The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to Vedic times, and that the first Indian life assurance society, Bombay Mutual Assurance Society, was formed in 1870. It then discusses the nationalization of the industry in 1956 with the formation of LIC, and its subsequent opening to private players in 2001 with the establishment of IRDA. The key stages and regulations around the evolution of life insurance in India are summarized.
The document discusses key concepts in insurance contracts including:
- The principle of indemnity states that the insurer will pay no more than the actual loss amount to avoid profiting from a loss.
- Actual cash value considers depreciation and market factors to determine property value.
- Subrogation allows the insurer to recover losses from negligent third parties.
- Common parts of insurance contracts include declarations, definitions, insuring agreements, exclusions, conditions, and miscellaneous provisions.
Term life insurance offers coverage for a set period of time, such as 10-30 years, for less cost than whole life insurance. Term life is ideal for newlyweds, families with young children, and covering mortgages or other debts. Whole life insurance provides coverage from age 0 to 100 and premiums remain fixed for life, allowing the policy to build cash value that can be borrowed from. Both term and whole life insurance can fulfill different needs depending on one's goals and stage of life.
Whole life insurance is a type of permanent life insurance that is designed to remain in force for the entire lifetime of the insured as long as premiums are paid. Premiums for whole life policies remain level and a portion of each premium is invested, allowing the policy to accumulate a cash value over time. There are two primary types of whole life policies: ordinary life, where premiums are paid until death, and limited-payment life, where premiums are paid over a shorter specified period. Whole life is commonly used for family protection, business planning, accumulation needs, and charitable gifts.
This document defines various insurance terminology approved by IRDA, including:
- Sum assured is the guaranteed amount payable on death.
- Guaranteed surrender value is the minimum amount payable if the policy is surrendered as defined by law.
- Top-up premiums are additional irregular premium payments over the contractual basic premium.
- Partial withdrawals allow withdrawing part of the fund value during the contract period.
It also defines terms related to unit-linked insurance plans including funds, units, charges, benefits and riders.
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Life Insurance : Things You Need to Know Before Buying an Insurance PolicyMihir Shah
The choice to purchase a life insurance policy to protect one’s financial dreams and aspirations is a wise decision. It is also important to purchase insurance according to financial needs.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
This document discusses the importance of life insurance. It provides 7 key reasons for its importance: 1) It provides safety and security for families by providing financial support in the event of death, 2) It generates financial resources by collecting premiums that are invested, 3) It encourages savings through regular premium payments, 4) It spreads risk from the insured to the insurer across a large number of people, 5) It provides medical support through medical insurance policies, 6) It promotes economic growth by mobilizing savings and enabling investments, 7) It serves as an important source of capital formation by collecting large funds. In conclusion, life insurance is emphasized as an important protection instrument for families rather than an investment product.
The document discusses key concepts in insurance contracts including:
- The principle of indemnity states that the insurer will pay no more than the actual loss amount to avoid profiting from a loss.
- Actual cash value considers depreciation and market factors to determine property value.
- Subrogation allows the insurer to recover losses from negligent third parties.
- Common parts of insurance contracts include declarations, definitions, insuring agreements, exclusions, conditions, and miscellaneous provisions.
Term life insurance offers coverage for a set period of time, such as 10-30 years, for less cost than whole life insurance. Term life is ideal for newlyweds, families with young children, and covering mortgages or other debts. Whole life insurance provides coverage from age 0 to 100 and premiums remain fixed for life, allowing the policy to build cash value that can be borrowed from. Both term and whole life insurance can fulfill different needs depending on one's goals and stage of life.
Whole life insurance is a type of permanent life insurance that is designed to remain in force for the entire lifetime of the insured as long as premiums are paid. Premiums for whole life policies remain level and a portion of each premium is invested, allowing the policy to accumulate a cash value over time. There are two primary types of whole life policies: ordinary life, where premiums are paid until death, and limited-payment life, where premiums are paid over a shorter specified period. Whole life is commonly used for family protection, business planning, accumulation needs, and charitable gifts.
This document defines various insurance terminology approved by IRDA, including:
- Sum assured is the guaranteed amount payable on death.
- Guaranteed surrender value is the minimum amount payable if the policy is surrendered as defined by law.
