The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.

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4. TYPE OF INSURANCE

19. INVESTMENT POLICY OF LIC’s 04/15/10

20. INVESTMENT POLICY OF LIC’s contd… 04/15/10

21. Working of insurance

22. LIC Products & Plans

23. Jeevan Anurag Komal Jeevan CDA Endowment Vesting at 21 Marriage Endowment Or Educational Annuity Plan CDA Endowment Vesting 18 Jeevan Kishore Jeevan Chhaya Child Career Plan Child Future Plan Child Fortune Plus

24. Jeevan Aadhar Jeevan Vishwas The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan Amrit

25. Jeevan Shree-I Jeevan Pramukh The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat jeevan Bharati-1

26. The Whole Life Policy The Whole Life Policy- Limited Payment The Whole Life Policy- Single Premium Jeevan Anand Jeevan Tarang Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan-I

27. Jeevan Saathi Plus Jeevan Saathi Jeevan Nidhi Jeevan Akshay-VI New Jeevan Dhara-I New Jeevan Suraksha-I

28. Wealth Plus Market Plus I Profit Plus Money Plus-I Child Fortune Plus Jeevan Saathi Plus

29. MAJOR PLAYERS

31. Private Players in the Life Insurance Business CURRENT SCENARIO contd…. Regd. No. Date of Regd. Name of the Company Who Owns it (in percentage) 116 03.08.01 Allianz Bajaj Allianz AG, Germany – 26 and Bajaj Auto – 74 117 06.08.01 Metlife Metlife, US–26, Shapoorji Pallonji–30 and J&K Bank–25 121 03.01.02 AMP Sanmar AMP, Australia–26 and Sanmar Group, Chennai–74 122 03.01.02 Aviva Aviva PLC, UK– 26 and Dabur Investments – 74 *** *** Reliance Life *** *** Bharathi AXA 127 06.02.04 Sahara India Insurance 128 07.11.05 Shriram Life Insurance

32. MARKET SHARE

38. I R D A 04/15/10

40. 04/15/10 Duties, Powers and Functions of IRDA Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA. 1. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 2. Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include: a. issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

41. 04/15/10 Duties, Powers and Functions of IRDA contd… b. protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; c. specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; d. specifying the code of conduct for surveyors and loss assessors; e. promoting efficiency in the conduct of insurance business;

42. 04/15/10 Duties, Powers and Functions of IRDA contd… f. specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; g. regulating investment of funds by insurance companies; h. regulating maintenance of margin of solvency; i. adjudication of disputes between insurers and intermediaries or insurance intermediaries; j. supervising the functioning of the Tariff Advisory Committee;

44. THANK YOU

45. Article on insurance