Insurance IndustryIntroductionInsurance in its current form has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.

At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premium-rate tables and periodical valuations of companies should be certified by an actuary. However, the disparity still existed as discrimination between Indian and foreign companies. The oldest existing insurance company in India is the National Insurance Company , which was founded in 1906, and is still in business.

The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament, and consequently, General Insurance business was nationalized with effect from 1 January 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on 1 January 1973.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

The Indian insurance sector has 52 insurance companies, of which 28 are in non-life insurance business and 24 in life insurance. India's life insurance sector is the biggest in the world with about 36 crore policies and is expected to increase at a compound annual growth rate (CAGR) of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to five per cent by 2020, and could top the US$ 1 trillion mark in the next seven years.This bright outlook for the sector is primarily due to the Government of India's efforts to strengthen the industry. For instance, the Union Cabinet in July 2014 approved a proposal to relax foreign direct investment (FDI) limit in the domestic insurance sector to 49 per cent from the previous 26 per cent, signaling the Centre's intent to bring capital and investment into the sector.

Company ProfileMax BupaMax Bupa Health Insurance Company Ltd. (Max Bupa) is a joint venture between Max India Limited and the UK based healthcare services expert, Bupa. Bupa Group offers health insurance to customers around the world and specialises in health insurance and aged care. Bupa Group has more than 10 million customers in over 190 countries. Bupa Group provides health insurance cover for individuals, families and companies. It is the largest private medical insurer in the UK.Currently the company's headquarters is in Delhi and is operating with 11 branch offices across India. The branch offices are located in: Delhi Mumbai Pune Hyderabad Chennai Kochi Bangalore Surat Jaipur LudhianaVisionOur vision is real. To become India's most admired Health Insurance Company. And to make this vision a reality, we have brought together our vast and varied experience as the experts in healthcare.MissionAt Max Bupa, our mission is to help our customers live healthier and more successful lives by providing expertise as healthcare partners. And this, we realize is only possible by constantly raising the bar in the standard of health insurances and by keeping our promises to you, our customer and caring for you, for life.MilestonesWhile Bupa has six decades of experience in the healthcare industry and a 11.3 million customer-base in over 190 countries; the Max India Group brings expertise in both health and insurance related services including hospitals, clinical research and life insurance.List Of Board Of Directors

RAJESH SUD (Chairman)

Rahul Khosla (Co-Vice Chairman)

Amit Sharma (Director)

Anthony Maxwell Coleman (Director)

Mohit Talwar (Director)

K. NARASIMHA MURTHY (Director)

Ms.Evelyn Bourke (Director)

Mr. David Fletcher (Director)

Pradeep Pant (Director)

ProductsHeartbeat IndividualIts a simple to understand and easy to buy plan which shall provide you a blanket cover for your medical expenses Additionally you can also get in addition to International cashless coverage, direct claim settlement and many more benefits which will make your life hassle-free. Heartbeat Family First This is a one-of-its-kind Health Insurance plan, which caters to the needs of the Indian joint family. You can get coverage for up to 14 relationships with individual sum insured for each member and a floater sum insured that can be used by any of the family members. Heartbeat Family Floater Your family always comes first. And keeping this in mind, weve designed a one-of-its-kind health insurance plan which caters to the needs of the Indian Joint Family allowing coverage for every family member.

Theoretical FrameworkIntroduction of StressHans Selye was one of the founding fathers of stress research. His view in 1956 was that stress is not necessarily something bad it all depends on how you take it. The stress of exhilarating, creative successful work is beneficial, while that of failure, humiliation or infection is detrimental. Selyebelieved that the biochemical effects of stress would be experienced irrespective of whether the situation was positive or negative. Since then, a great deal of further research has been conducted, and ideas have moved on. Stress is now viewed as a "bad thing", with a range of harmful biochemical and long-term effects. These effects have rarely been observed in positive situations. The most commonly accepted definition of stress (mainly attributed to Richard S Lazarus) is that stress is a condition or feeling experienced when a person perceives that demands exceed the personal and social resources the individual is able to mobilize. In short, it's what we feel when we think we've lost control of events.There is both positive and negative stress, depending on each individuals unique perception of the tension between the two forces. Not all stress is bad. For example, positive stress, also known as eustress, can help an individual to function at optimal effectiveness and efficiency for example, can push us to make the most of our time and produce greater efficiency. It is important to keep this in mind, as stress management refers to using stress to our advantage, andnot on eradicating the presence of stress in our lives.

