Type of insurance by pradyumna 9


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There are 5/6 type of insurance follow -
life,general, health & medical, property & liability and reinsurance.

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Type of insurance by pradyumna 9

  1. 1. 8/19/2013 Study at : BIMIT COLLEGE BHUBANESWAR Permanent Address :At/Po- Karadia/Karanjia Mayurbhanj Odisha,
  2. 2. MEANING 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. 8/19/2013
  4. 4. LIFE 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 insurer, where the insurer agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness. 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 . 8/19/2013
  5. 5. Plans Children Money back pension 8/19/2013
  6. 6. PREMIUM 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 : Mode Rebates 1. Yearly 3 % of tabular premium 2. For Half-Year mode 1.5 % of tabular premium 3. For Quarterly mode and Monthly No rebate; No Loading 4. For Ordinary Monthly mode Loading of 5 % on table premium 8/19/2013 Common limited pay periods include 10-year, 20-year, and are paid out at the age of 65.
  7. 7. Private Sector 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 Public Sector Government of India Fully owns Life Insurance Corporation of India. 8/19/2013
  8. 8. 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 : Public Sector Government of India owned National Insurance Company New India Assurance Co Ltd Oriental Insurance Co Ltd United India Insurance Co Ltd Private Sector Bharti AXA General Insurance Future Generali India Insurance ING Vysya Life Insurance HDFC ERGO General Insurance[ ICICI Lombard L & T General Insurance Max Life Insurance Co ltd Reliance General Insurance SBI General Insurance Tata AIG General 8/19/2013
  9. 9. FIRE INSURANCE 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 . 8/19/2013
  10. 10. 8/19/2013 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 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 responsibility.
  11. 11. HEALTH & MEDICAL Health insurance policies issued by publicly-funded health programs, such as cost of medical treatments. EX - 8/19/2013
  12. 12. 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 8/19/2013
  13. 13. Property & liability Insurance 8/19/2013
  14. 14. Property & liability Insurance 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. 8/19/2013
  15. 15. TYPE OF PROPERTY & LIABILITY Homeowners insurance - payment to cover liability losses and damage/loss of home and its contents 8/19/2013
  16. 16. REINSURANCE 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. 8/19/2013
  17. 17. Re-insurance companies Public Sector Government of India Fully owns 1 company: GIC Re (General Insurance Corporation of India - Re-Insuer) 8/19/2013
  18. 18. 8/19/2013