PROJECT REPORT

ON
CORPORATE SETTLEMENT FOR DISABILITY AND DECEASED
PENSION AT COGNIZANT TECHNOLOGY SOLUCTION PVT.LTD

SUBMITTED TO SAVITIRIBAI PHULE PUNE UNIVERSITY

IN PARTIAL FULFILLMENT OF REQUIREMENT FOR THE AWARD

OF DEGREE

MASTER OF BUSINESS ADMINISTRATION

By:

MIS. SHILA KUMBHAR

UNDER THE GUIDANCE

OF

DR. ASITA GHEWARI

S.K.N. SINHGAD SCHOOL OF BUSINESS MANAGEMENT, PUNE.

2015-17

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 DECLARATION

I, the undersigned, hereby declare that the Project Report

entitled “CORPORATE SETTLEMENT FOR DISABILITY AND
DECEASED PENSION” written and submitted by me to the
Savitribai Phule Pune University, in partial fulfillment of the
requirement for the award of degree of Master of Business
Administration under the guidance of Dr. Asita Ghewari is my
original work and the conclusions drawn therein are based on the
material collected by myself.

Place: - Pune Date:-

Signature of Student

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 ACKNOWLEDGEMENT
I take this opportunity to extend my heartfelt gratitude to all
those people, without their support and co-operation it would not
have been possible to make this project successful.

I would specially like to thank and express my cordial

gratitude to the branch manager Mr. Khizar khan and staff
members of the company.

I would also like to thanks my institute Director, Dr.

Rajashree Shinde for her valuable support, and then I would like to
express my sense of gratitude to my project guide Dr. Asita Ghewari
for his kind co-operation and valuable guidance.

Nevertheless, it was a great pleasure and valuable experience

for me because friends are the major supporter so I am also thankful
to them.

Place: Pune Name: Shila Kumbhar

Date:

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 INDEX

CHAPTER PAGE
PARTICULARS
NO. NO.

EXECUTIVE SUMMARY

1. INTRODUCTION 6-8

2. COMPANY PROFILE 9-15

3. RESEARCH DESIGN AND METHODOLOGY 16-19

4. CONCEPTUAL BACKGROUND 20-23

DATA PRESENTATION,ANALYSIS AND

5.
INTERPRETATION 24-29

FINDINGS, SUGGESTIONS, CONTRIBUTION TO THE

6. ORGANIZATION, LEARNING FROM THE PROJECT,
CONLUSION 30-34

BIBLIOGRAPHY

ANNEXURE

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 EXECUTIVE SUMMARY

The project is about the study of Disability and deceased pension

awareness of COGNIZANT TECHNOLOGY SOLUTIONS PVT LTD among
clients. It gives the knowledge of Disability pension. In this project we
describe the new Norwegian disability pension system that were
introduced on January 1st 2015. In particular, we focus on the difference
between the regulation for public and private sector companies. We
start by describing the disability benefits given by the Norwegian
National Insurance Scheme (NIS) and the relationship to the retirement
pension scheme. Disability benefit provides a secure income to those
who have a permanently reduced earning capacity due to illness or
injury. A disability pension is a form of pension given to those people
who are permanently or temporarily unable to work due to a disability.
Pension policy focuses on the disabled individuals who are/were the
working professionals in a corporate business or a firm.A little focus is on
the free policy holders who apply for the pension plans on their own will.

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 CHAPTER - I

INTRODUCTION

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1.1 Introduction to the Project

Corporate settlement for disability and deceased pension :

A disability pension is a form of pension given to those people who

are permanently or temporarily unable to work due to a disability. It is
distinct from welfare.

This system encompasses old age retirement pensions, sickness

benefits, unemployment insurance, health insurance, and people who
are permanently unable to work due to illness, disease, injury or
disability accepted as a medical condition, are secured with disability
benefits (DB) from age 18 to 66. From age 67, the recipient is
transferred to age-retirement pension

If the deceased hadn't yet retired: Most schemes will pay out a lump
sum that is typically two or four times their salary. If the person who
died was under age 75, this lump sum is tax-free. This type
of pension usually also pays a taxable 'survivor'spension' to
the deceased's spouse, civil partner or dependent child.
Pensions don’t automatically ‘sort themselves out’ when someone
dies. It’s possible that a spouse or another beneficiary may benefit.