- Top-up premiums are additional irregular premium payments over the contractual basic premium.
- Partial withdrawals allow withdrawing part of the fund value during the contract period.
It also defines terms related to unit-linked insurance plans including funds, units, charges, benefits and riders.
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Life Insurance : Things You Need to Know Before Buying an Insurance PolicyMihir Shah
The choice to purchase a life insurance policy to protect one’s financial dreams and aspirations is a wise decision. It is also important to purchase insurance according to financial needs.
Granting of loans on life insurance policies, with some companies examples like LIC policies, Birla Sun Life insurance policy.
Also it includes pros and cons of taking loans against life insurance policies and on what type of policies people can take loans.
This document discusses the importance of life insurance. It provides 7 key reasons for its importance: 1) It provides safety and security for families by providing financial support in the event of death, 2) It generates financial resources by collecting premiums that are invested, 3) It encourages savings through regular premium payments, 4) It spreads risk from the insured to the insurer across a large number of people, 5) It provides medical support through medical insurance policies, 6) It promotes economic growth by mobilizing savings and enabling investments, 7) It serves as an important source of capital formation by collecting large funds. In conclusion, life insurance is emphasized as an important protection instrument for families rather than an investment product.
This document provides an overview of life insurance, including its key concepts, features, history and products. It discusses how life insurance works as a risk cover for human life and compensates for financial loss. The document also outlines the regulations governing life insurance in India, the principles of life insurance, and the roles and leading providers of life insurance in the country. It concludes by explaining how life insurance protects individuals and families from financial risks.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
LIC's e-Term plan is an online term assurance policy that provides financial protection to the policyholder's family in the event of their unfortunate death. It is best suitable for people who have dependents and want good life insurance protection for them. The policy fulfills the basic purpose of life insurance by providing financial support to the applicant's family. Buying term insurance online is a good choice as it is cheaper and saves time and money compared to other options.
The document provides an overview of life insurance basics, including defining life insurance as an agreement where the insurer promises to pay a sum to a beneficiary upon the policy owner's death in exchange for premium payments. It discusses the different types of life insurance policies including term, whole life, universal life and variable life, and how they differ in terms of coverage duration, premium structure, and cash value growth. The document also reviews important considerations for determining coverage needs and affordability, as well as how to name beneficiaries under a policy.
This document discusses different types of insurers and marketing systems. It describes the main types of private insurers as stock insurers, mutual insurers, reciprocal exchanges, Lloyd's of London, Blue Cross/Blue Shield plans, HMOs, and captives. It also discusses agents and brokers, and the main life and property/casualty insurance marketing systems which include personal selling by agents, direct response, worksite marketing, and independent agencies.
Life insurance is used for many different purposes. During this webinar, we will discuss how Corporate America is currently using life insurance, such as Non-Qualified plans, keyman protection, and buy sell funding. As well as what to look for when purchasing life insurance, as not all products are created equally. We will provide life insurance education on Term, Whole Life, Universal Life, No Lapse Guarantee, Indexed Universal Life, and Variable Universal Life.
Life insurance provides a death benefit paid to beneficiaries upon the policyholder's death. Premiums are paid by the policyholder, and beneficiaries receive the payout tax-free. It is a long-term contract where the insurer agrees to pay a stated sum upon the death of the insured in exchange for regular premium payments. There are various types of life insurance policies that differ in duration, premium payment structure, participation in profits, number of lives covered, and payment of claims.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
LifeHealthPro - Heres why cash value life insurance is a superior productJose Ariel Taveras
The document discusses the advantages of cash value life insurance over term life insurance and other financial assets. It outlines three main categories of advantages for cash value life insurance: 1) Tax advantages, such as tax-free growth of cash value and tax-free death benefits; 2) Financial advantages, as life insurance is designed using actuarial models to provide guarantees and potential increases in death benefits; and 3) Legal advantages, like state legal protections and guarantees of insurers. The document promotes cash value life insurance as a superior financial product compared to alternatives due to these inherent advantages.
Types of Life Insurance Policies Available in IndiaMyMoneyMantra
Life Insurance policy- Different types of life insurance Plans explained like Risk, Benefits of Term Plan, Whole life Plan, Endowment Plan, ULIP Plans, Money Back Policy, Child Policy & Annuity Plan available in India.
