Study at :
BIMIT COLLEGE BHUBANESWAR
Permanent Address :At/Po-
Insurance is a form of contract or agreement under which one party
agrees in return for a consideration to pay an agreed amount of money
to another party to make good for a loss, damage or injury, to
something of value in which the insured has a pecuniary interest as a
result of some uncertain event.
TYPE OF INSURANCE
After losing her husband to a heart attack, the wife is left alone to
care for 2 children .
Life insurance is a contract between the policy owner and the
where the insurer agrees to reimburse the occurrence of the
insured individual's death or other event such as terminal illness or
The insured agrees to pay the cost in terms of insurance
premium for the service.
Suicide, fraud, war and civil commotion is not covered .
Life insurance is a contract between an insurer and
policyholder specifying a sum to be paid to a beneficiary
upon the insured’s death .
Premium is the price for insurance. It is the consideration amount payable by
the insured for the selected sum insured , plan and term of the insurance.
Steps for calculating premium installments :
1. Yearly 3 % of tabular premium
2. For Half-Year mode 1.5 % of tabular premium
3. For Quarterly mode and
No rebate; No Loading
4. For Ordinary Monthly
Loading of 5 % on table
Common limited pay periods include 10-year, 20-year, and are paid out
at the age of 65.
Aviva Life , Bajaj Allianz Life Insurance , Bharti AXA Life Insurance Co Ltd,
Birla Sun Life Insurance, Canara HSBC Oriental Bank of Commerce Life
Insurance, Future Generali Life Insurance Co Ltd, HDFC Standard Life
Insurance Company Limited, ICICI Prudential, IDBI Federal Life Insurance,
India First Life Insurance Company, ING Vysya Life Insurance, Kotak Life
Insurance, Max Life Insurance, PNB MetLife India Life Insurance, Reliance
Life Insurance Company Limited, SBI Life Insurance Company Limited,
TATAAIG Life Insurance.
Life insurance companies
Government of India Fully owns
Life Insurance Corporation of India.
GENERAL/ non-life insurance
All insurance covers other then life are called general insurance . Fire,
Marine, Health, Motor , Personal Accident, Household, shopkeeper
insurance and Engineering are example of GI coverage.
General insurance companies
Government of India owned
National Insurance Company
New India Assurance Co Ltd
Oriental Insurance Co Ltd
United India Insurance Co Ltd
Bharti AXA General Insurance
Future Generali India Insurance
ING Vysya Life Insurance
HDFC ERGO General Insurance[
L & T General Insurance
Max Life Insurance Co ltd
Reliance General Insurance
SBI General Insurance
Tata AIG General
Fire insurance is a insurance
that cover property, such as home
shop or other fixed asset protection
against fire, burn Etc..
It also cover distraction of property
due to fire .
Personal Accident Insurance provides a financial cover to an individual who had to
suffer death/disability/dismemberment due to an accident.
PERSONAL ACCIDENT INSURANCE
Home insurance provides coverage for damage or destruction of the
policyholder's home. In some geographical areas, the policy may exclude
certain types of risks, such as flood or earthquake, that require additional
coverage. Maintenance-related issues are typically the homeowner's
HEALTH & MEDICAL
Health insurance policies issued by publicly-funded
health programs, such as cost of medical treatments.
Health insurance companies
Private Sector :
Apollo Munich Health Insurance
Max Bupa Health Insurance
Religare Health Insurance Company Ltd
Star Health and Allied Insurance company Ltd
Property & liability
Property Insurance :
Liability Insurance :
The home is most valuable for everyone. This particular policy is specially
Intended to cover all the risk of your house under a single policy. Property
Insurance also provides protection for other valuable properties and other
Assets that are of interest for the insured.
This policy indemnifies the officers or other professional employees against
Loss of their jobs arising from claims made against them by reason of any
Wrongful Act in their terms of service.
TYPE OF PROPERTY & LIABILITY
- payment to cover liability
losses and damage/loss of
home and its contents
Reinsurance is insurance that is purchased by an insurance company. from
one or more other insurance companies as a means of risk management.
The ceding company and the reinsurer enter into a reinsurance agreement
which details the conditions upon which the reinsurer would pay a share of
the claims incurred by the ceding company.
The reinsurer is paid a "reinsurance premium" by the ceding company,
which issues insurance policies to its own policyholders.
The reinsurer may be either a specialist reinsurance company, which only
undertakes reinsurance business, or another insurance company.
Public Sector Government of India Fully owns 1 company:
GIC Re (General Insurance Corporation of India - Re-Insuer)