smartapple.us is one of the biggest life insurance agency in new york providing best life insurance policy with a lot of benefits. Directly visit best insurance agency Life Insurance smartapple.us
Exide Life Insurance provides various life insurance products like term plans, health plans, and riders. It has over 15 lakh customers and manages over 11,015 crores in assets. It sells products through multiple channels and offers benefits like protection, savings options, and return of premiums. Key products discussed include Exide Life Smart Term Plan, Exide Life Term Rider, and Exide Life Sanjeevani health plan. The document also outlines claim process, terms and conditions, exclusions, and requirements for maturity claims.
Exide Life categorizes its products into 3 major categories: retirement and pension plans, savings and investment plans, and plans to meet one's life goals. The document provides details about Exide Life's Golden Years Retirement Plan, a traditional pension plan that helps build a retirement corpus that grows over time to ensure one enjoys their golden years. It also summarizes the key features and benefits of the plan, including capital guarantee, loyalty benefits, flexibility, tax benefits, and a life cover.
Bajaj Allianz life insurance is a collaboration of two companies namely Bajaj auto which is an Indian company with Allianz AG which has headquarter in Germany. Bajaj life insurance offers numerous policies each having different yet overall benefits for the individuals according to their needs.Allianz life insurance apart from taking care of future investment options for the individual and his family provides for traditional insurance policies Bajaj Allianz life insurance policy is a level term cover up policy which provides maximum health and family safety of the assured.
Bajaj allianz life insurance company limitedTeenu Martin
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. It is one of the fastest growing private life insurance companies in India. It offers a range of products including child insurance plans, retirement plans, savings plans, investment plans, term plans, and group plans. It has over 722 offices across India and has assets under management of over Rs. 42,955 crore. The company aims to provide world-class customized insurance solutions supported by technology while focusing on customer delight and satisfaction.
Planning for the old age when the ability to earn diminishes while the expenses to live a dignified and healthy life start rising is of utmost importance.
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
Life Insurance and Health Insurance are a vital part of out life. The presentation provides brief description and benefits of Insurance and misconceptions which general public have about it.
Exide Life Insurance provides various life insurance products like term plans, health plans, and riders. It has over 15 lakh customers and manages over 11,015 crores in assets. It sells products through multiple channels and offers benefits like protection, savings options, and return of premiums. Key products discussed include Exide Life Smart Term Plan, Exide Life Term Rider, and Exide Life Sanjeevani health plan. The document also outlines claim process, terms and conditions, exclusions, and requirements for maturity claims.
Exide Life categorizes its products into 3 major categories: retirement and pension plans, savings and investment plans, and plans to meet one's life goals. The document provides details about Exide Life's Golden Years Retirement Plan, a traditional pension plan that helps build a retirement corpus that grows over time to ensure one enjoys their golden years. It also summarizes the key features and benefits of the plan, including capital guarantee, loyalty benefits, flexibility, tax benefits, and a life cover.
Bajaj Allianz life insurance is a collaboration of two companies namely Bajaj auto which is an Indian company with Allianz AG which has headquarter in Germany. Bajaj life insurance offers numerous policies each having different yet overall benefits for the individuals according to their needs.Allianz life insurance apart from taking care of future investment options for the individual and his family provides for traditional insurance policies Bajaj Allianz life insurance policy is a level term cover up policy which provides maximum health and family safety of the assured.
Bajaj allianz life insurance company limitedTeenu Martin
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. It is one of the fastest growing private life insurance companies in India. It offers a range of products including child insurance plans, retirement plans, savings plans, investment plans, term plans, and group plans. It has over 722 offices across India and has assets under management of over Rs. 42,955 crore. The company aims to provide world-class customized insurance solutions supported by technology while focusing on customer delight and satisfaction.
Planning for the old age when the ability to earn diminishes while the expenses to live a dignified and healthy life start rising is of utmost importance.
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
Life Insurance and Health Insurance are a vital part of out life. The presentation provides brief description and benefits of Insurance and misconceptions which general public have about it.