Principles of Life insurance by Dr. Amitabh MishraAmitabh Mishra
The document discusses the key principles of life insurance, including:
1) The principle of insurable interest which requires a financial loss upon death or injury.
2) The principle of utmost good faith which requires full disclosure between insurer and insured.
3) The principle of large numbers which allows insurers to predict risks by analyzing large pools of policyholders.
4) Life insurance has also evolved with increasing digitization, the creation of e-insurance accounts, and the growth of alternative distribution channels such as brokers, banks, and online aggregators.
The document summarizes key laws and regulations governing the life insurance sector in India. It discusses the Insurance Act of 1938, which is the basic law governing insurance business, as well as the Insurance Regulatory and Development Authority (IRDA) Act of 1999, which established the insurance sector regulator IRDA. It also mentions other important laws like the Motor Vehicles Act of 1988, the Insurance Rules of 1939, and the General Insurance Business (Nationalization) Act of 1972. The document provides an overview of major players in the Indian life and non-life insurance industry and important industry trends. It also summarizes key tax laws like the Income Tax Act of 1961 that affect the insurance industry.
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
This document provides an overview of fundamentals of insurance. It defines insurance as a promise by an insurer to compensate for potential financial losses in exchange for periodic payments. It describes the objectives of understanding basic insurance concepts, types of risks and classifications, actuarial and underwriting functions, important terms, types of contracts, and claims processes. It also discusses the roles of actuaries, underwriters, different types of insurance policies and contracts, insurable interests, risk management techniques, and the responsibilities of insurance agents.
This document defines key terms related to life insurance. It explains that life insurance is a contract where one party agrees to compensate another for a specified loss, such as death. The beneficiary is the person named to receive life insurance proceeds. Premiums are the amounts paid for an insurance contract. The document also outlines the main types of life insurance companies, including stock companies that pay dividends to shareholders, mutual companies that return dividends to policyholders, and fraternal companies that receive tax benefits for charitable affiliations.
sims-special features of insurance contract & mortality rateSIMS
The document summarizes key features of insurance contracts and factors affecting infant mortality rates. Insurance contracts are aleatory, involve adhesion, require utmost good faith between parties, are executory, unilateral, personal, can involve warranties and representations, and are conditional. Factors influencing infant mortality include biological factors (birth weight, maternal age, birth order), economic factors, cultural/social factors (breastfeeding, education, healthcare), and environmental factors (sanitation, air quality). Neonatal deaths are influenced mainly by endogenous biological factors, while post-neonatal deaths are influenced more by exogenous social and environmental factors.
Life insurance provides financial security and protection from uncertainty. It helps compensate for the economic loss caused by death or disability through a system where many pool resources to help the few who experience a loss. While no monetary amount can replace a person, life insurance provides funds to dependents to help adjust to changed circumstances. It is an important risk management mechanism for individuals and families to maintain their standard of living when faced with life's uncertainties like death.
The document discusses the history and types of life insurance in India. It begins by defining life insurance and then outlines key points in the development of the industry:
- Life insurance originated in India in the Vedas and the first company was formed in 1870.
- The industry grew but was nationalized in 1956 when many companies faced scandals.
- It was reopened to private players in 2001 under a new regulatory authority.
The document then describes various types of life insurance policies like term plans, endowment plans, and unit linked plans. It also covers claims processes and benefits.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to ancient texts like the Vedas. The first life insurance society in India was formed in 1870. The sector grew but saw issues like scams, leading the government to nationalize life insurance and form LIC in 1956. The sector was opened to private players in 2001 under IRDA regulation. The document also summarizes various types of life insurance policies like term plans, endowment plans, whole life plans, and ULIPs. It covers topics like claims processing, exclusions, and riders like disability benefits.
This presentation provides an overview of life insurance. It discusses the history of life insurance in India and defines what life insurance is. It then describes the main types of life insurance policies including term life, endowment, whole/permanent life, and unit linked plans. Key details are provided about each type. The presentation also discusses policy claims, including claims made at maturity, for survival benefits, and death claims. It concludes with exclusions for accident benefits.
