A Study on Lapsation of Insurance Polices of Select Insurance Companies

Purpose: Lapsation is the discontinuation of payment of premia for reasons other than the death of a policy holder.  A majority of insurance companies notice that half of their policyholders do not pay their insurance premia regularly leading to an increase in lapsation of policies. Increase in lapsation not only affects the policyholders’ welfare but also insurance companies’ business growth. So, the present study was carried out to determine where lapsation rate is high and to offer solutions to reduce the rate of lapsation.   Design/Methodology/Approach: The present study is descriptive in nature. A carefully constructed questionnaire was used to gather the study's pertinent data. Data were collected from life insurance company employees in Tamilnadu using the convenience sampling method. The questionnaire includes inquiries about different policy kinds, distribution methods, agent information, and different commission structures.   Findings: Result of cross tabulation discloses that high rate of lapsation rate is noticed with term and endowment insurance policies both at LIC and private insurance companies.  High rate of lapsation is noticed under insurance policies distributed by direct sale teams of insurance companies. Further, it is noticed that lapsation rate is high in Private insurance companies, where insurance agents receive low commission. Lapsation rate is low at Public and Private Insurance companies, where insurance agents receive high and moderate level of commission.    Practical Implications: The result of the study will be immensely useful to policyholders in particular and insurance companies in general. Reduction in policy lapsation rate will assist policyholder to reap the benefit of availing insurance policies and aids life insurance companies to expand their business volume to a greater extent.   Social Implications: Life insurance companies not only safeguard interest of policyholders but also invests their excess amount of premium in corporate securities, thereby assists not only growth of industries but also Indian economy as well.  Lapsation of insurance policies may affect transfer of excess premium towards industry investment.  Thus, the present study assist to understand the reason for lapsation of policies and to offer suitable suggestions to reduce rate of lapsation and assist not only growth of insurance companies but also economy too.   Originality/Value: Questionnaire is employed for collecting first hand data. By contacting the life insurance company employees in person data required for the study has been gathered

A study on the effectiveness of HRD process and climate in milk processing industries with special reference to Coimbatore district

Milk processing allows the preservation of milk for days, weeks or months and helps to reduce food-borne illness. The usable life of milk can be extended for several days through procedures like fermentation or refrigeration, which is the factor most likely to affect the quality of raw milk. The following procedures are carried out at a typical milk plant: receiving the raw milk and filtering/clarifying it. the complete or partial separation of the milk fat (for standardisation of market milk, production of cream and butter and other fat-based products, and production of milk powders). HR processes refer to the fundamental strategies necessary to support the employee lifecycle and a positive employee experience. Each HR process follows an intricate pathway that demands strategic planning according to specific parameters and objectives. While every process involves its own procedures, all processes are interdependent. HRD climate is the perception that the employees have about the policies, procedures, practices, and conditions which exist in the working environment. The study reveals the HR Process and Climate in the Milk Processing Industry, where all the segment of workers are involved in production, processing, marketing and sales

A Study On Stress Management Among Employees Towards Alloy Industries With Reference To Coimbatore

In order to boost strength or corrosion resistance, two or more metallic components are mixed to form an alloy, which is a type of metal. A metallic material composed of two or more elements is called an alloy, sometimes known as a compound or a solution. Although the non-metal carbon is an essential part of steel, the constituents of alloys are normally metals. Alloys are often created by melting the mixture of components. According to customer specifications and drawings, Alloys Industries manufactures and exports a variety of machined and un-machined castings made of Carbon Steel, Stainless Steel, Low Alloy Steel, Heat Resistant Steel, Martensitic Stainless Steel (CA6NM), Precipitated Hardened Steel (CB7Cu-1), Nickel Alloy, and Duplex Stainless Steel. The phrase "stress managements" is broad and includes training, facilitation, and education about the effects that stress has on an individual or group. The study of stress management fosters and encourages the development of coping mechanisms. Employees' physiology and psyche are stressed out by organisational elements such management-labor relations, working conditions, resource distribution, the role of trade unions, employee behaviours, etc. The working practises and policies of an organisation are among its most important influencing variables. This study examined the occupational stress experienced by Alloy Industries in Coimbatore, employees in great detail