Life insurance is an agreement between a policy owner and insurer where the insurer agrees to pay a sum of money upon the death or other specified event of the insured individual. There are several types of life insurance policies that provide death benefits and savings options such as term insurance, whole life insurance, endowment policies, money back policies, and unit linked insurance policies. These policies offer advantages like life protection, tax benefits, guaranteed and potential returns, and flexibility.

1. LIFE INSURANCE

2. LIFE INSURANCE
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 individuals or individuals death or other
event, such as terminal illness, critical illness or maturity of the policy .

3. Why to have life Insurance
• Companion for old age
• Life protection
• Relieves the misery caused by death
• Creates personal savings
• Creates defensive globe
• Creates personal savings
• To Pay Off Estate Taxes

4. History of life insurance company
Life insurance in its modern from came to india from england in the year 1818.
Oriental life insurance company, started by europeans in calcutta was the first life
insurance company on indian soil.

5. Classification of life insurance policy

6. Term Insurance Policy
ttt
Term insurance means temporary insurance : provides coverage for a defined
time period generally 5,10, or 20 years; pays cash benefits to a name
beneficiary if the insured dies during the term of the policy

7. Advantage of term insurance policy
• High Coverage : High amount of coverage at low premium
• Death Benefit :Payable to the beneficiary when the annuitant passes away.
• Renewability : Once the policy is expired , it can be renewed with same
premium and rates

8. Whole Life Insurance Policy
Whole life insurance covers the insured for their whole life;
benefits are paid to the beneficiaries when the policyholder
dies.

9. Advantage of whole life insurance policy
Life Protection: Life long protection until death
Death benefit - In case of death of the Life Insured , the nominee
would get the Sum Assured + accrued Bonus.
Income tax benefit- Build cash values which can grow tax deferred

10. Endowment Insurance Policy
An endowment policy is a life insurance contract designed to pay a lump sum
after a specific term (on its 'maturity') or on death. Typical maturities are ten,
fifteen or twenty years up to a certain age limit. Some policies also pay out in the
case of critical illness.

11. Advantage of endowment insurance Policy
• Simple policy with guaranteed returns
• Protection & Savings Plan
• Sum assured is paid to the beneficiary on the death of
the insured or on the maturity of the term.

12. Money back insurance policies
The money-back policy from Life Insurance Corporation in India is a popular
insurance policy. It provides life coverage during the term of the policy and the
maturity benefits are paid in installments by way of survival benefits in every
5 years. The plan is available with 20 years and 25 years term.

13. Advantage of Money back insurance policies
• FAMILY SECURITY – It gives way for a person to plan the course of his life
with a sum that is expected in regular intervals
• ASSURED BONUS - Every policy will have a set of assured bonus that may be
shared in regular intervals or got at the end of the policy.

14. ULIP is a life insurance product, which provides risk cover for the policy
holder along with investment options to invest in any number of qualified
investments such as stocks, bonds or mutual funds.
UNIT LINKED INSURANCE POLICY

15. ADVANTAGE UNIT LINKED INSURANCE POLICY
• DEATH BENEFIT - In case of death of insured, the Sum Assured and
fund value is released to the beneficiary.
• TRANSPARENT – Daily track of Net Asset Value (NAV) of the fund.
• FLEXIBLE – Systematically managing the funds