This document provides an overview of life insurance, including its key concepts, features, history and products. It discusses how life insurance works as a risk cover for human life and compensates for financial loss. The document also outlines the regulations governing life insurance in India, the principles of life insurance, and the roles and leading providers of life insurance in the country. It concludes by explaining how life insurance protects individuals and families from financial risks.
This document discusses the importance of life and health insurance. It recommends term insurance for life cover and health insurance for medical costs. It provides information on different insurance products like money back plans, ULIPs, and individual vs family floater policies. It also discusses how to calculate insurance needs and the tax benefits of premium payments. Sample premium quotes are given for different types of policies. The document concludes with additional reading resources and websites to compare insurance quotes.
LIC's e-Term plan is an online term assurance policy that provides financial protection to the policyholder's family in the event of their unfortunate death. It is best suitable for people who have dependents and want good life insurance protection for them. The policy fulfills the basic purpose of life insurance by providing financial support to the applicant's family. Buying term insurance online is a good choice as it is cheaper and saves time and money compared to other options.
The document provides an overview of life insurance basics, including defining life insurance as an agreement where the insurer promises to pay a sum to a beneficiary upon the policy owner's death in exchange for premium payments. It discusses the different types of life insurance policies including term, whole life, universal life and variable life, and how they differ in terms of coverage duration, premium structure, and cash value growth. The document also reviews important considerations for determining coverage needs and affordability, as well as how to name beneficiaries under a policy.
This document discusses different types of insurers and marketing systems. It describes the main types of private insurers as stock insurers, mutual insurers, reciprocal exchanges, Lloyd's of London, Blue Cross/Blue Shield plans, HMOs, and captives. It also discusses agents and brokers, and the main life and property/casualty insurance marketing systems which include personal selling by agents, direct response, worksite marketing, and independent agencies.
Life insurance is used for many different purposes. During this webinar, we will discuss how Corporate America is currently using life insurance, such as Non-Qualified plans, keyman protection, and buy sell funding. As well as what to look for when purchasing life insurance, as not all products are created equally. We will provide life insurance education on Term, Whole Life, Universal Life, No Lapse Guarantee, Indexed Universal Life, and Variable Universal Life.
Life insurance provides a death benefit paid to beneficiaries upon the policyholder's death. Premiums are paid by the policyholder, and beneficiaries receive the payout tax-free. It is a long-term contract where the insurer agrees to pay a stated sum upon the death of the insured in exchange for regular premium payments. There are various types of life insurance policies that differ in duration, premium payment structure, participation in profits, number of lives covered, and payment of claims.
DHFL Pramerica life insurance co. ltd by maninder singhmaninder singh
The document provides information about life insurance, including the history of life insurance in India. It discusses the different types of life insurance policies, including term insurance, endowment plans, whole/permanent life insurance, and unit-linked plans. It also provides details about specific plans offered by DHFL Pramerica Life Insurance, such as their U-Protect term plan, Future Idol Gold Plus endowment plan, Aajeevan Samriddhi whole life plan, and Wealth+ Ace unit-linked plan. Additionally, it discusses research methodology used in a study about customer satisfaction with DHFL Pramerica Life Insurance policies.
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
LifeHealthPro - Heres why cash value life insurance is a superior productJose Ariel Taveras
The document discusses the advantages of cash value life insurance over term life insurance and other financial assets. It outlines three main categories of advantages for cash value life insurance: 1) Tax advantages, such as tax-free growth of cash value and tax-free death benefits; 2) Financial advantages, as life insurance is designed using actuarial models to provide guarantees and potential increases in death benefits; and 3) Legal advantages, like state legal protections and guarantees of insurers. The document promotes cash value life insurance as a superior financial product compared to alternatives due to these inherent advantages.
Types of Life Insurance Policies Available in IndiaMyMoneyMantra
Life Insurance policy- Different types of life insurance Plans explained like Risk, Benefits of Term Plan, Whole life Plan, Endowment Plan, ULIP Plans, Money Back Policy, Child Policy & Annuity Plan available in India.
Principles of Life insurance by Dr. Amitabh MishraAmitabh Mishra
The document discusses the key principles of life insurance, including:
1) The principle of insurable interest which requires a financial loss upon death or injury.