The document summarizes key laws and regulations governing the life insurance sector in India. It discusses the Insurance Act of 1938, which is the basic law governing insurance business, as well as the Insurance Regulatory and Development Authority (IRDA) Act of 1999, which established the insurance sector regulator IRDA. It also mentions other important laws like the Motor Vehicles Act of 1988, the Insurance Rules of 1939, and the General Insurance Business (Nationalization) Act of 1972. The document provides an overview of major players in the Indian life and non-life insurance industry and important industry trends. It also summarizes key tax laws like the Income Tax Act of 1961 that affect the insurance industry.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
The document is an assignment on Sonali Life Insurance Company Limited submitted to a lecturer. It includes an acknowledgement, letter of transmittal, table of contents, and introduction section. The introduction provides the objectives of the report as understanding Sonali Life's ordinary and group/health insurance activities and products. It also describes the scope, methodology, and limitations of the study conducted on Sonali Life.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
A project report on risk and return analysis of bharti axa productsKirankumar Kiri
The document provides an overview of risk and return concepts in finance and introduces the objectives, scope and methodology of a study on risk and return analysis of insurance products. It discusses that return is what an investor earns from an investment, while risk is the uncertainty associated with the investment. The potential return rises with increased risk. The study aims to maximize return by balancing risk, analyze risks of different insurance products, and do a comparative study of risk and return of insurance products. It will be limited to insurance products and use primary and secondary data collection.
Life insurance Policy Conditions by Dr. Amitabh MishraAmitabh Mishra
Life insurance contracts are governed by certain rules and regulations known as policy conditions. These conditions apply from when the policy is taken out, throughout its duration, and until any claims are settled. Some key policy conditions include age proof requirements, grace periods for premium payments, rules around reviving lapsed policies, non-forfeiture regulations, hazardous occupation clauses, and provisions regarding nominations, assignments, surrender values, loans, and claims. Policy conditions also specify standards for acceptable age proof documents and allow for some dating back of policy commencement.
presentation on a topic of "Life Insurance Products Available For An Individual"nibedita singh
Here, i have described about life insurance products of " Bajaz Allianz Life Insurance Company Ltd " and " Life Insurance Corporation OF India " which can be availed by all eligible individuals which includes
• I-SECURE INSURANCE PLAN
• MONEY BACK PLAN/CASH ASSURE
• PENSION PLAN
• ENDOWMENT PLAN
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
As part of our Investor education initiative, HDFC MF has sponsored a booklet on 'Plan Your Child's Education' which was printed and published with the current issue (December 30, 2013) of Outlook magazine.
- SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% stake and BNP Paribas Cardif owns the remaining 26%.
- The document describes 5 products offered by SBI Life Insurance - SBI Life-Smart Shield (term insurance), SBI Life - Grameen Bima (micro insurance), SBI Life - Shubh Nivesh (endowment plan), SBI Life - Saral Pension (pension plan), and SBI Life - Smart Guaranteed Savings Plan (savings plan). It provides details on the key features, benefits, and terms of each plan.
This document provides frequently asked questions (FAQs) about the Shiksha Plus Super plan, an internal training document for a life insurance company. It covers basic features of the plan such as eligibility ages, premium amounts, investment options, benefits like death benefit and maturity benefit, policy discontinuance including surrender, and other features like switches and partial withdrawals. The FAQs provide concise answers to questions about the key aspects of the plan for internal training purposes.
This document is a student's summer training project report submitted for their MBA degree. It analyzes customer satisfaction at Birla Sun Life Insurance. The report includes chapters on insurance basics, the insurance industry in India, Birla Sun Life's products and profile, the regulatory environment, the research methodology used, findings from customer interviews, and a conclusion with suggestions. It was submitted under the supervision of the branch manager at Birla Sun Life to partially fulfill the requirements for an MBA degree.
This document discusses strategies for planning and funding a child's education. It recommends starting a recurring deposit account early and consistently saving to build funds for higher education costs. It also recommends investing in a child education policy, which is a life insurance product that saves and provides funds for college. The document outlines the features and types of child education policies, including endowment policies and ULIPs, and factors to consider when selecting the best policy like affordability, returns, and benefits. It provides tips for analyzing policies and choosing one that suits the child's goals.
This document provides an overview of the practice of life insurance in India. It discusses the history of insurance in ancient texts and its modern form originating in England in 1818. It then covers the development of the insurance industry in India from the late 18th century until the present day, including the nationalization of life insurance under LIC in 1956 and the opening of the sector to private players in 2000. The document also describes various life insurance plans, bonuses, annuities, group insurance, and unit linked insurance plans (ULIPs).
Surrender Value in Life Insurance by Dr. Amitabh MishraAmitabh Mishra
Surrender value refers to the amount a policyholder will receive from an insurance company if they choose to terminate their life insurance policy before its maturity or insured event occurs. Surrender value applies to the savings and earnings portion of whole life insurance policies and is calculated based on the total premiums paid minus any applicable surrender charges. There are two types of surrender values - guaranteed surrender value, which is a minimum of 30% of premiums paid after 3 years; and special surrender value, which is calculated as the paid-up value plus bonuses multiplied by the surrender value factor, a percentage that increases each year. Surrender values aim to balance paying out policyholders while still allowing insurance companies to cover their obligations and expenses.
