3. CONTENTS
■ Insurance
■ Terms used in Insurance
■ Classification of Insurance
■ Concept of Life Insurance
■ Features of Life Insurance
■ History of Life Insurance
■ Regulations Governing Life Insurance in India
■ Principles of Life Insurance
■ Life Insurance Products
■ Leading Life Insurance Companies in India
■ Role of Life Insurance Companies
■ Conclusion
7. Concept of Life
Insurance■ Insurance taken as a risk cover for human life
■ Risk of contingencies dependent upon human life.
■ Compensates only financial loss.
8. Features Of Life
Insurance■ Outcome of a Contract
■ Payment of Premium
■ Payment of sum assured
■ Related Risk to life
■ Financial Help
■ Tax exemption under Section 80C/80CCC/80D
■ Encourage Saving
9. History of Life
Insurance■ Establishment of first Life Insurance Company i.e. Oriental Life Insurance
Company in Calcutta in 1818.
■ Establishment of first statutory measure to regulated life business i.e.The
Indian Life Assurance Companies Act, 1912.
■ The Insurance Amendment Act of 1950 abolished principal agencies.
■ Finally, the issuing of an Ordinance on 19th January, 1956 nationalizing the Life
Insurance Sector.
10. Regulations governing
Life Insurance in India
Insurance Act, 1938
LIC Act, 1956
Insurance Regulatory and Development Authority (IRDA) Act, 1999
12. Nominations
■ Under Section 39 of Insurance Act, 1938
■ Right given to an insurance holder to appoint a person to receive the policy
money.
■ The person receiving the policy money in case of premature death of the
holder is known as Nominee.
■ The policy holder can change or cancel any nomination at his will.
■ In case the policy becomes claim maturity the amount is paid to the policy
holder and nominee will have no right.
13. Assignments
■ Section 38 of Insurance Act, 1938 governs it.
■ It is an instrument whereby, beneficial interest, title and rights under the policy
is transferred.
■ The person to whom the rights are transferred is known as Assignee.
■ An assignment can be made either by endorsement on the policy or by a
separate deed.
■ It should be in writing and there should be at least one witness at the time of
assignment.
14. Pure Protection
Plans
• Term Insurance
• Health Insurance
Protection cum
Savings Plan
• Endowment Insurance
• Whole Life Insurance
• Unit Linked Insurance
• Variable Insurance
Pure Savings And
Pension Plans
• Deferred Annuity Plans
• Immediate Annuity
Plans
Life Insurance
Products
15. Leading Life Insurance
Companies in India
■ Life Insurance Corporation of India
■ ICICI Prudential Life Insurance
■ BajajAllianz Life Insurance
■ HDFC Standard Life Insurance
■ Bharti AXA Life Insurance
■ Birla Sun Life Insurance
■ ETC.
16. Roles of Life Insurance
Companies
Saving
Institution
Term
Financing
Institution
Stabilizer in
Share Market
Biggest
Employers in
Economy
Investment
Institutions
17. CONCLUSION
■ Life insurance provides you with the opportunity to protect yourself and your
family from personal risk exposures like repayment of debts after death,
providing for a surviving spouse and children, fulfilling other economic goals
(such as putting your kids through college), leaving a charitable legacy, paying
for funeral expenses, etc.