2) The principle of utmost good faith which requires full disclosure between insurer and insured.
3) The principle of large numbers which allows insurers to predict risks by analyzing large pools of policyholders.
4) Life insurance has also evolved with increasing digitization, the creation of e-insurance accounts, and the growth of alternative distribution channels such as brokers, banks, and online aggregators.
The document summarizes key laws and regulations governing the life insurance sector in India. It discusses the Insurance Act of 1938, which is the basic law governing insurance business, as well as the Insurance Regulatory and Development Authority (IRDA) Act of 1999, which established the insurance sector regulator IRDA. It also mentions other important laws like the Motor Vehicles Act of 1988, the Insurance Rules of 1939, and the General Insurance Business (Nationalization) Act of 1972. The document provides an overview of major players in the Indian life and non-life insurance industry and important industry trends. It also summarizes key tax laws like the Income Tax Act of 1961 that affect the insurance industry.
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
This document provides an overview of fundamentals of insurance. It defines insurance as a promise by an insurer to compensate for potential financial losses in exchange for periodic payments. It describes the objectives of understanding basic insurance concepts, types of risks and classifications, actuarial and underwriting functions, important terms, types of contracts, and claims processes. It also discusses the roles of actuaries, underwriters, different types of insurance policies and contracts, insurable interests, risk management techniques, and the responsibilities of insurance agents.
This document defines key terms related to life insurance. It explains that life insurance is a contract where one party agrees to compensate another for a specified loss, such as death. The beneficiary is the person named to receive life insurance proceeds. Premiums are the amounts paid for an insurance contract. The document also outlines the main types of life insurance companies, including stock companies that pay dividends to shareholders, mutual companies that return dividends to policyholders, and fraternal companies that receive tax benefits for charitable affiliations.
sims-special features of insurance contract & mortality rateSIMS
The document summarizes key features of insurance contracts and factors affecting infant mortality rates. Insurance contracts are aleatory, involve adhesion, require utmost good faith between parties, are executory, unilateral, personal, can involve warranties and representations, and are conditional. Factors influencing infant mortality include biological factors (birth weight, maternal age, birth order), economic factors, cultural/social factors (breastfeeding, education, healthcare), and environmental factors (sanitation, air quality). Neonatal deaths are influenced mainly by endogenous biological factors, while post-neonatal deaths are influenced more by exogenous social and environmental factors.
Life insurance provides financial security and protection from uncertainty. It helps compensate for the economic loss caused by death or disability through a system where many pool resources to help the few who experience a loss. While no monetary amount can replace a person, life insurance provides funds to dependents to help adjust to changed circumstances. It is an important risk management mechanism for individuals and families to maintain their standard of living when faced with life's uncertainties like death.
The document discusses the history and types of life insurance in India. It begins by defining life insurance and then outlines key points in the development of the industry:
- Life insurance originated in India in the Vedas and the first company was formed in 1870.
- The industry grew but was nationalized in 1956 when many companies faced scandals.
- It was reopened to private players in 2001 under a new regulatory authority.
The document then describes various types of life insurance policies like term plans, endowment plans, and unit linked plans. It also covers claims processes and benefits.
The document discusses the history and development of life insurance in India. It notes that life insurance can be traced back to ancient texts like the Vedas. The first life insurance society in India was formed in 1870. The sector grew but saw issues like scams, leading the government to nationalize life insurance and form LIC in 1956. The sector was opened to private players in 2001 under IRDA regulation. The document also summarizes various types of life insurance policies like term plans, endowment plans, whole life plans, and ULIPs. It covers topics like claims processing, exclusions, and riders like disability benefits.
This presentation provides an overview of life insurance. It discusses the history of life insurance in India and defines what life insurance is. It then describes the main types of life insurance policies including term life, endowment, whole/permanent life, and unit linked plans. Key details are provided about each type. The presentation also discusses policy claims, including claims made at maturity, for survival benefits, and death claims. It concludes with exclusions for accident benefits.
Life Insurance is a form of risk management primarily used to transfer the risk of uncertain loss.
It provides compensation for financial loss only not profit.
Life insurance is a protection against the RISK of financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration of premium payments made by the insured.