Income protection insurance provides a monthly benefit of up to 75% of one's income if they are unable to work due to illness or injury. It pays benefits until the person returns to work or reaches retirement age. The insurance helps cover expenses like mortgages, rent, living costs, and medical bills. Specific benefits include disability payments, inflation protection to increase coverage amounts over time, and waived premiums while receiving disability payouts. Premium costs depend on factors like occupation, income, benefit period, waiting period, policy type, and personal details.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
The document summarizes a student's organizational project on investor preferences for Birla Sun Life insurance products. The student conducted a survey of 120 potential investors in Thrissur District, India to study their preferences for different investment options and Birla Sun Life plans. The survey found that respondents prefer bank fixed deposits and real estate as top investment options due to security and returns. Insurance was also a preferred option. Birla Sun Life's Saral Health and Dream Child plans were most popular. Through the project, the student contributed to Birla Sun Life by selling 4 insurance policies worth Rs. 756,176 and earning an incentive of Rs. 9,750.
Life Insurance : Things You Need to Know Before Buying an Insurance PolicyMihir Shah
The choice to purchase a life insurance policy to protect one’s financial dreams and aspirations is a wise decision. It is also important to purchase insurance according to financial needs.
Group members for the insurance discussion include Rinku Patel, Shubhangi Rathod, and Garima Mishra. Life insurance in India is a $250 billion market growing at 32-34% annually. Common types of life insurance policies discussed include children's plans, term insurance, and endowment plans. Children's plans help secure a child's future needs such as education. Term plans offer only death benefits while endowment plans provide savings and maturity benefits in addition to death coverage. Popular companies offering these plans in India include LIC, HDFC Life, and ICICI Prudential.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to ancient texts like the Vedas. The first life insurance society in India was formed in 1870. The sector grew but saw issues like scams, leading the government to nationalize life insurance and form LIC in 1956. The sector was opened to private players in 2001 under IRDA regulation. The document also summarizes various types of life insurance policies like term plans, endowment plans, whole life plans, and ULIPs. It covers topics like claims processing, exclusions, and riders like disability benefits.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to Vedic times, and that the first Indian life assurance society, Bombay Mutual Assurance Society, was formed in 1870. It then discusses the nationalization of the industry in 1956 with the formation of LIC, and its subsequent opening to private players in 2001 with the establishment of IRDA. The key stages and regulations around the evolution of life insurance in India are summarized.
The document summarizes key laws and regulations governing the life insurance sector in India. It discusses the Insurance Act of 1938, which is the basic law governing insurance business, as well as the Insurance Regulatory and Development Authority (IRDA) Act of 1999, which established the insurance sector regulator IRDA. It also mentions other important laws like the Motor Vehicles Act of 1988, the Insurance Rules of 1939, and the General Insurance Business (Nationalization) Act of 1972. The document provides an overview of major players in the Indian life and non-life insurance industry and important industry trends. It also summarizes key tax laws like the Income Tax Act of 1961 that affect the insurance industry.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
The document is an assignment on Sonali Life Insurance Company Limited submitted to a lecturer. It includes an acknowledgement, letter of transmittal, table of contents, and introduction section. The introduction provides the objectives of the report as understanding Sonali Life's ordinary and group/health insurance activities and products. It also describes the scope, methodology, and limitations of the study conducted on Sonali Life.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
A project report on risk and return analysis of bharti axa productsKirankumar Kiri
The document provides an overview of risk and return concepts in finance and introduces the objectives, scope and methodology of a study on risk and return analysis of insurance products. It discusses that return is what an investor earns from an investment, while risk is the uncertainty associated with the investment. The potential return rises with increased risk. The study aims to maximize return by balancing risk, analyze risks of different insurance products, and do a comparative study of risk and return of insurance products. It will be limited to insurance products and use primary and secondary data collection.
Life insurance Policy Conditions by Dr. Amitabh MishraAmitabh Mishra
Life insurance contracts are governed by certain rules and regulations known as policy conditions. These conditions apply from when the policy is taken out, throughout its duration, and until any claims are settled. Some key policy conditions include age proof requirements, grace periods for premium payments, rules around reviving lapsed policies, non-forfeiture regulations, hazardous occupation clauses, and provisions regarding nominations, assignments, surrender values, loans, and claims. Policy conditions also specify standards for acceptable age proof documents and allow for some dating back of policy commencement.
presentation on a topic of "Life Insurance Products Available For An Individual"nibedita singh
Here, i have described about life insurance products of " Bajaz Allianz Life Insurance Company Ltd " and " Life Insurance Corporation OF India " which can be availed by all eligible individuals which includes
• I-SECURE INSURANCE PLAN
• MONEY BACK PLAN/CASH ASSURE
• PENSION PLAN
• ENDOWMENT PLAN
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
As part of our Investor education initiative, HDFC MF has sponsored a booklet on 'Plan Your Child's Education' which was printed and published with the current issue (December 30, 2013) of Outlook magazine.
- SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74% stake and BNP Paribas Cardif owns the remaining 26%.
- The document describes 5 products offered by SBI Life Insurance - SBI Life-Smart Shield (term insurance), SBI Life - Grameen Bima (micro insurance), SBI Life - Shubh Nivesh (endowment plan), SBI Life - Saral Pension (pension plan), and SBI Life - Smart Guaranteed Savings Plan (savings plan). It provides details on the key features, benefits, and terms of each plan.
This document provides frequently asked questions (FAQs) about the Shiksha Plus Super plan, an internal training document for a life insurance company. It covers basic features of the plan such as eligibility ages, premium amounts, investment options, benefits like death benefit and maturity benefit, policy discontinuance including surrender, and other features like switches and partial withdrawals. The FAQs provide concise answers to questions about the key aspects of the plan for internal training purposes.
This document is a student's summer training project report submitted for their MBA degree. It analyzes customer satisfaction at Birla Sun Life Insurance. The report includes chapters on insurance basics, the insurance industry in India, Birla Sun Life's products and profile, the regulatory environment, the research methodology used, findings from customer interviews, and a conclusion with suggestions. It was submitted under the supervision of the branch manager at Birla Sun Life to partially fulfill the requirements for an MBA degree.
This document discusses strategies for planning and funding a child's education. It recommends starting a recurring deposit account early and consistently saving to build funds for higher education costs. It also recommends investing in a child education policy, which is a life insurance product that saves and provides funds for college. The document outlines the features and types of child education policies, including endowment policies and ULIPs, and factors to consider when selecting the best policy like affordability, returns, and benefits. It provides tips for analyzing policies and choosing one that suits the child's goals.
This document provides an overview of the practice of life insurance in India. It discusses the history of insurance in ancient texts and its modern form originating in England in 1818. It then covers the development of the insurance industry in India from the late 18th century until the present day, including the nationalization of life insurance under LIC in 1956 and the opening of the sector to private players in 2000. The document also describes various life insurance plans, bonuses, annuities, group insurance, and unit linked insurance plans (ULIPs).
Surrender Value in Life Insurance by Dr. Amitabh MishraAmitabh Mishra
Surrender value refers to the amount a policyholder will receive from an insurance company if they choose to terminate their life insurance policy before its maturity or insured event occurs. Surrender value applies to the savings and earnings portion of whole life insurance policies and is calculated based on the total premiums paid minus any applicable surrender charges. There are two types of surrender values - guaranteed surrender value, which is a minimum of 30% of premiums paid after 3 years; and special surrender value, which is calculated as the paid-up value plus bonuses multiplied by the surrender value factor, a percentage that increases each year. Surrender values aim to balance paying out policyholders while still allowing insurance companies to cover their obligations and expenses.
Income protection insurance provides a monthly benefit of up to 75% of one's income if they are unable to work due to illness or injury. It pays benefits until the person returns to work or reaches retirement age. The insurance helps cover expenses like mortgages, rent, living costs, and medical bills. Specific benefits include disability payments, inflation protection to increase coverage amounts over time, and waived premiums while receiving disability payouts. Premium costs depend on factors like occupation, income, benefit period, waiting period, policy type, and personal details.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
The document summarizes a student's organizational project on investor preferences for Birla Sun Life insurance products. The student conducted a survey of 120 potential investors in Thrissur District, India to study their preferences for different investment options and Birla Sun Life plans. The survey found that respondents prefer bank fixed deposits and real estate as top investment options due to security and returns. Insurance was also a preferred option. Birla Sun Life's Saral Health and Dream Child plans were most popular. Through the project, the student contributed to Birla Sun Life by selling 4 insurance policies worth Rs. 756,176 and earning an incentive of Rs. 9,750.
Life Insurance : Things You Need to Know Before Buying an Insurance PolicyMihir Shah
The choice to purchase a life insurance policy to protect one’s financial dreams and aspirations is a wise decision. It is also important to purchase insurance according to financial needs.
