick

7 Days, All Done Just 7 working days for claims finalisation

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FUTURE GENERALI GROUP ACCIDENT AND SICKNESS TOTAL PERMANENT DISABILITY RIDER In consideration of the payment in advance to the Company of the additional premiums as herein provided whilst the Policy of Future Generali Group Term Life Insurance Plan (FGGTLIP) is in force, the Company will pay the amount due in respect of an Insured Member in accordance with the terms and conditions of this Addendum as stipulated herein or extended as stated below. The preamble and all definitions, provisions, and conditions of the Policy of FGGTLIP will be applicable to this Addendum where the context so admits and unless hereinafter otherwise specified. Details of the benefits under this addendum, the premiums payable and the duration of cover are as stated in the Policy Schedule for the base plan.

DEFINITIONS

Accident: An accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means.

Illness: Illness means a sickness or a disease or pathological condition leading to the impairment of normal physiological function which manifests itself during the Policy Period and requires medical treatment.

Injury: Injury means accidental physical bodily harm excluding illness or disease solely and directly caused by external, violent, visible and evident means which is verified and certified by a Medical Practitioner.

Medical Advise: Any consultation or advice from a Medical Practitioner including the issue of any prescription or repeat prescription Page 12

Medical Practitioner: A medical practitioner is a person who holds a valid registration from the Medical Council of any state or Medical Council of India or Council for Indian Medicine or for Homeopathy set up by the government of India or a State government and is thereby entitled to

practice medicine within its jurisdiction, and is acting within the scope and jurisdiction of his license.

Pre-existing Disease: Any condition, ailment or injury or related condition(s) for which you had signs or symptoms, and/or were diagnosed, and/or received medical advice/treatment within 48 months prior to the first policy issued by the insurer

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( a) Group Accident and Sickness Total Permanent Disability benefit is paid if the Insured Member is totally and permanently disabled from a cause, which is a result of accidental bodily injury, sickness or disease. The sum assured in respect of Accidental and Sickness Total Permanent Disability Rider will be paid in such an event. (b) The insured member would be regarded as “Totally and Permanently Disabled” only if, as a result of accidental bodily injury, sickness or disease: - that person has been rendered totally incapable of being employed or engaged in any work or any occupation whatsoever for remuneration or profit, or - that person has suffered the loss of (or the total and permanent loss of use of) both hands, or both feet, or both eyes, or a combination of any two.

The above disability must have lasted, without interruption, for at least 180 consecutive days and must be deemed permanent by an appropriate medical practitioner appointed by the Company. 2. Amount of Insurance:

If, while this Addendum is in force, any Member becomes totally and permanently disabled as a result of accident or sickness as herein defined, while insured hereunder, the Company shall pay the sum assured under this rider in one lump sum, upon receipt and approval of medical evidence satisfactory to the Company. The Coverage under this addendum shall cease after the payment of the benefit and any further premium for this benefit shall be discontinued. 3. Claim Notification: The Company must be notified in writing that an Insured Member has suffered Total and Permanent Disability within 30 days from the occurrence of such illness. All the overseas Page 14

reported claim documents must be written in English. If the documents are communicated in other language, it is necessary for the Policyholder to have it all translated in English by a valid professional or official translator. 4. Examination:

The Company shall have the right to have a medical practitioner of its choice as defined above to examine the Insured Member at the Company’s expense before any payments are made under this Addendum. 6. Disclosure: Future Generali Group Accidental and Sickness Total Permanent Disability Rider is yearly renewable & will be renewed along with the base plan and not in the isolation. The rider cover is not available beyond the maximum maturity age of the specific rider. The rider sum assured, terms & conditions and rate are guaranteed for the policy term. The rider can be added / deleted only at the time of policy renewal. All exclusion mentioned above shall be applicable.