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 But the amount claimed depends on the type of pension, the age of the
deceased and their beneficiaries.
Different tax rules apply to the rules when inheriting a defined
contribution pension. It depends on whether the individual died before
or after 75.

1.2 Objectives of the project

 To know the concept of disability pension system.

 To learn the processes involved for starting the clients pension
plan.
 To know the various software is used in this process
 To understand how to calculate disability pension amount.

1.3 Scope

 Pension policy focuses on the disabled individuals who are/were

the working professionals in a corporate business or a firm.
 A little focus is on the free policy holders who apply for the
pension plans on their own will.

1.4 Limitation

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 In disability pension insured must be sick and his percentage level
is 50%
 It covers only Disability pension calculation not deceased and
another pension policy
 He should apply for AAP or UT
 In Disability pension Child must be above 18 years.
 Only fully dependent parents, where the family members i.e.
spouse / son / daughter are not alive.

CHAPTER - II

PROFILE OF ORGANIZATION

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2.1 About Cognizant Technology Solutions India Private
Limited

• Name :- Cognizant Technology Solutions India Private Limited

• Address :- CDC phase3, hinjewadi

• Location of the company:- Pune

2.2 Vision and Mission of the Organization

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VISION: To lead sustainable growth with environment friendly practices
and responsible use of natural resources

MISSION: Cognizant's single-minded mission is to dedicate our

business process and technology innovation know-how, our deep industry
expertise and worldwide resources to working together with clients to
make their businesses stronger.

2.3 Historical Background of the Organization

Cognizant began its journey as Dun & Bradstreet Satyam Software

(DBSS),[established as Dun & Bradstreet’s in-house technology unit
focused on implementing large-scale IT projects for Dun & Bradstreet
businesses. In 1996, the company started pursuing customers beyond Dun
& Bradstreet.

In 1998, the parent company, Cognizant Corporation, split into two

companies: IMS Health and Nielsen Media Research. After this
restructuring, Cognizant Technology Solutions became a public
subsidiary of IMS Health.

In 2003, IMS Health sold its entire 56% stake in Cognizant, which
instituted a poison pill provision to prevent hostile takeover attempts.

In September 2014, Cognizant struck its biggest deal, acquiring

healthcare IT services provider TriZetto Corp for $2.7 billion.[ Cognizant
Shares, rose nearly 3 percent in premarket trading.

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2.4 Organizational Chart

2.5 Current status of the organization

 Cognizant to Establish a Digital Works Collaboratory in

Melbourne, Australia

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  Finance & Accounting BPS practice offers transaction processing,
administration, voice services, data management and analytics at a
fraction of the cost.
 Time to Explore: Cognizant and Maker Ed Join Forces with
Exploring to Increase Making Opportunities for The Boy Scouts of
America
 The Business Times, Singapore: Cognizant’s APAC Head Says
Organizations Must Make Transparency and Data Security Key
Performance Indicators
 Cognizant Joins Chamber of Digital Commerce
 The Economic Times: Cognizant Ranked Among the Top 5
Recruiters from Premier B-Schools in India for the Fourth Year

2.6 Different product profiles / market offerings of the

company
Connected Ecosystems and Products Technology is driving change, as
seen in the areas of sensorization,3 power management, connectivity,
computing and interactive technologies (including visualization). Most
connected ecosystems consist of four major elements

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2.7 Product Innovation

Capturing the voice of customers and businesses across the product

lifecycle can substantially help improve product design and performance.
Companies can enhance existing product designs by including or
removing specific features, tweaking designs if they can understand usage
patterns, perform parts rationalization and predict performance, etc.

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Product Code Halos can help detect failure patterns at an early stage.
Data-driven models can predict the likelihood of component or product
failure by capturing performance degradation over time. Further,
equipment manufacturers can track performance of their installed
products to develop meaningful insights about product performance and
failure events, leading to improved product design.

The objective is to analyze data to predict yield, quality, deviation and

process reliability to achieve seamless commercialization of a drug or
active product ingredient. Customer Experience Customer preference and
personalization is becoming pivotal to market differentiation and business
success.