Group members for the insurance discussion include Rinku Patel, Shubhangi Rathod, and Garima Mishra. Life insurance in India is a $250 billion market growing at 32-34% annually. Common types of life insurance policies discussed include children's plans, term insurance, and endowment plans. Children's plans help secure a child's future needs such as education. Term plans offer only death benefits while endowment plans provide savings and maturity benefits in addition to death coverage. Popular companies offering these plans in India include LIC, HDFC Life, and ICICI Prudential.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to ancient texts like the Vedas. The first life insurance society in India was formed in 1870. The sector grew but saw issues like scams, leading the government to nationalize life insurance and form LIC in 1956. The sector was opened to private players in 2001 under IRDA regulation. The document also summarizes various types of life insurance policies like term plans, endowment plans, whole life plans, and ULIPs. It covers topics like claims processing, exclusions, and riders like disability benefits.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to Vedic times, and that the first Indian life assurance society, Bombay Mutual Assurance Society, was formed in 1870. It then discusses the nationalization of the industry in 1956 with the formation of LIC, and its subsequent opening to private players in 2001 with the establishment of IRDA. The key stages and regulations around the evolution of life insurance in India are summarized.
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
This document discusses 18 risks retirees face grouped into 6 categories and provides solutions for addressing each risk. The main risks discussed are longevity risk, inflation risk, and investment risk. For longevity risk, the document recommends planning for a long retirement by increasing sources of lifetime income like delayed Social Security, annuities, and careful portfolio withdrawals. For inflation risk, it suggests ensuring income streams have built-in inflation adjustments or regularly increasing over time. Investment risk can be mitigated through diversification and contingency funds. Building a comprehensive retirement plan requires balancing multiple solutions tailored to each individual's needs and circumstances.
Padma Islami Life Insurance Ltd offers various Shariah-compliant life insurance products in Bangladesh, including term life insurance, marriage insurance, Hajj/Umrah insurance, and pension plans. It engages in key business operations like rate making, underwriting, sales and marketing, claims settlement, and reinsurance. Underwriting involves assessing risk factors like the type, age, finances, safety practices, and financial condition of potential customers. Claims settlement requires investigating reported losses, reviewing policies, evaluating damage, and making payment decisions. Reinsurance allows insurance companies to transfer some financial risk to other reinsurers.
Padma Islami Life Insurance Ltd offers various Shariah-compliant life insurance products in Bangladesh, including term insurance, marriage insurance, Hajj/Umrah insurance, and pension plans. It aims to provide financial and moral benefits through integrity and personalized service. Key operations include rate making, underwriting risks, sales and marketing through producers, claims settlement processes, and reinsurance to transfer some financial risks.
1. The document provides an overview of Padma Islami Life Insurance Ltd, a Bangladeshi life insurance company that follows Islamic principles. It describes several of the company's insurance products like term insurance, marriage insurance, and Hajj/Umrah insurance.
2. The operations of Padma Islami are then summarized, including activities like rate making, underwriting, sales and marketing, claims settlement, and reinsurance. Underwriting involves assessing risk factors like business type, finances, and safety practices. Claims settlement requires notifying the insurer, investigating, reviewing policies, and providing payment.
3. Personal and diversifiable risks are the main risks covered by many of the company's products. The document provides details
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
This document provides information about insurance companies, including life insurance companies and property-casualty insurance companies. It discusses the primary functions of insurance companies, types of insurance policies, major assets and liabilities of life and property-casualty insurers, regulation of the insurance industry, and recent trends in underwriting ratios for property-casualty insurers. It also provides examples of calculating annuity payments and analyzes balance sheets and financial ratios of life and property-casualty insurers.
This document is a PowerPoint presentation submitted in partial fulfillment of an MBA degree. It analyzes various products of HDFC Life Insurance Company. The objectives are to understand customer investment preferences, HDFC products, and awareness levels. Primary data was collected through questionnaires while secondary data came from company reports. Most customers insure for savings and family security. Safety is the main investment priority. The presentation provides findings on customer preferences and suggestions for HDFC such as enhancing agent knowledge and introducing rural products.
The document discusses various types of insurance policies and plans in India. It provides information on key regulatory bodies like IRDA and types of insurers. It also summarizes different kinds of life insurance policies including term plans, whole life plans, endowment plans, annuities and ULIPs (Unit Linked Insurance Plans). ULIPs are described as financial solutions that combine insurance protection with investment opportunities. The mechanics and benefits of ULIPs are explained.
This document provides a summer training project report for Reliance Life Insurance on recruitment of financial advisors. It includes an acknowledgements section, executive summary that identifies different profiles that could join as financial advisors, and sections on the company profile, products and policies, introduction to channel development and recruitment, research methodology, findings, SWOT analysis, suggestions and recommendations. The document also includes contents, questionnaires and bibliography sections. The report provides details on the recruitment project conducted for Reliance Life Insurance.
