Presented To Prof.

Samveg Patel

Presented By Rina Chauhan Anuj Desai Mohit Gupta Rinkal Modi Krishnavadan Patel Prakash Soliya

(13) (21) (29) (50) (72) (102)

INSURANCE
Meaning Insurance is a cooperative device by which the loss is likely to be caused by an uncertain event is spread over a number of persons who are exposed to it and who propose to insure themselves against such an event. The essence to insurance is the elimination of risk and substitution of certainty for uncertainty.

Purpose and Needs

1. 2. 3. 4. 5. 6. 7. 8. 9. Reduction in worries, Reimbursement of losses, Opportunity for investment, Credit enhancement, Opportunity for employment, Temporary needs / threats, Regular savings, Investment & Retirement.

Benefits of Insurance
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Shifting of risks, Providing pecuniary security, Assuring expected profits, Safeguarding interest of consumers, Improving credit standing, Providing investment opportunity, Encouraging savings, Capital formation, Generating employment opportunity, Promoting social welfare & Helps controlling inflation.

Functions of Insurance
1. 2. 3. 4. 5. 6. 7. Diffusion of risks, Providing protection, Encouragement of savings, Promotion of efficiency and motivation, Prevention of losses, Providing funds for investment & Solution to social problems.

Types of Insurance
Personal Insurance. Life Insurance. Health Insurance. Accident Insurance. Property Insurance. Fire Insurance. Vehicle Insurance. Marine Insurance

Types of Insurance Cont

Liability Insurance. Third Party Insurance. Workmen compensation Insurance. Guarantee Insurance. Credit insurance.

Types of Insurance

Life Insurance

Non-lifeInsurance

General Insurance 1. Marine Insurance. 2. Fire Insurance. 3. Personal Insurance. 4. Motor Vehicle Insurance.

Miscellaneous Insurance 1.Fedelity guarantee Insurance. 2. Crop Insurance. 3. Burglary Insurance 4. cattle Insurance 5. Cash in transit Insurance.

Life insurance
y Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event

The contract is valid for payment of the insured amount during: y The date of maturity, or y Specified dates at periodic intervals, or y Unfortunate death, if it occurs earlier.

Difference Between Life insurance & non life insurance

y Sureness of the event y Principle of indemnity y Specified period

Features
y Elements of valid contract y Insurable interest y Utmost good faith y Warranties y Assignment and nomination y Certainty of the event y Premium y Terms of policy

Advantages
y Protection y Aids Thrift y Enhances creditworthiness y Tax relief y Provide liquidity

Types of life Insurance Plans

Whole Life Plans Endowment Assurance Plans Term Assurance Plans Children Plans

Whole Life Plans

Whole life policy Whole life policy Limited Payment Whole life policy Single Premium Jeevan Anand Jeevan tarang

Endowment Assurance Plans

Andowment assurance policy Andowment assurance policy Limited Payment Jeevan Mitra New Janaraksha Plan Jeevan Sathi

Term Assurance Plans.

Two Year Temporary assurance policy Amulya Jeevan Mortgage Redemption

Children Plans.
Jeevan Anurag Komal Jeevan Marriage endowment or educational annuity plan Jeevan Kishore

Money Back Plans

Money Back Policy ---20 Years. Money Back Policy ---25 Years
1.Plans offered by LIC I. Jivan Surabhi--- 15, 20, 25 Years II. Bima Bachat 2. Plans offered by others Insurance Company I. Money Back (HDFC Standard Life ) II. Flexi Cash Flow (Birla Sun Life) III. ICICI PRU Cash back (ICICI PRU) IV. Money Saver Plan (TATA AIG)

Group Insurance Schemes

Group term insurance schemes. Employer-employee group insurance schemes providing uniform or graded cover. Group Insurance Schemes in lieu of Employees Deposit Linked Insurance Scheme (EDLI). It is applicable to all employees covered under EPF and MF Act 1952. Group gratuity Scheme It is Scientific method for funding as premium are based on actuarial basis.

Group Insurance Schemes Cont

Group Superannuation Scheme. I. Group savings linked insurance schemes. II. Voluntary Retirement Scheme. Group Leave Encashment Schemes This plan is designed to provide for employer to meet liability of leave encashment. Social Security Schemes. Its provided by Central Govt. for the weaker section of the society. Life cover upto Rs. 5000 is provided by LIC.

Group Insurance Schemes Cont

LALGI Schemes. Insurance cover provided to land less labourers. Sum assured upto Rs. 2000. Rural group life insurance schemes (RGLOS)

Integrated rural development programme (IRDP). Greater security to families and mitigate the hardship in the event of death.

Group Insurance Schemes Cont

Group Insurance scheme for students. Students Pursuing Professional courses like MBA , LLB etc. are cover ranging between Rs. 50,000 to 1,50,000. Group mortgage redemption assurance scheme This scheme insurers the borrowers of housing/vehicle loans.

Pension Plans
Plans by LIC I. Jeevan Nidhi. II. Jeevan Akshay-V. III. New Jeevan Dhara- I. IV. New Jeevan Suraksha-I. Plans by others private insurance companies. I. ICICI PRU Forever life (ICICI PRU) II. Kotak Retirement Income plans (OM Kotak) III. Flexi securelife Retirement Plan (Birla Sun Life)

Unit Plans.
Market Plus. This is a unit link Pension Plan which also covers Life insurance. There are four funds offered in this scheme based on investment pattern. 1. Bond Fund 2. Secured Fund 3. Balanced Fund 4. Growth Fund Money Plus. This is a unit linked endowment plan, which offers investment cum insurance plan.

THANK YOU