On the other hand, negative stress can result in mental and physical strain. AnIndividual will experience symptoms such as tensions, headaches, irritability and in extreme cases, heart palpitations. Hence, whilst some stress may be seen as a motivating force, it is important to manage stress levels so that it does not have an adverse impact on your health and relationships.

Good stress v/s Bad stress:Stress has often been misunderstood to be negative, with few peopleacknowledging the importance and usefulness of positive stress. In our everydaylives, stress is everywhere and definitely unavoidable; hence our emphasisshould be on differentiating between what is good stress, and what is bad. Thiswill help us to learn to cope with negative stress, and harness the power ofpositive stress to help us achieve more.There are four main categories of stress, namely eustress, distress, hyper stressand hypo stress. Negative stress can cause many physical and psychologicalproblems, whilst positive stress can be very helpful for us. Heres how wedifferentiate between them.

Eustress:this is a positive form of stress, which prepares your mind and body for theimminent challenges that it has perceived. Eustress is a natural physical reactionby your body which increases blood flow to your muscles, resulting in a higherheart rate. Athletes before a competition or perhaps a manager before a majorpresentation would do well with eustress, allowing them to derive the inspirationand strength that is needed.

DistressWe are familiar with this word, and know that it is a negative form of stress. Thisoccurs when the mind and body is unable to cope with changes, and usuallyoccurs when there are deviations from the norm. They can be categorized intoacute stress and chronic stress. Acute stress is intense, but does not last forlong. On the other hand, chronic stress persists over a long period of time.Trigger events for distress can be a change in job scope or routine that theperson is unable to handle or cope with.

Hyper stressThis is another form of negative stress that occurs when the individual is unableto cope with the workload. Examples include highly stressful jobs, which requirelonger working hours than the individual can handle. If you suspect that you aresuffering from hyper stress, you are likely to have sudden emotional breakdownsover insignificant issues, the proverbial straws that broke the camels back. It isimportant for you to recognize that your body needs a break, or you may end upwith severe and chronic physical and psychological reactions.

Hypo stressLastly, hypo stress occurs when a person has nothing to do with his time andfeels constantly bored and unmotivated. This is due to an insufficient amount ofstress; hence some stress is inevitable and helpful to us. Companies shouldavoid having workers who experience hypo stress as this will cause productivityand mindfulness to fall. If the job scope is boring and repetitive, it would be agood idea to implement some form of job rotation so that there is alwayssomething new to learn. What Are The Signs Of Stress?Stress can cause both mental and physical symptoms. The effects of stress are different for different people.The mental symptoms of stress include:TensionIrritabilityInability to concentrateFeeling excessively tiredTrouble sleepingThe physical symptoms of stress include:Dry mouthA pounding heartDifficulty breathingStomach upsetFrequent urinationSweating palmsTight muscles that may cause pain and trembling

Facts about stressAccording to the American Academy of Family Physicians, two-thirds of officevisits to family doctors are for stress-related symptoms.Almost everyone experiences events that they find difficult to cope with. In arecent poll, 89 percent of people said they had experienced serious stress in theirlives.According to one study, middle-aged men under severe stress who lackedemotional support were five times more likely to die within seven years thanthose who had the same amount of stress but had close personal ties.A recent study indicated that stress-management programs may reduce the risk ofheart problems, including heart attack, by up to 75 percent in people with heartdisease.