This presentation provides an overview of life insurance. It discusses the history of life insurance in India and defines what life insurance is. It then describes the main types of life insurance policies including term life, endowment, whole/permanent life, and unit linked plans. Key details are provided about each type. The presentation also discusses policy claims, including claims made at maturity, for survival benefits, and death claims. It concludes with exclusions for accident benefits.
The document provides an overview of life insurance policies and concepts. It discusses the different types of life insurance policies including whole life, term life, endowment, money back, children's policies, and ULIPs. It also outlines factors that determine insurance premiums such as age, gender, health, profession, and policy details. The roles and functions of actuaries in assessing risk for insurance companies are described. Finally, it provides a brief history of life insurance in India and details about the Life Insurance Corporation of India (LIC).
This document provides an overview of a report on the role of insurance in an individual's financial planning. It discusses life insurance as a key part of financial planning and how insurance helps replace the economic value of a person's life for family or business purposes. The report examines how insurance provides benefits like credit enhancement, business continuation, and funds for retirement. It also looks at Religare Insurance Broking Limited, a leading Indian insurance broking firm, and how the company provides customized insurance solutions to individuals and corporations.
Life Insurance is a form of risk management primarily used to transfer the risk of uncertain loss.
It provides compensation for financial loss only not profit.
Life insurance is a protection against the RISK of financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration of premium payments made by the insured.
Tax-exempt life insurance provides both life insurance protection and tax-sheltered investment growth. Certain permanent life insurance products allow policyholders to accumulate assets in a tax-sheltered environment. There are three main types of tax-exempt life insurance - whole life, universal life, and universal life with guaranteed investments - that differ in terms of flexibility, investment choice, and risk. An Assante advisor can help clients determine which type is best suited to their needs and investment personality.
This document provides an introduction to life insurance. It discusses what life insurance is, who should buy it, and the different types available. It also covers additional uses of life insurance beyond providing for dependents. The key components of how life insurance works are the death benefit, which is paid out to beneficiaries when the insured dies, and the premiums paid by the policyholder. Permanent life insurance also includes a cash value component. The document provides numerous examples and details on different types of policies and circumstances where life insurance is appropriate.
One can pay insurance premiums monthly, quarterly, semi-annually, or annually. The policy holder is responsible for paying premiums regularly to the insurer, either an agent or insurance company. Insurance provides financial support to the policy holder's family in the event of death, illness, damage, or accidents. There are many types of insurance plans available, including children's plans, investment plans, pension plans, health insurance, life insurance, auto insurance, and more. Insurance companies offer various options for policyholders to choose from.
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
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2. Life Insurance can be termed as an agreement between
the policy owner and the insurer, where the insurer for
a consideration agrees to pay a sum of money upon the
occurrence of the insured individual's or individuals'
death or other event, such as terminal illness, critical
illness or maturity of the policy.
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3. Insurance in India can be traced back to the Vedas. For instance,
yogakshema, the name of Life Insurance Corporation of India's
corporate headquarters, is derived from the Rig Veda.
Bombay Mutual Assurance Society, the first Indian life assurance
society, was formed in 1870.
Other companies like Oriental, Bharat
and Empire of India were also set up
in the 1870-90s.
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4. It was during the swadeshi movement in the early 20th century that
insurance witnessed a big boom in India with several more companies
being set up.
By the mid-1950s, there were around 170 insurance companies and 80
provident fund societies in the country's life insurance scene. However, in
the absence of regulatory systems, scams and irregularities were prevalent
in most of these companies.
As a result, the government decided to nationalize the life assurance
business in India. The Life Insurance Corporation of India was set up in
1956 to take over around 250 life insurance companies.
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5. For years thereafter, insurance remained a monopoly of the
public sector. The sector was finally opened up to private
players in 2001.
The Insurance Regulatory & Development Authority, an
autonomous insurance regulator set up in 2000, has extensive
powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured.
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6. Protection
Liquidity
Tax Relief
Money when you need it
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8. Sum assured is payable only in the event of death during
the term.
In case of survival, the contract comes to an end at the end
of term.
Term Life Insurance can be for period as long as 40 years
and as short as 1 year.
No refund of premium
Non-participating policies
Low premium as only death risk is
covered.
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9. Increasing Term Insurance
Life insurance cover under
this plan goes on increasing
periodically over the term in
a predetermined rate. (Riders)
Decreasing Term Insurance
The sum assured decreases with the
term of the policy. Normally decreasing
term assurance plan is taken out for
mortgaged protection, under which
outstanding loan amount decreases
as time passes as also the sum assured.
