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Child insurance provides cover for a childs parent/guardian/grandparent for a specified term.

That is, if the parent, guardian, or grandparent were to pass away, your childs future is not in jeopardy. If, however, this were to happen, your child would receive the sum assured in the policy plus bonus/ participating profit/ guaranteed addition, if any, or the value of the investments, at a pre-determined age, and this money would be receivable irrespective of whether the proposer i.e. the parent/guardian/grandparent survives the term of the policy. Insurance, as you know, can assist in planning for the important milestones in your life, but it can also provide for your childs future. It is a dependable route that secures the childs future in case of any unfortunate event. Money back endowment plans for instance, tell you roughly how much you can expect and at what age (of the child) the money will be due. With money back policies, your child would receive fixed portions of the sum assured at regular intervals. On maturity, your child receives the balance sum assured, if any, plus the bonus/participating profit/guaranteed addition, if any, or the value of investments, whichever is higher. There are two variants available to parents these days: traditional child plans and unit linked insurance plans (ULIPs). Understand that the primary difference between them is in the way their premium is invested. Traditional endowment plans carry a relatively lower risk since they are invested mainly in corporate bonds and government securities. The bonuses are stable and give you considerable comfort knowing roughly how much you can expect. Regular endowment plans are suited for parents with a low risk appetite. Parents with some risk appetite can opt for a ULIP child plan that invests across equity and debt markets. ULIPs are flexible, in that they allow you to switch across options (between debt and equity). They also allow for a larger number of withdrawals, and in some plans, multiple withdrawals are permitted every year. ULIP child plans can prove to be significant is because over the long-term (15-20 years), equities can add considerably to the corpus you plan to build for your childs needs. Debt brings stability to a portfolio. The most favourable aspect of a child insurance plan is that the money is clearly earmarked for the use of the child at a target date for a particular purpose, be it education or marriage. Knowing that you are working towards providing for your childs future through a childrens plan will give you the funds at the right time to take his/her dreams forward. Conclusion Investing in choices suggested above will definitely take care of your future needs. Taking an early decision will make things easier for you but you need to be slightly careful while taking exposure in equities as it requires knowledge and monitoring at regular intervals. Laying out a proper plan and making a disciplined effort will give you peace of mind as this will ensure your childs long term needs are met.

Hrm Traditionally, the focus of a HRM system has been

short-term, and the system has been used as a bureaucratic control mechanism to enhance efciency (Kalleberg and Moody, 1994). Now, practitioners and researchers agree that human resources can be a source of competitive advantage and should be managed strategically. However, organizations are discovering this is easier said than done. Results of the present study show that differences in HRM practices exist in plants operating in different countries. Although this was previously implied in the literature, comparison of a comprehensive list of HRM practices among countries was lacking. We obtained mixed results when the HRM practices were compared across three industries. While the majority of HRM practices used by plants did not differ by industry, we did nd several HRM practices that differed signicantly among the three industries. Particularly, the extent to which some HRM practices are used in plants operating in the machinery industry consistently laged behind that found in plants operating in the automobile industry. We nd overall support for Hypothesis 1 as most of the relationships specied in Hypothesis 1 are found to be signicant. Hypotheses (a) and (f), however,

were not supported for any of the two dependent variables. Therefore, the proposed direct relationship between employment insecurity and organizational performance, and between status difference and organizational performance, cannot be empirically validated. However, as mentioned earlier, employment insecurity and status difference seem to hinder development of other HRM practices, and thereby inuence the work environment and minimize the potential of HRM practices as a whole. The mediating effect analysis revealed that most of HRM practices impact operational performance indirectly through organizational commitment. This nding is important as it renes our understanding of the nature of relationship between HRM practices and operational performance. Also, this nding suggests that a manager intending to enhance operational performance should create a conducive organizational climate that fosters employees commitment to the organization. The ndings of the present study also offer important implications for several distinct trends observed in the business world today. Many organizations are going through globalization to take advantage of proximity to suppliers, customers, and critical

resources, such as human resources. Another noticeable trend has been mergers and acquisitions among companies. Several of these mergers and acquisitions are occurring between organizations operating in different countries (e.g. Daimler-Benz and Chrysler Corporation) and industries (e.g. Time Warner and America Online). These trends pose a unique challenge for HRM (Legare, 1998; Lubatkin et al., 1999). Researchers and practitioners have strongly emphasized that M&A provide a window of opportunity for restructuring HRM practices in the combined (new) organization (Galpin and Herndon, 2000). Organizations involved in mergers and acquisitions should take this opportunity to evaluate their existing set of HRM practices and make necessary changes to facilitate post-merger integration. This is particularly important if organizations involved in M&A are following different HRM practices. Our analyses show that plants operating in different industries and/or countries use and emphasize HRM practices differently. Therefore, which HRM practices should a combined (new) organization choose when M&A is taking place between organizations operating in different industries and/or countries? By controlling for country and industry in our analyses, we were

able to empirically validate those HRM practices that are expected to yield higher performance regardless of the country and industry in which the plant operates. Therefore, one choice may be to institute these HRM practices for the combined (new) organization, ne-tuning them according to the strategic intent of theS. Ahmad, R.G. Schroeder / Journal of Operations Management 21 (2003) 1943 37 new organization. Thus, the ndings of our study provide general directions for managers to achieve better operational performance through HRM systems integration in cross-country and/or cross-industry mergers or acquisitions. Earlier attempts to empirically validate ideal-type HRM systems have received mixed conrmation (Delery and Doty, 1996). Although support for Hypothesis 2 in our study empirically validates an ideal-type HRM system, it failed to show the expected level of variation explained. This is explained as follows: by denition an HR bundle is a set of interrelated and internally consistent HR practices that are expected to create mutually reinforcing and synergistic impacts on performance (MacDufe, 1995). Therefore, the variation in organizational performance explained by a HR bundle should be signicantly greater than that explained by an individual HR practice in that bundle. However, results of our study failed

to show signicant increments in variation explained (R 2 ) for the HR bundle. Nonetheless, our results empirically validate the proposed ideal-type HRM system because as a plants HRM system deviates from the ideal-type HRM system, the plants performance decreases, and this relationship is statistically significant (the coefcient of MISFIT (6) is negative and signicant). OBJECTIVE OF STUDY Objectives and Importance of the Study Liberalization in the Indian insurance sector has opened the sector to private competition. A number of foreign insurance companies have set up representative oces in India and have also tied up with various asset management companies (Shanker 2006). All these developments have forced the insurance companies to be competitive. What makes a rm best is not just technology, bright ideas, masterly strategy or the use of tools, but also the fact that the best rms are better organized to meet the needs of their people, to attract better people who are more motivated to do a superior job (Waterman 1994). In this manner the management of human resources becomes very crucial. Thus, this study on hrm practices in insurance companies was taken up. The main objective of the study was to assess the human resource

management practices being implemented in insurance companies operating in India. To achieve the main objective, the following subobjectives were set: 1. To assess practices regarding human resource planning and recruitment. 2. To identify selection and socialization practices in insurance companies. 3. To assess the practices regarding training in insurance companies. 4. To assess practices of performance appraisal in insurance companies. 5. To assess the compensation and benets related practices in insurance companies. Managing Global Transitionshrm Practices in Insurance Companies 193 6. To identify the workforce diversity and contemporary hr practices being implemented in insurance companies. 7. To assess and compare the hr practices being implemented in Indian and Multinational insurance companies. 8. To assess the dierences of perception of male and female employees regarding hr practices being practiced in insurance companies. 9. To assess the interactive eects of type of insurance companies and gender on hr practices.

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