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Insurances services Presented By:

MAYUR

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What is insurance?

Insurance is a finance service forcollecting the savings of the publicand providing them with risk

coverage.The risk may be certain events

like death, retirement, pension,

education, marriage etc. oruncertain events like theft,accident, fire, ill-health, etc.

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Why insurance?

They provide protection toinvestors from some certain oruncertain risks.

This will constitute voluntaryinvolvement in savings, but turninto compulsory or forced savings

through contractual obligation.These are generally medium and long

term savings and the investments of

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TRANSFERRING RISK

RISK

Policyholder Insurance Co.

- Insured - Insurer

- Underlying Insured

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Categories of Insurance

L HealthGener

Endowment

LI GI

Pension/ Annuity Contractswith profit or without profit

for Fixed Amounts on

Mutual FundReturn AndRisk Coverage

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LIC has a Monopoly of LifeInsurance.

Life insurance was there in Indiasince 1818 carried by private andforeign insurers.

In 1956, life insurance wasnationalised and LIC was set up bytaking over the business of about

245 large and mediumcompanies.

UTI provides ULIP Scheme with

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Life insurance is a contract thatpledges payment of an amount tothe person assured (or his

nominee) on the happening of theevent insured against.

The contract is valid for payment ofthe insured amount during:

The date of maturity, or

Specified dates at periodic intervals,or

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Life Insurance

Products/ServicesTerm Insurance PolicyWhole Life Insurance Policy

Endowment Insurance PolicyAnnuities

ULIP

Group Life Insurance Products(master policy)

Focus on risk

Focus on

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A term insurance policy is a purerisk cover for a specified period oftime.

What this means is that the sumassured is payable only if thepolicyholder dies within the policyterm

For instance, if a person buys Rs 2lakh policy for 15-years, his family isentitled to the money if he dies within

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Well, then he is not entitled to anypayment; the insurance companykeeps the entire premium paid duringthe 15-year period.

So, there is no element of savings orinvestment in such a policy.

It is a 100 per cent risk cover It simply means that a person pays a

certain premium to protect hisfamily against his sudden death.Tata AIG Life Raksha 10/15/20/25 ICICI Prudential's Group Term Insurance

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As the name suggests, a Whole LifePolicy is an insurance coveragainst death, irrespective of whenit happens.

Under this plan, the policyholderpays regular premiums until hisdeath, following which the money ishanded over to his family.

'Jeevan Anand a good whole lifeplan

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Combining risk cover with financialsavings

In an Endowment Policy, the sum assuredis payable even if the insured survives

the policy term. If the insured dies during the tenure of the

policy, the insurance firm has to pay thesum assured just as any other pure riskcover.

A pure endowment policy is also a form offinancial saving, whereby if the personcovered remains alive beyond the tenureof the olic he ets backthe sum assured

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In an annuity, the insurer agrees topay the insured a stipulated sum ofmoney periodically.

The purpose of an annuity is toprotect against risk as well asprovide money in the form ofpension at regular intervals.

JEEVAN NIDHI

LIC's Jeevan Suraksha Pension Plan

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An insurance policy in which thebenefits depend on the performanceof the investment portfolio.

Each premium paid by the insured is

split into two parts.While one part is used to provide

insurance cover, the balance isinvested in the units.

Combines the benefit of insuranceprotection and investment in amanaged fund.

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Schemes available:Employees Deposit Linked Insurance

Scheme

Group Savings Linked Insurance Scheme

Group Leave Encashment Scheme

So on.

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GIC was set up by nationalising the non- lifebusiness of insurance sector in 1972.

The GIC operates as the holding companyof its four subsidiaries, namely, National

insurance, New India Assurance, Oriental fireand United India Insurance Cos.

GIC has both direct and indirectbusiness.

Its direct business is the aviationinsurance.

Indirect business is re-insurance premiumfrom its subsidiaries.

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General InsuranceProducts/Services

Fire insurance

Marine Insurance

Accident/motor Insurance

Health InsuranceLiability Insurance

GIC has launched a number of

innovative schemes; like cropinsurance, cattle and live stockinsurance, insurance for visitors in bank

remises Mediclaim Householders

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Fire InsuranceFire insurance provides protection

against damage to property causedby accidents due to fire,lightening or explosion, wherebythe explosion is caused by boilersnot being used for industrialpurposes. Fire insurance alsoincludes damage caused due toother perils like storm tempest orflood; burst pipes; earthquake;aircraft; hateful damage; explosion;impact etc.

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Marine insurance basically covers threerisk areas, namely, hull, cargo andfreight. The risks which these areas areexposed to are collectively known as "Perils

of the Sea". These perils include theft, fire,collision etc.

Marine Cargo: Marine cargo policyprovides protection to the goods loaded

on a ship against all perils/dangerbetween the departure and arrivalwarehouse. Therefore, marine cargo

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Marine Hull: Marine hull policy providesprotection against damage to shipcaused due to the perils of the sea.

National Insurance CompanyLimited,

Maharastra

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Covers only two benefitsReimbursementof Medical Expenses

relating to specific diseases.

Hospitalization

Eg. Individual Mediclaim Policy, GroupMediclaim Policy, bhavishya ArogyaPolicy.

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Cholamandalam General InsuranceCompany Ltd. By Trupti Corparate Services.

Liability InsuranceOhio Bar Liability Insurance CorporationProvides lawyers professionals liability

Insurance