Group members for the insurance discussion include Rinku Patel, Shubhangi Rathod, and Garima Mishra. Life insurance in India is a $250 billion market growing at 32-34% annually. Common types of life insurance policies discussed include children's plans, term insurance, and endowment plans. Children's plans help secure a child's future needs such as education. Term plans offer only death benefits while endowment plans provide savings and maturity benefits in addition to death coverage. Popular companies offering these plans in India include LIC, HDFC Life, and ICICI Prudential.
Life insurance provides essential financial protection for loved ones in the event of death. There are different types of life insurance, like term and permanent policies, that offer varying levels of protection and benefits. Determining the appropriate amount of coverage requires a comprehensive needs analysis that considers income needs, cash needs, existing assets and other factors. Permanent life insurance is suitable for long-term needs while term is for temporary protection. Working with a financial professional can help identify the best strategies and products for an individual's specific situation.
smartapple.us is one of the biggest life insurance agency in new york providing best life insurance policy with a lot of benefits. Directly visit best insurance agency Life Insurance smartapple.us
The document provides information about different types of life insurance policies. It defines life insurance as a contract between a policy owner and insurer where the insurer agrees to pay a sum of money upon the death of the insured. It discusses term life insurance, which provides coverage for a set period of time, and permanent insurance like whole life, which provides lifetime coverage. It also summarizes different types of term policies, endowment policies, whole life policies, and unit linked plans. Finally, it provides an overview of life insurance claims processes.
This document provides an overview of insurance in India, including the main types of insurance policies, how insurance works, and its importance. It discusses life, health, car, education, home, and general insurance policies. It explains elements of an insurance contract, how insurance protects against uncertainties, and how the insurance sector contributes to economic growth by providing stability and savings opportunities. Insurance allows individuals and businesses to protect themselves from financial losses from various risks through a system where premiums from many are used to compensate the few who suffer losses.
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.
This document provides information about life insurance policies in India. It discusses different types of life insurance policies like term insurance, whole life insurance, endowment policies, money back plans, children's policies, annuity plans, and unit linked insurance plans. It also answers frequently asked questions about life insurance policies, including how premiums, surrender values, and claims are calculated for conventional and unit linked policies. The document aims to educate policyholders about various aspects of life insurance.
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
This document appears to be a student project report analyzing the ratio analysis of LIC and ICICI Prudential Life Insurance companies. It includes sections on introduction to life insurance, unit linked insurance plans of ICICI Prudential, objectives of the study, contents table, and chapters on the companies, ratio analysis, calculations of ratios, and conclusion. The objective of the study is to analyze the growth, penetration, and returns of ICICI Prudential compared to its competitors over a 10 year period from 2000-2001 to 2009-2010.
This document provides a summer training project report for Reliance Life Insurance on recruitment of financial advisors. It includes an acknowledgements section, executive summary that identifies different profiles that could join as financial advisors, and sections on the company profile, products and policies, introduction to channel development and recruitment, research methodology, findings, SWOT analysis, suggestions and recommendations. The document also includes contents, questionnaires and bibliography sections. The report provides details on the recruitment project conducted for Reliance Life Insurance.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
The document provides an overview of life insurance policies in India. It discusses key terms like life insurance, whole life insurance policies, health insurance, and unit linked insurance plans (ULIPs). It also covers the history and development of life insurance in India, from early village co-operatives to the nationalization of life insurance in 1956 with the formation of LIC. The document outlines some advantages of life insurance like encouraging savings, easy payouts to beneficiaries, and tax benefits. It provides details on various types of policies and covers offered.
The document discusses various types of insurance policies and plans in India. It provides information on key regulatory bodies like IRDA and types of insurers. It also summarizes different kinds of life insurance policies including term plans, whole life plans, endowment plans, annuities and ULIPs (Unit Linked Insurance Plans). ULIPs are described as financial solutions that combine insurance protection with investment opportunities. The mechanics and benefits of ULIPs are explained.
The document discusses a life long pension plan that allows individuals to save and accumulate funds for retirement needs. The plan offers tax benefits on contributions up to Rs. 100,000 annually, guaranteed minimum returns of 4% annually on savings, and flexibility to choose contribution amounts, payment modes, retirement age, and pension start date. The plan aims to help individuals save adequately and reliably for their post-retirement financial needs through pension payments.
