-: PROJECT REPORT ON:-

CHILDREN INSURANCE
PROJECT REPOT SUBMITED IN PARTIAL FULFILMENAT OF THE RECUIRMENTS FOR THE AWARD OF THE DEGREE OF BANKING AND INSURANCE MUMBAI UNIVERSITY

-: SUBMITTED BY:SARIKA MORE (T. Y. Banking & Insurance) Roll No.34

-: PROJECT GUIDE:Prof. Mr. Deepak Murdeshwar.

VIDYA PRASARAK MANDALS K.G.JOSHI COLLEGE OF ARTS & N.G. BEDEKAR COLLEGE OF COMMERCE & BACHELOR OF MANAGEMENT STUDIES

CHENDANI BUNDER ROAD, THANE (W) PIN CODE- 4000601

-: FOR ACADEMIC YEAR:2009-10

ACKNOWLEDMENT
At the outset I would like to express my sincere gratitude to my collage and its staff for their constant motivation during the course of this project. I thank my project guide Prof. Mr. MURDESHWAR without whom this endeavor would not have been successful.

Most of all, I would like to take this opportunities to thanks our Principal Mrs. SHAKUNTALA SINGH, for giving her valuable guidance co-operation and support.

A very special gratitude and thank goes to LIC Assistant Branch Manager Mrs. Shitalkumar M. Joshi & LIC Agent Mr. Vasu More as well as all those respondents named and unnamed, who take time off from their busy schedule to assist me and made this project possible.

Last but not least, a very special thanks to my family and friends for their support and encouragement.

DECLARATION
I SARIKA MORE of K. G. Joshi Collage of Arts and N. G. Bedekar Collage of Commerce T. Y. Banking and Insurance (semester-V) hereby declare that I have completed this project on CHILDREN INSURANCE in academic year 2009-10. The information submitted is true and original to the best of my knowledge.

PLACE: Thane DATE :

Signature of student (Ms. Sarika More)

RESEARCHE METHODOLOGY USED FOR THE PROJECT

Why I have chosen the Topic?

 To know about Children Insurance in detail.  To get information of Children Insurance policies offered by Life Insurance Corporation of India.  To find out what is the procedure of taking the children insurance policies  To find our claiming procedure of LIC.  To find out what is the importance of Children Insurance in our life.  To study customers preferences towards LICs children policies.

Importance or Scope of the Project:

 The project includes the basic introduction of Life Insurance and its sub categories including limitations and role of insurance in economic development.  It gives information of Children Insurance, its importance in our daily life & its principle types of policies.  The project mainly focuses on Children Insurance with reference to LIC. It includes policies product summery, features, benefits, and term of premium.

Research design:
I have collected primary data from Life Insurance Corporation by visiting there branch in Mulund (W). Primary Data They provided me information related to my project. They provide me necessary information which is helpful for me to analysis overall procedure of Children Insurance. I have conduct survey of 30 Children Policy Holders & 5 agents of LIC. - Books Secondary Data - Internet - Magazines - Journals

EXECUTIVE SUMMERY
Today, only one business, which affects all walks of life, is insurance business. Thats why insurance occupies a very important place among financial services operative in the world. Owing to the growing complexity of life, trade, commerce, individuals as well as business firms are turning to insurance to manage various risks. Therefore a proper knowledge of what is and what knowledge it serves to the organization or an individual is therefore necessary. Insurance is an mechanism that ensures an individual to thrive on adverse consequences by compensating the individual his/her loss financially. The term insurance can be defined in financial as well as in legal terms. The financial definition deals with the funding or financial arrangement of the losses whereas the legal definition deals with provisions relating to legally enforceable contract. Purchasing life insurance for your children when they are healthy and young will enable them to maintain affordable premiums when adults. Parents and grandparents want the best for the little loved ones in their livesfrom keeping them healthy and happy to providing for their financial future. Childrens life insurance is a tool many families use to give their children a financial foundation that they can draw upon when they are older. When considering purchasing life insurance for your children, you should get several quotes to compare prices and the offerings of each insurance company. It is a good idea to invest in term life insurance for your children. Term insurance policy enables parents of insured children to exchange this type of insurance for more permanent insurance coverage.

Make sure your child can collect accumulated cash value under insurance policies you consider, as well as if your child can borrow money against the insurance policy in the future.