How Stress Can HurtIt has been estimated that two-thirds of all visits to physicians are for stress-relatedproblems. Recent evidence indicates that the physical changes associated with stress maycontribute to the leading causes of death - heart disease and cancer.The effects of stress include the following:1) Stress can cause chronic fatigue, digestive upsets, headaches, and back pain.2)Stress can affect the blood cells that help you fight off infection, so you are morelikely to get colds and other diseases.3)Constant stress can increase blood pressure and can increase the risk for stroke.4)Stress can increase the danger of heart attacks, particularly if you are often angryand mistrustful.5)Stress can make an asthma attack worse.6)Stress triggers behaviors that contribute to death and disability, such as smoking,alcoholism, drug abuse, and overeating.7)Stress can lead to diminished sexual desire and an inability to achieve orgasm.8)Stress makes it harder to take other steps to improve health, such as giving upsmoking or making changes in diet

Stress among employees at workplaceWorkplace stress is the harmful physical and emotional response that occurs when there is a poor match between job demands and the capabilities, resources, or needs of the worker. Stress-related disorders encompass a broad array of conditions, including psychological disorders (e.g., depression, anxiety, post-traumatic stress disorder) and other types of emotional strain (e.g.,dissatisfaction, fatigue, tension, etc.), maladaptive behaviors (e.g., aggression,substance abuse), and cognitive impairment (e.g., concentration and memory problems). In turn, these conditions may lead to poor work performance or even injury. Job stress is also associated with various biological reactions that may lead ultimately to compromised health, such as cardiovascular disease. Stress is a prevalent and costly problem in today's workplace. About one-third of workers report high levels of stress. One-quarter of employees view their jobs as the number one stressor in their lives. Three-quarters of employees believe the worker has more on-the-job stress than a generation ago. Evidence also suggests that stress is the major cause of turnover in organizations.Research findings from WHO (World Health Organization) with special reference to employees 40% of workers reported their job was very or extremely stressful. 25% view their jobs as the number one stressor in their lives. Job stress is more strongly associated with health complaints than financial or family problems. 25% have felt like screaming or shouting because of job stress, 10% are concerned about an individual at work they fear could become violent. 9% are aware of an assault or violent act in their workplace and 18% had experienced some sort of threat or verbal intimidation 19% had quit a previous position because of job stress 26% have been driven to tears because of workplace stress. 62% routinely find that they end the day with work-related neck pain. 44% reported stressed-out eyes. 38% complained of hurting hands 34% reported difficulty in sleeping because they were too stressed-out. 12% had called in sick because of job stress. Workplace stress has a negative impact on the business as well as on the individual employee. The increase in job stress creates emotional, financial, and safety concerns for employers and managers The World Health Organization labeled stress a worldwide epidemic. Today, workplace stress is estimated to cost companies more than $300 billion a year in poor performance, absenteeism and health costs.

Stress ManagementA predetermined strategy for coping with psychological or emotional turmoil at workplace. Stress can be contolled by individuals or as part of a health benefits package, a company may offer stress management therapy to improve job performance.Why Organizations need stress management?Economic benefits Lower risks of litigation because they comply with legal duties Improved return on investment in training and development Improved customer care and relationships with clients and suppliers Reduced costs of sick pay, sickness cover, overtime and recruitmentBenefits for individuals People feel more motivated and committed to their work Morale is high People work harder and perform better increasing their earning power People feel that they are part of a team and the decision-making process, so accept change better Relationships with managers and within teams are better People are happy in their work and dont want to leave Line managers can outwardly show their duty of care Line Managers can demonstrate good management skills that could help their promotability and career development.Management benefits Reduced staff turnover and intention to leave, so improving retention Better absence management Fewer days lost to sickness and absenteeism Fewer accidents Improved work quality Improved organisational image and reputation Better staff understanding and tolerance of others experiencing problemsA self approach towards stress management1) Determine what causes stress in your life.2) Think of ways that you can reduce the stress.3) Formulate your stress management technique for relieving stress

Steps for Stress ManagementOne thing you need to keep in mind is that you cannot expect to totally get rid of stress. It is a process wherein your initial goal would be to reduce the amount of stress in your life until you eventually get rid of it.The following ideas will help you establish a stress management method that could workfor you:1) Improve your time management skills. Most of your stress in life is a result of yourinability to squeeze in your plans within the time available to you. So, creating yourschedule will enable you to achieve more in less time. When creating your schedule, putthe most important items on top of your list.2) Study the way you react to stress. This requires your honesty to determine whetheryour own coping mechanisms are effective or not. If not, then look for other means.3) Take care of your body. This is often the most neglected aspect of stress management. Get enough rest and eat well. Your health is the most vital factor in stress management.4). Change your mind set. Oftentimes, stress is produced only by your mind. So, if that is the case with you, then adopting a new perspective might reduce your stress levels.

