8/14/2019 Insurances Services
1/22
Insurances services Presented By:
MAYUR
8/14/2019 Insurances Services
2/22
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.
8/14/2019 Insurances Services
3/22
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
8/14/2019 Insurances Services
4/22
TRANSFERRING RISK
RISK
Policyholder Insurance Co.
- Insured - Insurer
- Underlying Insured
8/14/2019 Insurances Services
5/22
Categories of Insurance
L HealthGener
Endowment
LI GI
Pension/ Annuity Contractswith profit or without profit
for Fixed Amounts on
Mutual FundReturn AndRisk Coverage
8/14/2019 Insurances Services
6/22
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
8/14/2019 Insurances Services
7/22
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
8/14/2019 Insurances Services
8/22
Life Insurance
Products/ServicesTerm Insurance PolicyWhole Life Insurance Policy
Endowment Insurance PolicyAnnuities
ULIP
Group Life Insurance Products(master policy)
Focus on risk
Focus on
8/14/2019 Insurances Services
9/22
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
8/14/2019 Insurances Services
10/22
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
8/14/2019 Insurances Services
11/22
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
8/14/2019 Insurances Services
12/22
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
8/14/2019 Insurances Services
13/22
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
8/14/2019 Insurances Services
14/22
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.
8/14/2019 Insurances Services
15/22
Schemes available:Employees Deposit Linked Insurance
Scheme
Group Savings Linked Insurance Scheme
Group Leave Encashment Scheme
So on.
8/14/2019 Insurances Services
16/22
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.
8/14/2019 Insurances Services
17/22
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
8/14/2019 Insurances Services
18/22
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.
8/14/2019 Insurances Services
19/22
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
8/14/2019 Insurances Services
20/22
Marine Hull: Marine hull policy providesprotection against damage to shipcaused due to the perils of the sea.
National Insurance CompanyLimited,
Maharastra
8/14/2019 Insurances Services
21/22
Covers only two benefitsReimbursementof Medical Expenses
relating to specific diseases.
Hospitalization
Eg. Individual Mediclaim Policy, GroupMediclaim Policy, bhavishya ArogyaPolicy.
8/14/2019 Insurances Services
22/22
Cholamandalam General InsuranceCompany Ltd. By Trupti Corparate Services.
Liability InsuranceOhio Bar Liability Insurance CorporationProvides lawyers professionals liability
Insurance