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10. Convertible term assurance policy
Under this plan a policyholder
is entitled to exchange the term
policy for an endowment
insurance or a whole life policy.
Conversion can be done at any
time during the term except last
2 years.
Level Term Life Insurance
The sum assured throughout the term of the policy does not
change.
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11. Renewable Term Life Insurance
With renewable term insurance, the insurance
company automatically allows you to renew
your coverage after the term of the policy is
over (generally 5 to 20 years)
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12. Endowment insurance plans is an investment oriented plan
which not only pays in the event of death but also in the event
of survival at the end of the term.
Is a contract underwritten by a life insurance company to pay a
Fixed term plus Accumulated profits that are declared
annually.
Premium includes 2 elements
-mortality element & investment element
Minimum age at entry : 12years
Maximum age at entry: 65years
Maximum age at maturity : 75years
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13. Joint Life Endowment Plan:
Under this plan, two lives can be insured under one
contract.
The sum assured is payable at the end of the endowment
term or death of either of the two.
Money Back Endowment Plan:
In this plan, there is an additional advantage of receiving a
certain amount of money at periodic intervals during the
policy term.
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14. Marriage Endowment Plan:
This plan has the specific condition that the sum assured is
payable only after the expiry of the term even if death of
the life assured takes place earlier.
Educational Endowment Plan:
These plans are specially designed to meet educational
expense of children at a future date. If the insured parent
dies before the date of maturity the installment is paid in
lump sum with immediate effect which helps to meet the
educational expenses.
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15. Whole life plans are another type of endowment plan,
which cover death for an indefinite period.
When the policy holder dies, the face value of the policy,
known as a death benefit, is paid to the person or persons
named in the life insurance policy (the beneficiary or
beneficiaries).
It can be with or without profits.
If you cancel the policy after a certain amount of time has
passed, the insurance company will surrender the cash
value to you.
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16. 1. Ordinary Whole Life Plan:
This is a continuous premium payment plan. The
insured pays premium throughout his life. It provides
dual facility of protection plus savings.
2. Limited Payment Whole Life Plan:
It provides the same benefit as above but premiums
are paid for a limited period. Premiums are sufficiently
higher to cover the risk.
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17. Since last few years insurance companies have started
offering risk cover plans like limited payment whole life, and
endowment assurance plan from the age of 12years and
money back plan from age of 13 years(completed).
New plans have been specifically designed for children
where the risk of the child starts much earlier say 7 years.
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18. Policies on the lives of children are taken
out by other elders. After some time when
the child becomes major and is competent
to contract, the child may assume the
ownership of the policy. The policy is then
said to ‘vest’ in child.
The date on which this happens is called the
‘testing date’.
The risk begins when the child attains 18
years of age. This is called the ‘deferred
date’ and the period between the deferred
date and the date of commencement of
policy is called the ‘deferred period’.
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19. It has emerged as one of the fastest
growing insurance products.
It is a combination of an investment
fund( such as mutual fund) and an
insurance policy.
The premium amount is invested in
the stock market and returns better
income on the maturity period.
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20. Better for long-term investment option.
ULIPs generally provide higher returns as large
portion of the funds are invested in equities.
There is also flexibility and the assured can choose
levels and extent of cover needed.
There is also option of switching over from one fund
to another if it does not seem to be profitable.
ULIPs can be classified as
◦ Unit linked – equities, bonds, real estate & money market
instruments
◦ Equity linked – only in equities
◦ Index linked – equity, bonds or money market instruments.
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21. Life insurance claim can arise either:
On the maturity of the policy – Maturity Claim
On death of the policy holder – Death Claim
Survival up to specified period during the term –
Survival benefits
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22. In case of Endowment type of Policies, amount is payable at the
end of the policy period.
Discharge Form & Policy Document
On receipt of these two documents post dated cheque is sent by
post so as to reach the policyholder before the due date
The gross amount consists of Basic sum assured and bonus if
any.
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23. Same as maturity claims, sum assured becomes
payable on expiry of full term but on survival of the
insured.
In policies like, money back plan for 15 years term,
1/4th of the sum assured becomes payable on the life
assured on surviving 5 year, further 1/4th becomes
payable after additional 5 years and rest balance at
the end of 15 years.
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24. 2 Types:
Premature death claim – within 3 years
Other claim – after 3 years
Intimation of death is to be given by a proper person in
writing.
