ABOUT THE AUTHOR Mr. N. Hariharan BCOM CS ., DDTP., DOA., IBM, Currently pursing MBA First year at AR SCHOOL OF BUSINESS , Dindigul, Tamil nadu, India, DDTP – Diploma in desk top publishing in computer Software College, vadipatty, Madurai (13 July 2014) year of completed.DOA – Diploma in office automation in success software academy, vadipatty, Madurai (14 July 2016) year of completed. E- Tally - in success software academy, vadipatty, Madurai (12.06.2017) year of completed. IBM- International Business Management European University. Professional diploma programme 23.04.2021 Sakthi Arts and Science College for Women, Ottanchatram, Dindigul. ONE DAY NATIONAL LEVEL SEMIAR ON “STRATEGICAL SKETCHING OF POST PANDEMIC TRANSFORMATION IN INDAN TREND AND COMMERCE” In won paper presentation FIRST PRIZE and Best paper Award at 23.03.2021. M.G.R Educational and Research Institute, Maduravoyal, Chennai. ONE DAY NATIONAL LEVEL ONLINE SYMPOSIM “MATHEMA 21” in Paper presentation winning 3rd Place At 05.05.2021. He has published 58 papers published in international journal. Attended 52 webinars, paper presentation in 18 college national and international conference. Then 7 awars World record holder in AMIRTHAM 2021. Main area of specialization Commerce and Management. Finally total certificate is 205 it’s including quiz, webinar, pledge, workshops. AWARDS , #youngachiver #indianyouthicon #bestresearchpaper #bestpaprepresentation #excellenceincommerce #silverstar #achiver #dreamworldstudent Worldrecord holder #indiabooksofworldrecords #elitebooksofworldrecords #asianbooksofworldrecords #tamilanbooksofworldrecords #jackhibooksofworldrecords #emicabooksofworldrecords #starbooksofworldrecords

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“BENEFITS OF LIFE INSURANCE
AND HEALTH INSURANCE ”

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HELLO! I’M...
N. HARIHARAN, BCOM(CS),DDTP,DOA,IBM.
MBA, FIRST YEAR,
AR SCHOOL OF BUSINESS, DINDIGUL.
ADJUDICATOR OF JACKHI BOOKS OF WORLD
RECORDS.

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LIFE INSURANCE
● Life Insurance can be defined as a contract between an insurance policy holder
and an insurance company, where the insurer promises to pay a sum of money in
exchange for a premium, upon the death of an insured person or after a set period.
Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term
and in return, we provide you with a Life Cover. This Life Cover secures your
loved ones’ future by paying a lump sum amount in case of an unfortunate event.
In some policies, you are paid an amount called Maturity Benefit at the end of the
policy term.

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COMMON TERMS OF LIFE INSURANCE
 SUM ASSURED
 POLICY TERM
 PRELIMINARY PAYMENT TERMS (PPT)
 MATURITY BENEFITS
 DEATH BENEFIT
 TAX BENEFIT
 SURRENDER BENEFITS
 LOAN BENEFITS

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SUM ASSURED
● A sum assured is a fixed amount that is paid to the nominee of the
plan in the unfortunate event of the policyholder's demise. The
insurance company pays this money as per the sum chosen by you
at the time of purchasing the policy. his concept is usually
applicable for non-life insurance policies such as motor insurance,
home insurance, health insurance, etc.

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POLICY TERM
● Policy term refers to the period for which your term insurance
policy will remain active. This term is determined at the time of
purchasing the insurance plan. It is used to refer to the period
during which the life insured is provided guaranteed coverage by
the insurer

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PRELIMINARY PAYMENT TERMS (PPT)
● Under life insurance policy, an individual can avail life cover for a
fixed period of time in exchange of premium payments that are to
be made over a period of a time. Premium payment term is the
period of time or number of years/months under which the
policyholder is required to make the premium payments for his/her
life insurance policy.

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MATURITY BENEFITS
● The maturity benefit is a lump-sum payment made by the
insurance provider when the policy has reached its expiration date.
It simply implies that if your insurance policy has a 15-year term,
you, the insured, will get a payout at the end of those 15 years.