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How we get this policy

 Visit our nearest branch or call our toll free number 1800-102-2355 or email us at [email protected]  2Fill up the proposal form with complete details along with our representative, and ensure that you read all the terms and conditions to get maximum policy benefits  3This may be followed by a medical examination of your members, for which the costs will be borne by us  4Prior to final policy issuance, ensure that you inform the insurance company of any health changes of your members occurred during the application process

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CHAPTER 3

ACCIDENT INSURANCE COVERED

Accidents can happen when you least expect it, and a serious injury or accidental death could have devastating financial consequences for you and your family. The value of human life and sufferings cannot be measured with money, but with a view to provide some relief to you or members of your family in the event of an unfortunate accident, Personal accident insurance can help protect your financial security until you get back on your feet and return to work. INSURANCE COVERED

 Disability or Death Due to Accident: Permanent Total Disability, Permanent Partial Disability, Temporary Total Disability & Death arising due to Accident

 Repatriation Benefit: Page 18

An inbuilt cover for Repatriation Benefit and Funeral Expenses-An amount up to a maximum of 1 % of the Accidental Death Sum Insured would be reimbursed for the repatriation of the insured person’s remains subject to maximum of Rs. 12,500. No additional premium to be paid for this cover

 Terrorism: Terrorism is covered.

 Hospital Cash Allowance: You may apply for per day hospital cash (subject to limits as specified in the policy schedule), in the event of an accidental bodily injury and subsequent hospitalisation.

 Loan Protector: o In the event of accidental death or permanent total disablement, lump sum amount as specified in the policy schedule shall be paid

 Adaptation Allowance: In case of a Permanent Total disablement arising out of an accident an amount upto 10% of the principal sum insured subject to maximum of Rs. 50,000 will be reimbursed to you towards the cost of modifying your house or vehicle

 Family Transportation Allowance: When as a result of an accident resulting in either accidental death or permanent total disablement or permanent partial disablement, the insured person is confined in a hospital outside 100 kms of his residence, we will reimburse the actual Page 19

transportation expenses incurred by the immediate family member on recommendation of a medical practitioner, to reach the insured person limited upto 10% of the Principal Sum Insured subject to maximum Rs. 50,000

 Additional covers on paying an extra premium: The following are not included: Child Education Support, Life Support Benefit, Accidental Medical expenses, Accidental Hospitalisation.

NOT COVERD

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Prior to the Inception of the Policy Any existing disablement prior to the inception of the policy.

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Suicide Suicide or attempted suicide is not covered.

 Military or Armed Forces  Serving in military, armed forces.

 Influence of Intoxicants  Under the influence of drugs, alcohol & other intoxicants.

 Event of Riots or War  Participation in felony, riots, war etc.

 Exposure to Radioactive Materials  Exposure to nuclear, radioactive materials. Page 20

 Loses Due to Pregnancy  Loss due to child birth or pregnancy.

 Special Exclusions Pre and Post Hospitalisation expenses and alternative treatments are not covered under accidental hospitalisation cover

ELIGIBILITY

Adults 18 years to 70 years with a lifetime renewal option.

Children 5 years to 25 years can be covered as dependents.

Maximum Sum Insured

Maximum sum insured is based on the monthly income of the person: Cover

Maximum Multiplying Factor on Monthly income

*Cla

*Class 2

*Class

ss 1

Accident

144

3

120

96

al Death Page 21

Permane

72

60

48

36

36

24

nt Total Disablem ent

Permane nt Partial Disablem ent

Temporar

24

Not

y Total

applica

Disablem

ble

ent

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Benefit Are you aware that Life insurance policies are not attachable under certain circumstances. Page 22

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As per section 60 (kb) of The Code of Civil Procedure, all money payable under a policy of insurance on the life of the judgment debtor, are not attachable.

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Section 6 of the MWP Act states that the benefits under a Life Insurance Policy taken by a Married man, under MWP Act for the benefit of the married man's wife, or children or any of them, shall be payable only to the wife or children according to the ratio decided by the Life Assured. Further it states that the said Policy does not form part of the estate (property) of the deceased Husband. Hence the husband does not have any control over the Policy and is not his asset. Therefore the said Policy cannot be attached by the Creditors of other Legal Heirs of the deceased husband. It is to be noted that unlike in the case of other Life Insurance Policies which can be claimed by other Legal Heirs also (even though may not be attachable), MWP Act Policies can neither be claimed by the other Legal Heirs nor by the Husband's Creditors. Even the husband cannot claim any benefit. Therefore, an absolute estate is created in favour of the wife or children. This is a special privilege given by Law only to a Life Insurance Policy taken by a married man. This benefit is not available for any other asset.This benefit is not available for any other asset.

