Insurance in india


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Insurance in india

  1. 1. Contents: • Introduction to INSURANCE POLICIES:  Primary factor of risk and uncertainty.  Primary principle of pooling of risks.  Meaning Of An Insurance Policy.  Legal Principles To An Insurance Policy. • Types of INSURANCE POLICIES:  Life Insurance.  General Insurance (fire, marine, health, motor) • Statistics for INSURANCE POLICIES:  Life Insurance.(industry stats, market updates, distribution, products )  General Insurance (industry stats, market updates, distribution, products )
  2. 2. Risk and uncertainty are incidental to life. Man may meet untimely death. Whenever there is uncertainty, there is risk as well as insecurity.  It is to provide against risk and insecurity that insurance came into being.
  3. 3. The main principle underlying insurance is the pooling of risks .
  4. 4. Insurance policy: An insurance policy is: A contract by which a person, in consideration of a sum of money , undertakes to make good the loss of another against a specific risk, e.g., fire, or to compensate him or his estate on happening of a specified event, e.g., accident or death.
  5. 5. Parties to the policy: The person undertakes the risk is called the insurer , assuror or underwriter. The person whose loss is to be made good is called the insured or assured
  6. 6. The requirement of an insurable interest is what distinguishes insurance from gambling.
  7. 7. 1.Life insurance: Life insurance is a route for providing financial support for your family even after your demise. Mode of a sound and structured financial planning. Helps you do your savings in order to achieve your long term goals. There are many types of Life insurance Policies or Plans. The main idea or motive of a Life insurance service: is to provide maximum benefits for the policy holders family/sub-ordinates after his/her death.
  8. 8. 2.General insurance: Definition: Insurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance. Description: The tangible assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset. Like life insurance, general insurance products come at a price in the form of premium.
  9. 9. Motor Insurance Fire Insurance Health Insurance Marine Insurance
  10. 10. a. motor insurance This is an insurance policy designed for vehicles/automotives. The auto insurance policy offers a safety coverage for every insured vehicle that has underwent some damage. Though any vehicle is insured does not mean it will receive compensation very easily. The investigator investigates into the matter and checks the details very minutely
  11. 11. b. fire insurance 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
  12. 12. c. Health insurance A health insurance is also referred as Medical insurance. Though the medical or health insurance plan is taken by single person, it can be useful for all the concerned members of his or her family.
  13. 13. d. Marine insurance Marine insurance Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwrecked., but excludes losses that can be recovered from the carrier or the carriers insurance.
  14. 14. Bajaj Allianz Life Insurance Company Birla Sunlife Insurance Company Ltd HDFC Standard Life Insurance co.Ltd ICICI Prudential Life Insurance LTD. Life Insurance Corporation Of India
  15. 15. Industrial Statistics
  16. 16. Market updates, Distribution & Products • Market Updates:  Potential new entrants  Mergers And Acquisitions.  Company news and financial results. • Distribution & Products:  Including the nationwide distribution of all life insurances  Some Of the recent product launches in the indian market.
  17. 17. Industrial Statistics
  18. 18. Market updates, Distribution & Products • Market Updates:  Insurers  Other market developments. • Distribution & Products:  Including the nationwide distribution of all life insurances  Some Of the recent product launches in thee Indian market.
  19. 19. The contents in the above presentation have been extracted from the websites mentioned below