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DEATH BENEFIT
● A death benefit is a payout to the beneficiary of a life insurance
policy, annuity, or pension when the insured or annuitant dies. For
life insurance policies, death benefits are not subject to income tax
and named beneficiaries ordinarily receive the death benefit as
a lump-sum payment.

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TAX BENEFIT
Premium on life insurance policy can be claimed as deduction
under section 80C.In case of an individual, deduction is available in
respect of policy taken in the name of taxpayer or his/her spouse or
his/her children. In case of a HUF, deduction is available in respect
of policy taken in the name of karta.

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SURRENDER BENEFITS
● It is the amount the policyholder will get from the life insurance
company if he decides to exit the policy before maturity.
Description: A mid-term surrender would result in the policyholder
getting a sum of what has been allocated towards savings and the
earnings thereon

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LOAN BENEFITS
● The benefits of loan insurance include coverage provided by the
policy during unforeseen events such as unemployment, disability
or sudden death, tax benefits under Section 80C, money back at the
end of tenure period and removing the burden on the family to
repay the loan during times of distress.

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HEALTH INSURANCE
Health insurance or medical insurance is a type of insurance
that covers the whole or a part of the risk of a person incurring
medical expenses. As with other types of insurance, risk is
shared among many individuals. The cost of health insurance
premiums is deductible to the payer, and the benefits received
are tax-free, with certain exceptions for S corporation
employees.

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COMPREHENSIVE COVERAGE
● Buying a policy online will help you tackle health-related issues
and avail the best possible medical treatment without worrying
about expenses. Mostly, health insurance plans cover you for the
following healthcare expenses.

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CASHLESS TREATMENT
● Generally insurance companies have tie-ups with hospitals, known
as network hospitals that offer cashless treatment to the insured in
case of hospitalisation. These hospitals reimburse the expenses
related to treatment availed by the insured. This means, you can
avail treatment at these hospitals without paying anything for the
medical expenses incurred.

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PORTABILITY BENEFITS
● Health insurance portability allows the policyholders to transfer
their existing health insurance policy to a new health insurance
provider. It safeguards customers from being taken for granted by
the insurance companies, thereby giving them flexibility and
offering them better options in case they are not satisfied with their
existing health insurance plans.

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FINANCIAL SECURITY AGAINST RISING
MEDICAL COSTS
● Considering the rising medical expenses in India, it becomes
imperative to get a reliable health insurance policy on time. The
policy not only offers you wide coverage, but also protects you
from hospitalisation expenses in case of emergency even during
inflation.

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TAX BENEFITS UNDER SECTION 80D OF
THE INCOME TAX ACT, 1961
● he government promotes health insurance by offering tax
deductions on the premium paid for them, under Section 80D of the
Income Tax Act, 1961. To know more about tax benefits under
health insurance plans, refer to the table below.

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Situations Premium Paid Deduction under Section
80D of the Income Tax
Act
Self, Family, Children Parents
When the policyholder as well as
parents are less than 60 years of
age
Rs. 25,000 Rs. 25,000 Rs. 50,000
When the policyholder and family
members are aged below 60 years
with parents aged more than 60
years
Rs. 25,000 Rs. 50,000 Rs. 75,000
When the policyholder, family
members, and parents are aged
more than 60 years
Rs. 50,000 Rs. 50,000 Rs. 1,00,000
Members of the HUF (Hindu
Undivided Family)
Rs. 25,000 Rs. 25,000 Rs. 25,000
Non-Resident Individuals Rs. 25,000 Rs. 25,000 Rs. 25,000

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NO CLAIM BONUS
● Insurance companies offer No Claim Bonus (NCB) as a reward to
the policyholders for not making any claim during the policy year.
Also known as a cumulative bonus, No Claim Bonus is applicable
to both individual health insurance plans as well as family floater
health insurance plans.

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LIFETIME RENEWABILITY BENEFIS
● Insurance companies offer No Claim Bonus (NCB) as a reward to
the policyholders for not making any claim during the policy year.
Also known as a cumulative bonus, No Claim Bonus is applicable
to both individual health insurance plans as well as family floater
health insurance plans.

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THANK YOU!
Do you have any questions?
hariharan23900@gmail.com
9345020835
Issu/hariharan23900.com