Skip to main content
UploadLanguage (EN)Support
BusinessMobileSocial MediaMarketingTechnologyArt & PhotosCareerDesignEducationPresentations & Public SpeakingGovernment & NonprofitHealthcareInternetLawLeadership & ManagementAutomotiveEngineeringSoftwareRecruiting & HRRetailSalesServicesScienceSmall Business & EntrepreneurshipFoodEnvironmentEconomy & FinanceData & AnalyticsInvestor RelationsSportsSpiritualNews & PoliticsTravelSelf ImprovementReal EstateEntertainment & HumorHealth & MedicineDevices & HardwareLifestyle
Sundar B N, profile picture
Uploaded bySundar B N
PPTX, PDF3,289 views

LIFE INSURANCE

Life insurance is a legal agreement between an insurance policy holder and an insurance company. The policy holder pays a fixed premium amount regularly, and in the event of their death, the insurance company pays a designated beneficiary a sum of money. There are several types of life insurance policies, including term life (pays out if the policy holder dies within a specified term), whole life (pays out upon death at any time), and endowment policies (pays out a predefined amount either on death or at a set maturity date). Life insurance offers tax benefits under Indian tax laws and helps secure the financial future of a policy holder's family.

Education◦
Related topics:
Life Insurance Insights•
Downloaded 26 times
LIFE INSURANCE
WHAT IS INSURANCE? Insurance is a legal agreement between two parties (insurance company and policy holder).
In this agreement (policy), insured person pays a fix amount of premium inrespect to risk/uncertainity, then insurance company will liable to pay all the amount to insured person(As per rules and regulations).
Insure r Claim amount /componsation Fixed amount of premium Insurance company Insured person
Insurance is defined as a co-operative device,and also as social device. According to Ghosh and Agarval “Insurance is a co-operative device of distribution a certain risk over a group of person who are exposed to it”.
WHAT IS LIFE INSURANCE? Life insurance is a contract between an insurance policy holder and an insurance company, where the insurance company promise to pay a a designated benificiary a sum of money upon the death of an person.it also applyable such as terminal illness or critical illness can also trigger the payment. According to the latest data available from the Insurance Regulatory and Development Authority of India(IRDAI), there were around 35
 Term life insurance  Whole life insurance  Endowment policy  Money back policy  ULIP(Unit Linked Insurance Plans)  Children’s policy  Retirement plans Types of life insurance
1.TERM INSURANCE: This policy also called pure insurance. This policy claimed when the policy holer died within policy term specified, then sum assured to family/nominee.  In this policy premium amount is very low  Time ranging to this policy is 3months to 7years.
2.Endowment policy: The amount of insurance is paid on maturity to only in the hands of insured person(if he alive).  Insured person get predefined amount.  Portion of the policy will be invested in low debt instrument. 3.ULIP’s(Unit Linked Insurance Plans):This plan is similar to endowment plan. In this plan, part of premium will be invested in mutual fund investment.remaining premium will be used as death benefit.
4. whole life insurance: This policy is life time policy. In this case the family members get the policy amount at the time of policy holders death or after death. Advantage/benefits of life insurance Tax benefit: life insurance policy is eligible for tax benefits in India,under section 80(C) and 10(10D).
 Under section 80(C):This allowed tax deduction up to 1,50,000 on life insurance.  Under section 10(10D): Life insurance policy received by the nominee are exempt from tax under this section. The premium paid on the policy does not exceed 10% of the sum assured.  Encourage saving habit.  Secure family financial future.
FACTS ABOUT LIFE INSURANCE 280 million Active life insurance policies in the U.S. 60% Of Americans have life insurance coverage. 66% Of people would recommend life insurance to a friend. $155 billion Is what life insurance racks up in annual sales.
 It’s easy to mislead if you’re not well-informed.  Whole life insurance is expensive.  Life insurance can be expensive if you’re older.  You have to pay monthly or annual premium. Dis advantages of taking life policy