Other Ways to Manage Stress1) Humor2) Hobbies3) Meditation4)Biofeedback5) Massage therapy

HR role in Stress ManagementHR can help by implementing effective employee wellness programs that help employees manage and eliminate stress in their work and personal lives. Such initiatives include employee assistance programs (EAPs), stress management workshops, fitness subsidies or on-site gyms and workplace massage days. Also of significance are programs designed to save employees time such as corporate cafeterias, on-site amenities such as dry cleaners, post offices, pharmacies and even employee concierge services.Strategies to overcome stress management Work Life Balance StrategyEstablishing work schedules that are compatible with demands and responsibilities outside the job and offering supportive services can help reduce stress. Here are some key strategies:

1)Flex time: Allowing workers to start or end the workday earlier or later can reduce work/life stress, especially for working parents. Flex time can also reduce the stress of commuting in rush hour traffic.

Job sharing: This allows at least two people trained to perform each job, enabling each employee to have time off without losing productivity.

2)Work from home: Working from home results in higher morale and job satisfaction and lower employee stress and turnover, according to an analysis of two-decades of studies involving nearly13 thousand employees, conducted by researchers at Pennsylvania State University. The prime reason is that working at home provides employees more control over how they do their work, according to lead author Ravi S. Gajendran. Working at home also helps workers better manage work/family demands.

3)Longer lunch hours: Extending the lunch hour may help discourage snacking and fast food. One survey found that nearly three quarters of employees say that they eat unhealthy snackschips, candy,etc.at work once a week; 27 percent said they did so three or more times a week.50 Adequate time may also encourage time for calming or other stress-reduction activities such as walking.

4)Eldercare support: Many companies have begun to contract with geriatric care specialists to help with issues such as finding doctors to address age-related diagnosis, and arranging transportation to medical appointments.

Arrange Various Wellness Programs for employeesHR department of an organization can provide range of programs to help their employees overcome stress.The most suitable method is to classify the level of stress among different employees at different levels and convince employees to attend programs respective to their stress. The programs which can help eradicate stress are as follows.Employee Assistance ProgrammeEAPs are typically offered by the HR department as part of the employers health insurance plan to assess and address personal issues that affect employee performance and productivity. Issues can range from substance abuse to family problems, and EAPs often include counseling benefits. Studies show that EA Ps for substance abuse can reduce workers compensation claims, employer healthcare costs, and absenteeism. In a study involving 50 companies, EAPs reduced absenteeism by 21 percent, decreased workplace injuries by 17 percent and increased productivity by 14 percent. Stress management workshops. Scheduled workshops that educate employees about the sources of stress, effects on their health and how they can reduce stress can be effective if backed by practical stress management techniques that employees can use on and off the job.

Research MethodologyObjectives of Study

Primary objective1) To study the stress level of the employees at work

Secondary objective 1) To study the various reasons that leads to stress in employees 2) To determine the overall consequences of stress on their work.

Scope Of StudyStress is emerging as a major problem for many successful people. Stress has become amajor concern of the modern times as it can cause harm to employees health andperformance. Stress can deteriorate social and family relationships and eventually burnyou out; ultimately it can take toll on your health. Organizations need to recognize stressas a problem and decide whether or not to act upon it.

Research DesignDescriptive research design was used.

Data Collection Technique Primary data was collected through structured questionnaire. Secondary data was collected from other sources such as Internet, Books and Articles.

Sampling techniqueProbability sampling was used. All 25 employees of Max Bupa Life Insurance were included in study.Sampling unit : Individuals.Sampling Method :Probability Sampling Size : 25 Employees.Sampling Character : Employees

Data AnalysisMicrosoft excel was used for data analysis. Data transcription from questionnaire to Microsoft excels was done for analysis. Percentage analysis was applied.