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Life Insurance also offers you tax benefits. Check the chart below for benefits on life insurance, pension plans and health insurance. Page 23

Tax Benefits

Section

Permitted deduction

Exceptions

Premium paid for life insurance

80C

INR 1,50,000

Amount of premium paid in a financial year for policy in excess of 20% of the actual capital sum assured, then deduction will be allowed only for premiums up to 20% of the sum assured.

Premium paid for pension plans

80CCC

INR 100,000

Benefit reversed if policy lapses; amount received on surrender (whole/part) of annuity plan and amount received as pension is taxed as income.

Premium paid for medical insurance

80D

INR 15,000 for self, spouse and dependent children + INR 15,000 for parents; INR 20,000 for individuals above 65

Benefits under insurance

10 (10D)

Sum received under a life insurance policy, including the sum allotted by way of bonus on such policy is exempt of tax

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Any sum received under a Keyman Insurance Policy, or any sum received other than as death benefit under an insurance policy that has been issued on or after April 2003 and if the premium paid in any of the years during the term of the policy is more than 20% of the sum assured.

CHAPTER 5 PROCEDURE TO BUY ACCIDENT INSURANCE 

Get an Online Quote It takes just a few minutes to generate your quote online. a. Select your policy type. If you are looking for an individual health insurance plan, each individual of a family is entitled to a sum insured you opt. In a family floater, the sum insured is shared by all members of the family in the plan.

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Fill in Your Proposal Form You need to fill in the proposal form and answer from basic questions about your medical history before you can buy the policy.

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Review Your Proposal Review your quote and verify you have provided correct information including your nominee name and the premium you need to pay.

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Complete Your Purchase After your confirm your premium and agree to the terms & conditions, select a payment method (Credit Card/Debit Card or Net Banking) and pay securely & conveniently in easy steps and you’re done.

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Download Your Policy You can download your policy schedule and print it out. A copy of the policy is also sent to the email address you have provided during the time of registration.

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CHAPTER 6

Types of claims

Follow these four simple steps to file a claim: 1Claim

intimation/notification

The claimant must submit the written intimation as soon as possible to enable the insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of death, cause of death, place of death, name of the claimant. The claimant can also get a claim intimation/notification form from the nearest local branch office of the insurance company or their insurance advisor/agent. Alternatively, some insurance companies also provide the facility of downloading the form from their website. 2Documents

required for claim processing

The claimant will be required to provide a claimant's statement, original policy document, death certificate, police FIR and post mortem exam report (for accidental death), Page 26

certificate and records from the treating doctor/hospital (for death due to illness) and advance discharge form for claim processing. Based on the sum at risk, cause of death and policy duration, insurance companies may also request some additional documents.| 3Submission

of required documents for claim processing

For faster claim processing, it is essential that the claimant submits complete documentation as early as possible. A life insurer will not be able to take a decision until all the requirements are complete. Once all relevant documents, records and forms have been submitted, the life insurer can take a decision about the claim. 4Settlement

of claim

As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim.

Claim intimation In case a claim arises you should:

Contact the respective life insurance branch office. Contact your insurance advisor Call the respective Customer Helpline Claim requirements For Death Claim: Death Certificate Original Policy Bond Claim Forms issued by the insurer along with supporting documents Page 27

For Accidental Disability / Critical Illness Claim: Copies of Medical Records, Test Reports, Discharge Summary, Admission Records of hospitals and Laboratories. Original Policy Bond Claim Forms along with supporting documents For Maturity Claims: Original Policy Bond Maturity Claim Form

Claim procedure

Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly. You will need to fill a claim form and contact the financial advisor from whom you bought your policy. Submit all relevant documents such as original death certificate and policy bond to your insurer to support your claim. Most claims are settled by issuing a cheque within 7 days from the time they receive the documents. However, if your insurer is unable to deal with all or any part of your claim, you will be notified in writing.

Chapter 7

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Claim settlement

A claim settlement is an agreement between two or more parties to settle a legal claim with payment and other terms. Claim settlements can come up in a number of legal contexts. It is important to be aware that settling a claim usually also eliminates the right to make future claims about the legal matter in the future. If people are not satisfied with the terms of a settlement, they should renegotiate, rather than accepting and resolving to pursue the matter further at a later date. One of the most common forms of claim settlement involves an insurance claim. When people make claims against an insurance policy, the company reviews the claim, determines if it is covered, and offers a settlement to pay the claim. Sometimes this is a straightforward process, as when someone with complete prescription coverage has prescriptions paid for by the insurance company. In other cases, people may dispute the circumstances or amount of the claim and the case may end up in court. Legal cases where people are filing for civil damages are resolved with claim settlements as well. Sometimes the defendant may offer to settle before the case goes to court, a situation commonly seen when the defendant believes that going to court could result in a costly award or could create negative publicity. In other instances, a settlement is reached during court

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proceedings, with a judge or jury awarding damages to the plaintiff and the defendant being ordered to pay them.