2.8 Future Plans of the organization

The integration, or the lack of it, between consulting and IT services has
always posed a dilemma for the industry. Everyone agrees in principle
that it’s a good thing for technology implementation to be based on the
best possible business advice and backed up by the best process design
and change management techniques. But achieving this integration
commercially has thrown up all sorts of issues and unintended
consequences.

No-one knows this better than Mark Livingston, senior vice president of
Cognizant Business Consulting, who as an A.T. Kearney partner saw
those issues unfold at first hand when the firm was acquired by EDS.

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2.9 Awards and achievements by the organization

Cognizant bagged the Outsourcing Partner of the Year award at

the 2015 FStech Awards. The award recognizes the most effective
relationship between a financial services provider and an outsourcing
company.

Cognizant was selected for the recognition for its quality assurance work
that enabled a financial institution to improve business processes,
enhance customer service, reduce costs, and further the organization’s
opportunities for future business success.

Now in their fifteenth year, FStech Awards celebrate excellence and

innovation in the field of information technology within the UK and
EMEA financial services sector.

The winners were announced at a glittering ceremony, held at the London

Marriott Grosvenor Square and attended by over 300 guests.

2.10 Services

Cognizant provides information technology, consulting and BPO

services. These include business & technology consulting, systems
integration, application development & maintenance, IT infrastructure
services, analytics, business intelligence, data warehousing, CRM, supply

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chain management, engineering & manufacturing
Solutions, ERP, R&Doutsourcing, and testing solutions.

Cognizant Digital Works — created to help clients rapidly build, pilot

and scale enterprise-level digital initiatives — is central to Cognizant's
efforts to help clients drive business change across their operations and
inform their go-to-market activities.

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 CHAPTER – 3
PROJECT METHODOLOGY

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3.1 Flow Diagram

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3.2 Brief description of process

1. Insured Called or informed to Store brand and give details about

his/her sickness date, Company name, address, mobile no. ,Identity
no, contract and coverages.

2. If insured sick More than 1 year then we proceed the case.

3. If insured is sick Less than 1 year Wait for completion of 1 year till
that case will be in pending state

4. Receive B2B Form

a. In B2B form include all the insured’s detail

5. Send application form to insured

a. check his sickness date
b. Update in RUMBA
c. Check all coverage’s
d. If ITP then coverage’s must be Inskkuds
e. If YTP then coverage’s must be premium prittak
f. If Free policy then coverage’s must be Uforepension and
barenetillak

6. Insured receive application form and fill all the information and
send application form to SB

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7. Receive form
a. Check whether it is AAP or UT (temporary and
permanently
b. Check mobile no.
c. Check email.id
d. Check NAV(Norwegian Labour and Welfare Administration
)address
e. Check first and last date of sickness.
f. Authorization signature

8. Then send SMS to insured

9. After all this process send to NAV(Norwegian Labour and

Welfare Administration)

a. NAV(Norwegian Labour and Welfare Administration)

verifies insured's document by call

b. After Verifying Nav sends all documents to SB

10. Proceed the case

11. calculates insured's pension amount

12.Insured must have coverages

13.Insured's pension policy gets activated.

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 UT

a. Create changing case

b. Close older case
c. Creates new case for insured.

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 CHAPTER – 4

CONCEPTUAL BACKGROUND

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4.1 Concepts relating to study topic

A disability pension is a form of pension given to those people who

are permanently or temporarily unable to work due to a disability. It is
distinct from welfare.

4.2 Disability pension

Disability – The loss of or an abnormality in an anatomical,

physiological or mental structure or function of a person.

Disability assessment committee – committee at a health care

institution whose task is to determine the degree of the incapacity for
work, category and cause of disability.

Moderate disability – moderate disability is the loss of or an

abnormality in an anatomical, physiological or mental structure or
function of a person as a result of which the person needs regular
personal assistance or guidance outside his/her residence at least once
a week.

Permanent incapacity for work – there are two degrees: total

incapacity for work; partial incapacity for work. The extent of
permanent incapacity for work is expressed as a percentage of loss of
capacity for work, by a number ending with zero.

