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
VC
Uploaded byVishal C
PDF, PPTX2,234 views

Life insurance and General Insurance

The document outlines various types of life and general insurance, including life insurance, annuities, health insurance, travel insurance, home insurance, marine insurance, commercial insurance, and motor insurance. It details the essential features, classifications, and documentation required for claims in life insurance, along with the various risks covered by general insurance. Additionally, it emphasizes the necessity of understanding different insurance options for both individuals and businesses.

Education◦
Related topics:
Life Insurance Insights•
Download as PDF, PPTX
life Insurance Module 5
LIFE INSURANCE • Insurance That Pays Out A Sum Of Money Either On The Death Of The Insured Person Or After A Set Period. • Premium - Regularly or Lamp-sum • Life Based Contracts tend to fall into two categories - Protection Policies - Investment Policies
FEATURES OF GENERAL CONTRACT • Nature Of General Contract • Insurable Interest • Utmost Good Faith • Warranties • Proximate Cause • Assignment And Nomination • Return On Premium
LIFE INSURANCE DOCUMENTS Claims In Case Of Death: • Death certificate • Original policy documents • ID proof of the beneficiary • Age proof of insurer • Discharge form (executed and witnessed) • Medical certificate (as proof for cause of death) In Case Of Unnatural Death: • Police FIR (in case of unnatural death) • Postmortem report (in case of unnatural death) • Hospital records/certificate (if the deceased died due to an illness)
LIFE INSURANCE CLASSIFICATION • Whole Life Insurance • Endowment Plan • Money Back Plan • Unit Linked Insurance Plan • Term Insurance Plan
ANNUITY • Financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.
Annuity Pro Con Fee Fixed Annuity Simple and Straight forward Pay-less None Variable Annuity Offers maximum stock market exposure May lose principal Highest Fixed Indexed Annuity Market Exposure with no risk Participation rates, etc., diminish potential for gain Mid-level Immediate Annuity Pay highest Must sacrifice principal None Deferred Annuity Cheaper and enable timing of payments Must sacrifice about how long you will wait for income Mid-level
GENERAL INSURANCE • General insurance is a non life insurance policy • It refers to several forms of insurance covers that last for a particular period of time, mostly a year • However, some plans might have a long-term validity • Types of general insurance are…
HEALTH INSURANCE • A health cover takes care of your medical expenses, in case of a mishappening • One can buy an individual insurance for self, chose a family floater that will include husband, wife, children and parents of the insured or go for a senior citizen plan if he/she is above 60 • There is also provision to buy add on cover to these policies like a critical illness rider
TRAVEL INSURANCE • Travel insurance secures the insured person against all the things that can go wrong on a trip, both international and abroad • It provides compensation and assistance with any hassle related to flight delays checked baggage delay or loss, medical emergency evacuation due to a political emergency or any personal liability caused unintentionally
HOME INSURANCE • Home policy pays for the damage of the property and possessions in case of fire, theft, windstorm • he three basic types of coverages provided under this policy are cash value that repays the cost depending on the market value of the damaged property, replacement cost, which compensates the actual cost of the property before the damage was caused; and extended replacement cost that reimburses the cost of the repairs • You can also buy riders on your home insurance policy • Royal Sundaram offers a wide range of important add-on offers like a cover for the jewellery stored in your house, a terrorism damage cover, etc
MARINE INSURANCE • It negates the loss incurred by businesses during transit of goods by rail, road, sea or air • It covers the loss or damage of cargo, ships, and any transport by which property is transferred • The cover can be taken by import/export traders, buyers, sellers, contractors, etc
COMMERCIAL INSURANCE It provides aid for business operations, to all sectors like-energy and utilities aviation, construction, foods and beverages automotive, telecom, textiles, pharmaceuticals and technology; and of all sizes- small scale, medium, large or multinational.
MOTOR INSURANCE • Motor insurance provides coverage for all vehicles like cars, two wheelers and trucks, used for both personal as well as commercial purposes • A third-party motor insurance has been made mandatory by the government, which covers the cost of the damage of property or injury caused by the driver • This cover can be extended to accident coverage policy that compensates for the damages caused to the insured's vehicle, due to an accident or theft • The insurance can be further strengthened with a comprehensive policy which provides accessories cover rider insurance and other such benefits