The terms of a claim settlement can vary and both parties are usually required to abide by certain terms. The party paying out is required to pay out in full within a set time limit. The party receiving a payment may be required to waive future claims about the matter and to indicate acceptance of the settlement. Other terms may be attached to the agreement, depending on the case. People who are unfamiliar with the legal system should be aware that a claim settlement can be used abusively. Before signing documents associated with a settlement, the documents should be carefully reviewed and if the terms are not understandable, an attorney should be asked for clarification. People may be encouraged to settle out of court or to settle immediately and in the process they may give up future legal rights and end up with less money than they are entitled to. Pro bono legal clinics can provide advice to people involved in a claim settlement who cannot afford to consult an attornThe terms of a claim settlement can vary and both parties are usually required to abide by certain terms. The party paying out is required to pay out in full within a set time limit. The party receiving a payment may be required to waive future claims about the matter and to indicate acceptance of the settlement. Other terms may be attached to the agreement, depending on the case. People who are unfamiliar with the legal system should be aware that a claim settlement can be used abusively. Before signing documents associated with a settlement, the documents should be carefully reviewed and if the terms are not understandable, an attorney should be asked for clarification. People may be encouraged to settle out of court or to settle immediately and in the process they may give up future legal rights and end up with less money than they are entitled to. Pro bono legal clinics can provide advice to people involved in a claim settlement who cannot afford to consult an attorney.

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What Are the Steps for Filing Fatal Accident Claims?

In most jurisdictions throughout the world, when a person is killed in an accident due to the fault of another person, the surviving family members have a right to file fatal accident claims. The steps required to file fatal accident claims may vary by jurisdiction, as well as by the circumstances of the accident. In the United States, for example, if the accident was a work-related accident, then the claim is often filed under the applicable state workers' compensation laws. If, however, the accident was not work-related, then fatal accident claims are usually filed as wrongful death claims in the appropriate court. Although work-related fatal accident claims may be filed as a wrongful death lawsuit in some states, in most cases, the appropriate legal course of action is to use the workers' compensation system. Each state administers its own workers' compensation system; however, the steps for filing a claim are similar among the states. In most cases, only a spouse or dependent is entitled to compensation in a workers' compensation fatal accident claim. The spouse or dependent must prepare and file the appropriate claims forms through the state's workers' compensation board or agency. State workers' compensation systems have a predetermined formula that is used to determine what a claimant is entitled to when a worker Page 31

is killed in an on-the-job accident. Once the forms have been reviewed and approved, the claimant will receive the compensation due according to the formula.

IRDA claim settlement Here is some IRDA Claim settlement data for 2015-16 from April 1 to Sep 30, 2015.This data has been compiled from IRDA filings done by various insurers. Here is the summary: 

Max Life Insurance continues to have a good claim settlement ratio in 2015-16. It has only rejected 1.5% of claims with all of the 91.5% of settled claims with in 30 days.



HDFC Life has lots of pending claims with 4.35% of claims rejected. It has pending claims of about 14% with 76% of claims settled in 30 days.

Settlement Claims Process Page 32

VeriProcess is able to help you secure your share of the Payment Card Interchange Fee Settlement. If you accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012, VeriProcess can manage the claims process for you, acting as the recovery agent. To register for our services, simply download, sign, and return the one-page settlement recovery agreement, or provide us with your information below to have a representative contact you regarding our Payment Interchange Settlement Fee recovery services.

For more information on the Payment Card Interchange Fee Settlement class action lawsuit, please call us at 800.503.5725 or complete our contact form to learn more about partnering with Veri Process in the estimated $5.7+ billion payout.