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 Partially incapacitated for work – a person who is able to work in
order to support himself or herself but who due to a functional
impairment caused by an illness or injury is not able to perform work
suitable for him or her in the amount corresponding to the general
national standard for working time. A loss of 10–90 per cent of the
capacity for work corresponds to partial incapacity for work.

Profound disability – profound disability is the loss of or an

abnormality in an anatomical, physiological or mental structure or
function of a person as a result of which the person needs constant
personal assistance, guidance or supervision twenty-four hours a day.

Totally incapacitated for work – a person with a serious functional

impairment caused by an illness or injury due to which he or she is
not able to work in order to support himself or herself. A loss of 100
per cent of the capacity for work corresponds to total incapacity for
work.

4.3 Disability Pension Concepts relating to study topic:

There are two concepts of Disability pension in NORWAY:

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 Disability Pension

Information gathering Reassessment

Information gathering

In disability insurance process the employer informed store brand or

inform us that an employer is disable if the employee is sick for more
than one year when store brand receives an information

We follow the below process:

 SB send the disability application form to the employer

 Case is pended for 15 days while we wait for documents from the
employer
 When SB receive the form the employer letter is sent to NAV
(Norwegian Labour and welfare administration) along with the
insured authorisation.
 SMS sent to insured informing him/her about status.
 After this process insured’s pension is calculated.
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  And he/she will get pension.
 If insured does not reply with the application form a reminder letter
sent
 If SB does not receive the disability form within one and half
month then cancel the apllication

4.4 Reassessment Pension

 In Reassessment check the insured disability percentage level

 System sends the reassessment form to the insured 1 month before
the validation mention by NAV(Norwegian Labour and Welfare
Administration)
 Awaits for the form and other document from the insured to
continue the disability payment

4.5 Deceased Pension:-

 Death Pension is a monthly payment made to very low-income
surviving spouses (who have not remarried), or minor or
permanently disabled children
 Children’s pension is granted to children who have lost one or both
parents. The pension is intended to ensure the child has an income
on which to live.

 The Survivors Pension benefit, which may also be referred to as

Death Pension, is a tax-free monetary benefit payable to a low-

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 income, un-remarried surviving spouse and/or unmarried child(ren)
of a deceased Veteran with wartime service.
 When a Government employee dies while in service, the members
of his family are eligible to get the following benefits. Encashment
of leave, Special Provident fund-cum Gratuity, G.P.F balance, T.A.
to go to native place, Advance to meet funeral expenses, transport
expenses, to take dead body of the official to native place, lump
sum payment under Employees Family Security Fund, Relief under
house building advance, Educational Allowance to children,
Compassionate Ground appointments to dependents, DCR
Gratuity, Family Pension, Dearness Allowance, Medical
Allowance, Pongal Gift.
 On the death of the employee, the members of the family or legal
Heirs are eligible to claim the duty pay and allowances due to the
employee or the leave salary upto the date of death if he had been
on earned leave.
 They are also eligible for any arrears due to him consequent on
sanction of increments or fixation of pay.
 Application for Dependency and Indemnity Compensation Or
Death Pension by Surviving Spouse or Child. If available, attach
copies of dependency records (marriage & children's birth
certificates).
 he deceased veteran was discharged from service under other than
dishonorable conditions, AND

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 CHAPTER-5

DATA PRESENTATION,

AND

INTERPRETATION

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5.1 Different stages of the project processes

Insured Called or informed to Store brand and give details about his/her
sickness date, Company name, address, mobile no. , Identity no, contract
and coverages,

If insured sick More than 1 year then we proceed the case.

If insured is sick Less than 1 year Wait for completion of 1 year till that
case will be in pending state

SB Receive B2B Form

 In B2B form include all the insured’s detail

SB-Send application form to insured

 SB check his sickness date

 Update in RUMBA
 Check all coverage’s
 If ITP then coverage’s must be Inskkuds
 If YTP then coverage’s must be premium prittak
 If Free policy then coverage’s must be Uforepension and
barenetillak

Insured receive application form and fill all the information and send
application form to SB

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SB receive form

 Check whether it is AAP or UT

 Check mobile no.
 Check email.id
 Check NAV address
 Check first and last date of sickness
 Authorization signature
 The SB send SMS to insured

SB send to NAV

NAV verifies insured's document by call

After Verifying NAV sends all documents to SB

SB proceed the case

SB calculates insured's pension amount

Insured must have coverage’s

Insured's pension policy gets activated.

