About Insurance

1. TYPES OF INSURANCE
Presented by: -
Bibhudutta Tripathy
Rakesh Pradhan
Bikash Sethi
26 NOV 2023

2. What is Insurance?
An insurance is a legal agreement between an Insurer (Insurance
Company) and an Insured (Individual), in which an insured receives
financial protection from an insurer for the losses he may suffer under
specific circumstances.

3. There are two type of Insurance
1) Life Insurance and 2) General Insurance
Life Insurance: Is a contract between you and an insurance
company, In exchange for your premium payments, It will pay a lump
sum known as a death benefit to your beneficiaries after your death.

4. Under Life Insurance: There are 8 types of Insurance Plan
1) Term Life Insurance: - It is a type of life insurance policy
that provides coverage for a certain period of time, or a
specified “ Term” of years.
2) Whole Life Insurance: - Is a guaranteed to remain in force
for the insured’s entire life time, provided required premiums
are paid to the maturity date.

5. 3) Unit Linked Insurance Plan(ULIP): - It is a
combination of Insurance + Investment. It provide you
with the benefit of growth of your money along with a life
cover.
4) Endowment Plan: - Surety of receiving the intended
sum at maturity period 10,20,30 years.

6. 5) Money Back Plan: - Money is returned to the life
insured as a survival benefit after a set period, like child
education and marriage.
6) Retirement Plan: - To take care of your post-
retirement days and help you lead a stress free life.

7. 7) Child Insurance Plan: - Investment in child’s Higher
Education and Marriage goals under the safety of life.
8) Group Insurance Plan: - Is a type of insurance plan
that covers a number of people in the same contract.

8. General Insurance: Is an agreement between a policyholder and
insurer wherein the insurance company protects your valuable assets
from Fire, Theft, Burglary, or any other unfortunate accident.

9. Under General Insurance: There are 5 types Insurance
1) Home Insurance: - It is a from of property insurance that
covers losses and damages to an Individual’s House and Assets
in the home.
2) Health Insurance: - It covers medical and surgical expenses
of an insured individual.

10. 3) Motor Insurance: - It protect your vehicles from potential
risks financially. 3 type of motor insurance 1. Care insurance, 2.
Bike insurance, 3. Heavy Vehicle insurance.
4) Travel Insurance: - It covers different risks while
traveling, like Medical expenses, Lost luggage, Flight
cancellation and other losses.

11. 5) Marine Insurance: - It covers the physical loss or damage of ships,
cargo, terminals and any transport by which the property is transferred
between the point of origin & the final destination.