1. Original Policy Bond
2. Death Certificate
3. Proof of relationship with the deceased person
In case of Accidental Death
Postmortern Report, FIR Copy , Final Police Report is also
required
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25. Suicide or attempted suicide or intentional
self-inflicted injury
Under influence of drugs or alcohol,
narcotics or psychotropic substance not
prescribed by a Medical Professional.
War, Invasion, Civil War, Riots, Revolution or
any war like operation.
Criminal or unlawful act
Service in the military or police
Flying activity other than as a paying
passenger.
Racing vehicle.
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26. An additional sum equal to the sum assured
will be paid in monthly installments spread
over10 years.
Future premiums are waived
Max. limit of additional benefit is 5,00,000 or
10,00,000 depending upon the insurer.
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27. Pre-condition for granting such benefit are:
◦ Disability should be solely and directly as a result of accidental
injury.
◦ Disability must be permanent
◦ Injury and disability must occur before the insured attains 60
years of age.
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28. Tax benefit from Life Insurance
Policies The Indian Income Tax Act, make buying insurance “cheaper” as well as an
efficient investment for long term savings.
On Premiums:
Section 80D of the Insurance Act is an effective way for the salaried person
to reduce tax liability through life insurance policy.
Investments in Life Insurance premium is subject to rebate.
Premium:
Paid by an individual in respect of:
himself/herself,
his/her spouse, and
any of his/her children.
Premium amount paid should not exceed 20% of the sum assured.
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29. Premiums paid for Health Related Riders:
• Some of the critical illness, hospitalization cash and other health related
riders attached to a Life Insurance policy may also be eligible for rebate
under section 80D of the Insurance Act.
• This deduction is available to both Individuals & HUF.
• Rs.15,000 is the maximum amount deductible during the year for an
individual as well as a senior citizen.
• Condition for applicability of deduction is that the premium must be paid
by cheque in the previous year out of the income chargeable to tax.
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30. Death Claims and Maturity Benefits:
•Life Insurance Policies are under an EEE (Exempt-Exempt-Exempt)
regime i.e. that the Premiums Paid, Income earned by the Investments, and
payment of Maturity proceeds or claim are all exempt “E” from tax under
section 10(10)(D) of the Income Tax Act.
•The only policies that are not eligible for exemption on payment on
maturity or claim are Single Premium Policies or Policies where the sum
assured was less than 5 times the Premium paid.
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31. Ratings Of Insurance Companies In
India - Top 5
Companies Market Share (2009) Market Share (2008)
LIC 64% 74%
ICICI Prudential Life
Insurance Co Ltd 11.8% 8.93%
SBI Life Insurance Co
Ltd 15% 6.99%
Bajaj Allianz Life
Insurance Co Ltd 13.1% 7.36%
Reliance Life Insurance
Co Ltd 9.8% 2.96%
(Source: Insurance review)
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32. How Much Life Insurance Coverage
Should Be Purchased?
The Rule of Thumb is-
Coverage should equal to 6 to 10 times annual income.
The other Rule is-
Coverage to cover his family consumption need.
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33. Functions of an Actuary in Life
Insurance Business
Main function of an actuary in life insurance is to do assessment and
valuation of mortality risk.
Due to medical advancement now the life span of an individual can be
determined which reduce the uncertainty of death.
Due to which medical selection by the insurer is necessary and
desirable both on the grounds of “actuarial fairness” i.e. charging
premiums to different lives on the basis of their different levels of risk
and for financial viability of the insurance company.
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34. Current News in Life Insurance
Sector
Life insurance premium collection down by 22%
-LIC premium collection down by 20.5% and 22 private life
insurance premium down by 25%.
AUM of life insurer cross Rs. 15 lakh crore, due to rise in renewal
premium which means that increasing number of policy holder are
renewing their policies.
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Since only death risk is covered, the premium is low and the contract is simple. However some companies do offer participating policies under term life insurance plans.
renewable term insurance involves a greater financial risk for the insurance company, therefore renewable term coverage generally costs a bit more
M E: The term is fixed corresponding to the likely period when the daughter may get married.
The amount available for rebate is Rs. 100,000 which can be invested in Life Insurance Premiums.
Such amount invested in the instrument is eligible for rebate through deduction of the amount from gross taxable income.
Pension superannuation fund,
Employee provident fund,
Equity linked mutual fund schemes (ELSS),
National Savings Certificates
Public provident fund (maximum Rs 70,000).
Lic: has dropped from 74% a year before, mainly owing to entry of private players with innovative products and better sales force.
ICICI Prudential Life Insurance Co Ltd : It experienced growth of 58%
SBI Life Insurance Co Ltd :
People will be more likely to take out contracts when they believe their risk is higher than the insurance company has allowed for in its premiums. This is known as anti-selection.