UT

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 Create changing case
 Close older case
 Creates new case for insured.

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CRM (Customer Relationship Management):

CRM is about developing a better understanding of customers,

predicting with excellent accuracy customers’needs, and
directing all functional resources to address these needs with
customized and personalized products and services. (Gandossy
et. al,)

CRM has helped different organizations increase the value of

existing customer bases, strengthen competitive advantages, and
enhance customer satisfaction. (Gandossy, Tucker & Verma,

RUMBA

Rumba is a terminal emulation solution with user interface

modernization properties. Rumba and rumba + allows users to
connect to legacy systems

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Rumba provides IT end users with a modern UI, allowing them
to bypass 'green screen' applications.
Launched in 1989, Rumba (previously RUMBA) was one of the
first Windows based terminal emulators available.

If approved disability pension would be calculated as follows

 2%
 Times: best five years average annual salary
 Times : year of credit in the company

Example:- 1

Victoria is 35 years old person , she has been working since 9 years with
her sickness date is 09.02.2015,best average annual salary of 200000,
Vilma’s disability pension is calculated as follows:
2% X 200000 X 09 years= 360000

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Victoria’s disability pension is 36000

Her pension will be integrated at the age of 35. victoria’s disability

pension is payable for her lifetime.Should her medical condition improve
and she is able to return to work victoria’s pension would immediately
stop.

Example:-2

Vilma 39 years old person , she has been working since 12 years with her
sickness date is 23.05.2015,best average annual salary of 430000,
Vilma’s disability pension is calculated as follows:

2% X 430000 X 12 years= 1032000

Vilma’s disability pension is 172000

Her pension will be integrated at the age of 39. victoria’s disability

pension is payable for her lifetime.Should her medical condition improve
and she is able to return to work victoria’s pension would immediately
stop.

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Example:-3

Vilma 42 years old person , she has been working since 20 years with her
sickness date is 23.05.2015,best average annual salary of 500000,
Vilma’s disability pension is calculated as follows:

2% X 500000 X 20 years= 200000

Vilma’s disability pension is 200000

Her pension will be integrated at the age of 42. victoria’s disability

pension is payable for her lifetime.Should her medical condition improve
and she is able to return to work victoria’s pension would immediately
stop.

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 CHAPTER – 6

FINDINGS , SUGGESTIONS,
CONTRIBUTION TO THE
ORGANIZATION, LEARNING
FROM PROJECT AND
CONCLUSION

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6.1 Findings

 It is found that people get disability pension is payable for

lifetime.
 It is found that employees getting sick during working hours can
also apply for disability pension.
 It is found that knowledge about how to calculate disability
pension
 Knowing how to calculate disability pension system..
 knowing the various software is used in this process(RUMBA
CRM).

6.2 Suggestions

 Insured documents should be directly sent to NAV so that time can

be saved.

 CRM and RUMBA software to be upgraded so that the

information of the insured can update automatically .

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6.3 Contribution to the Organization through sip

 Internal process, it’s included the back office work like, get
requirement of document of the new client.
 Found the all details about the clients and documents.
 I have successfully activated pension plan.
 Deal with the new clients

6.4 Learning from Project

 As we know working professionals, employees and labours have

salary/wages as their source of income,so for the financial security
of his family, after any accident or deceased causing to disability or
death to the individual pension policies are important.

 Learned various software and calculation of disability pension

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 CONCLUSION

A disability pension is a form of pension given to those people who

are permanently or temporarily unable to work due to a disability. It is
distinct from welfare. Throughout the disability pension calculation
and process like pension calculation, solving all types of cases related
to pension. Thus value has been added to my education by knowing
the practical utilities of the theoretical background.

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 BIBLIOGRAPHY

www.onecognizant.cognizant.com

www.wikipedia.com

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