Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household.”

1. LIFE INSURANCE
BY:SRISHTI JAISWAL
SNEHA KHANNA

2. WHAT IS LIFE INSURANCE
According to IRDA…
“Life Insurance is a financial cover for a contingency
linked with human life, like death, disability, accident,
retirement etc. Human life is subject to risks of death
and disability due to natural and accidental causes.
When human life is lost or a person is disabled
permanently or temporarily, there is a loss of income
to the household.”

3. FEW TERMINOLOGIES
RELATING TO LIFE
INSURANCE
*SUM ASSURED
*PREMIUM
*ASSIGNMENT
*NOMINATION
*SURRENDER VALUE
*DAYS OF GRACE

4. Needs of
Life
Insurance
Immediate
family
financial
support
Savings
for future
Ensure extra
income in
case of any
hazardous
event
Child
education
and other
needs
Tax
benefit
s

6. Amount of
Life
Insurance
Needed
depends on
Number of
dependents
Kind of
lifestyle
Debt and
mortgages
Affordability

7. Kind of life
insurance
policies
Term Insurance
Whole Life Insurance
Endowment Policy
Money Back /Cash
Back Plan
Children Policies
Annuity(pension)Plan
ULIP

8. TERM INSURANCE:
*Give protection for a set period of time.
*No benefit is normally payable if the life
assured survives the term.
WHOLE LIFE INSURANCE:
*Guarantee life long protection.
*Pays out a death benefit that protects
your family.
*Ideal way for creating estate for your
heirs as an inheritance.

9. ENDOWNMENT POLICY
*Saving linked insurance policy with a
specific maturity date.
*A death benefit is provided to the
beneficiaries on the death of the insured.
*On surviving the term, the maturity
proceeds on the policy becomes payable.
MONEY BACK PLANS
*Life coverage is given during the term of
policy.
*Maturity benefits are paid in installment to
the insured.

10. *if the insured dies within the policy term, a
death benefit is provided to the beneficiaries
irrespective of survival benefits already
paid.
CHILDREN POLICIES:
*Taken on the life of parent/child to get
funds when child attains various stages of
life.
*Also to provide finance in case of
unfortunate death of parent within policy
period.

11. ANNUITY PLANS:
*Retirement benefits like Provident funds
and gratuity are paid as lump sum.
*There are two types of Annuity:
Immediate Annuity
Deferred Annuity.
ULIP(UNITED LINKED INSURANCE
POLICY):
*The Investment Risk Portfolio is borne by
you as you are the investor.
*In case of death or permanent disability the
policy will provide Sum Assured (up to the
extent you are covered).
*Equal chance of Risk and Rewards.

12. INSURANCE PROVIDERS-

13. Best Online Term insurance
Plans

14. PROCEDURE OF LIFE
INSURANCE CONTRACT
PROPOSAL
PERSONAL STATEMENT
MEDICAL EXAMINATION
PROOF OF AGE
REVIEWING STAGE
ACCEPTANCE OF PROPOSAL
PAYMENT OF PREMIUM
ISSUE OF INSURANCE POLICY

15. Policy Claim
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

16. Maturity Claim
 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.

17. Survival Claims
 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.

18. DEATH CLAIMS
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
Post mortem Report, FIR Copy , Final
Police Report is also required

20. Ratings Of Insurance Companies
In India - Top 5
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%

21. ICICI
SBI
HDFC
LIC
Others
Market Shares of Insurance
Companies for the first Quarter of
2015-16

23. LIC Facts for year 2014-15

24. Self Analysis Report

29. CONCLUSION OF SELF
ANALYSIS
 Most of the people have purchased
money back .Their main purpose of
purchasing Life Insurance Policy is to
secure their family .Before purchasing
a Life Insurance Policy their criteria
was good claim settlement ratio and
nobody had received any claim.