Veri Process Claims Filing Services: Veri Process provides claims recovery services and is not affiliated with class counsel or the settlement administrator. Claim forms are not yet available from the Class Administrator. When claim forms do become available, class members are not required to sign up with any third-party service in order to participate in the monetary relief, but may instead file their claim directly with the Class Administrator. The claim form will inform most class members of their actual or

estimated interchange fees on which it is proposed their claims will be paid. You may accept or dispute this estimate with the opportunity to submit additional information. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. For additional information, class members may visit www.paymentcardsettlement.com, the Court-approved website for this case.

Payment Processing Optimization Page 33

After we’ve negotiated a competitive payment processing rate and plan with your merchant service provider, and you’ve realized immediate savings over the course of the first three months, Veri Process will create a profile of your processing strengths and weaknesses. Then, we’ll get to work on payment processing optimization. Together, we’ll look at a comparison of your current pricing model with the simplified and transparent Veri Process model (identifying corresponding differences in costs per month). Then we’ll work with you on strategies to optimize your payment processing activities in order to ensure that the lowest possible interchange rates are always applied to your credit card transactions. Why doesn’t your merchant service provider do this today? Simple. They have no incentive to optimize your payment processing. It may actually drive down their profits. VeriProcess is paid on savings. Saving you money is our only job. Monthly:

An important responsibility as your partner is to keep up on every one of the hundreds of interchange rates that may change twice a year. VeriProcess performs thorough, ongoing credit card processing audits to ensure you always pay the lowest possible processing rate. These monthly reports will identify your effective rate of payment processing as well as processing trends within the card payments industry.

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Quarterly:

VeriProcess performs a thorough analysis and audit of your processing methods and puts strategies in place that ensure the lowest payment processing costs. Remember, we are incented to continuously save you money through optimization. We accomplish this by identifying interchange fees that can be reduced by changes to your payment processing methods (i.e. gather cardholder data, sales data, etc.). Our implementation team, consisting of developers, accounting professionals, and a dedicated client services staff, will ensure the necessary support is available to execute these measures. Yearly/Ongoing:

As questions arise, trends emerge, or your business evolves, VeriProcess will continue to be your partner. Through ongoing audits and reporting, we will ensure you continue to receive the most favorable payment processing rates.

1. A basic plan will cover against both death and disability due to an accident and the cover can be further enhanced to give you extended protection. 2. The policy covers all kinds of accidents, whether major or minor, ranging from mishaps such as falling off a bicycle to getting hit by a car. 3.

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4. The premium rates of a personal accident insurance plan are laughably low -you can get an extremely high coverage by paying a premium in the range of Rs 225 which effectively means that the daily cost of you investing in a personal accident insurance plan is about 60 paise. Typically, a PA will cost 0.1 % of the coverage that you get -so for a cover of INR 10,000 you will have to pay about INR 1000 annually. 4.can provide cover against partial, temporary or full disability and even the loss of livelihood. Ask your insurer about this policy, as most agents will bundle it with other insurance plans -given that they get a very low commission from the sale. Thus, for example, a motor insurance policy will probably have a personal accident insurance plan built into it, which you can enhance by paying

extra. Private insurance companies offer even better plans though the premiums are obviously higher -however, these are designed to protect

you fully against any mishap that might have far reaching financial consequences.

5. Hospitalisation benefit can be claimed only if the insured is admitted to the hospital within 7 days of the accident. He or she also has to be hospitalised for a period of 24 hours at least, for the cover to be activated. 6. if you have insured yourself against a temporary disability, your policy will pay you a lump sum every week for a period of about two years -the time frame will be in accordance to your plan of course -however, the policy will only be valid if this disability makes it impossible for you to go to your workplace. For this you have to submit proof of your disability in the form of a doctor's certificate and the payment of this cash benefit will start only after two months after the accident.

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Conlusion

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Questionnaire 1) 2) 3) 4) 5) 6)

Name ______________________________________ Age ________________________________________ Sex a) male____________ b) female Marital status a) married ______________ b) unmarried Source of earning __________________________ Nature of job a) temporary __________ b) permanent

____________ 7) Are you insured a) yes b) no 8) From which company you insured a) public b) private 9) From which private company you are insured _______________________ 10)How many insurance policy you have _____________________________ 11) How would you like to pay premium ______________________________ 12)Are you regularly paying the premium _____________________________ 13)Are you aware about the insurance bonus of the policy ____________________ 14)Have you ever surrendered your insurance policy _____________________ 15)Do you find that the staff cooperative ____________________________

Bibliography

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