Importance of Children's Life Insurance:

Childrens life insurance plays numerous roles, depending on the type of policy a person opts for. The basic role of child life insurance is to provide financial security to the family in case of the childs untimely death. Childs death could lead to emotional trauma due to which it may not be possible for the earning members of the family to resume work for months. Apart from this basic role, childrens life insurance has the following benefits:
y

A child may be inflicted by some illness that proves to be an obstacle for purchasing a policy later. This situation can be avoided by purchasing life insurance for kids at a very early age.

Life insurance rates increase with age. Thus, buying a child life insurance policy helps one get the most affordable rates. Once settled, the premium does not rise with the childs age or with health issues that s/he may develop at a later stage.

Child life insurance could prove to be a good investment, in case you opt for one that matures after a specific term. The money from this could help in financing higher education or strengthening the financial base when your child is trying to find his/her place in the world.

Childrens life insurance can be purchased when your child is as young as two weeks old. This will ensure the best rates.

INDEX
Sr. No.
I

Name of Chapter
Introduction to Insurance: 1.1 Introduction 1.2 History of Insurance in India 1.3 Functions of Insurance 1.4 Classification of Insurance 1.5 Principles of Insurance 1.6 Characteristics of Insurance 1.7 Classification of Insurance 1.8 When should you take Insurance 1.9 Future Planning & Insurance 1.10 Criticisms of Insurance Industry

Page No.
1-10

II

Life Insurance: 2.1 Introduction 2.2 What is Life Insurance 2.3 Types of Life Insurance 2.4 Criticisms of Life Insurance

11-19

III

Life Insurance Corporation Of India: 3.1 Introduction 3.2 Life Insurance in India 3.3 Objectives of LIC 3.4 Current Status

20-28

IV

Child Insurance: 4.1 Introduction 4.2 Child Plan

30-45

4.3 the Importance of Life Insurance for Children 4.4 How to select insurance policy for children 4.5 Advantages & Disadvantages of Child Plan 4.6 Children Insurance helps generate funds 4.7 Child Future Solution 4.8 Different Children Insurance Policies V LICs Children Insurance Policies: 5.1 Jeevan Anurag 5.2 Children's Deferred Endowment Assurance Plan 5.3 Jeevan Kishore 5.4 Child Career Plan 5.5 Komal Jeevan 5.6 Marriage Endowment or Educational Annuity Plan 5.7 Jeevan Chhaya 5.8 Child Future Plan VI Information Collected from LIC s Agents & Children Policy Holders: 6.1 Information Collected from LIC Agents 6.2 Information Collected from LIC Children Policy Holders VII VIII IX X Findings & Suggestions Conclusion Bibliography Annexure 80-84 85-87 88 89-90 78-79 46-77

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Chap. 1 Introduction to Insurance:

1.1 Introduction 1.2 History of Insurance in India 1.3 Functions of Insurance 1.4 Classification of Insurance 1.5 Principles of Insurance 1.6 Characteristics of Insurance 1.7 Classification of Insurance 1.8 When should you take Insurance 1.9 Future Planning & Insurance 1.10 Criticisms of Insurance Industry

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Chap. 2 Life Insurance

2.1.1 2.1.2 2.1.3 2.1.4 Introduction What is Life Insurance Types of Life Insurance Criticisms of Life Insurance -----------------------------------------------_______________________________

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Chap. 3 Life Insurance Corporation of India

3.1 Introduction 3.2 Life Insurance in India 3.3 Objectives of LIC 3.4 Current Status ----------------------------------------------_______________________________

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Chap. 4 Child Insurance

4.1 Introduction 4.2 Child Plan 4.3 the Importance of Life Insurance for Children 4.4 How to select insurance policy for children 4.5 Advantages & Disadvantages of Child Plan 4.6 Children Insurance helps generate funds 4.7 Child Future Solution 4.8 Different Children Insurance Policies

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Chap. 5 LIC s Children Insurance Policies

5.9 Jeevan Anurag 5.10 Children's Deferred Endowment Assurance Plan 5.11 Jeevan Kishore 5.12 Child Career Plan 5.13 Komal Jeevan 5.14 Marriage Endowment or Educational Annuity Plan 5.15 Jeevan Chhaya 5.16 Child Future Plan -----------------------------------------------________________________________

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Chap. 6 Information Collected from LIC s Agents & Children Policy Holders
6.1 Information Collected from LIC Agents 6.2 Information Collected from LIC Children Policy Holders

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