The document discusses various strategic management tools used by Coca-Cola including a value chain analysis, Porter's five forces analysis, BCG matrix, product mix/Ansoff matrix, and environmental threats and opportunities profile. It provides details of Coca-Cola's primary and support activities in the value chain. It then analyzes Coca-Cola using Porter's five forces framework, identifying the threat of substitutes and competitive rivalry as medium to high pressures.
This document is a summer internship project report submitted by Manoj Gujar to Manipal University in partial fulfillment of a BBA degree. The report discusses Manoj's internship at Rajsri Diamond Tool Pvt. Ltd., where he helped develop a training module for sales executives. The report includes sections on the company profile, credit cards, RedCarpet's funding, competitors, and the benefits of the internship experience.
Credit ratings are evaluations of a debtor's ability to pay back debt, conducted by credit rating agencies. They use both public and private qualitative and quantitative information to assess risk of default. Credit ratings influence interest rates that companies and governments pay when issuing bonds. Higher credit ratings indicate lower risk of default, while lower ratings suggest greater risk. Credit ratings benefit both investors, by informing investment decisions, and companies, by improving image and potentially lowering borrowing costs. The top credit rating agencies globally are Moody's, S&P, and Fitch. In India, the major agencies are CRISIL, ICRA, and CARE.
Risk management is a process that allows businesses to understand risks and manage them proactively. It involves identifying potential risks, estimating the likelihood and impact of those risks, and then taking steps to mitigate risks through avoidance, sharing risks with others, accepting certain risks, or putting preventative and detective controls in place. Understanding and managing risks can help businesses optimize their chances of success.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document provides a 3 paragraph summary of a summer training project report submitted by Sachin Sharma for their BBA degree. The report details Sachin's summer internship project with Hindustan Petroleum Corporation Limited. The report includes sections on the company's mission and vision, history, products and services, refineries, board of directors, and corporate governance practices. The high-level summary is as follows:
The report provides details of Sachin Sharma's summer internship project with Hindustan Petroleum Corporation Limited (HPCL) submitted for their BBA degree. It outlines HPCL's vision to be a world-class energy company and mission to become a fully integrated company in hydrocarbons.
The document discusses entrepreneurship and entrepreneurial management. It defines an entrepreneur as someone who organizes, operates, and assumes the risk of a business venture. Entrepreneurship involves innovation, investment, and expansion into new markets and techniques. The document outlines different theories of entrepreneurship including innovation theory, need for achievement theory, and risk bearing theory. It distinguishes between entrepreneurs and managers and describes different types of entrepreneurs based on economic development, business type, technology, and motivation. Finally, it discusses factors to consider when selecting a business organization type such as sole proprietorship or partnership.
This document summarizes a book by Rashmi Bansal about 25 entrepreneurs who graduated from IIM Ahmedabad and chose entrepreneurship over corporate jobs. It provides background on Bansal, describing her as a journalist and media entrepreneur from Mumbai who graduated from IIM Ahmedabad. The book profiles various entrepreneurs from different industries and regurgitates their quotes. While providing case study material, the poor writing makes the entrepreneurs sound inarticulate. The document also provides a brief biography of Bansal and information about her subsequent books and entrepreneurial ventures including a youth magazine, job portal, and book publishing company. It concludes with a short profile of entrepreneur Sanjeev Bikhchandani, founder of Info Edge
This document provides an overview of project planning and control concepts including the key elements of a project management syllabus. It discusses project definition, identification, feasibility analysis, location, layout, scheduling, cost control, quality control, financing, budgeting, and organization. It defines projects as temporary endeavors with unique goals and characteristics such as objectives, life cycles, uniqueness, teamwork, complexity, risk, customer focus, and changes. Project management is described as applying skills and techniques to meet stakeholder needs and expectations by planning, organizing, controlling, and measuring activities to balance scope, time and cost constraints.
The document discusses different types of organization structures for project management: functional, projectized, and matrix. A functional structure groups employees by specialty area and the functional manager has most authority, while a projectized structure gives full authority to the project manager. A matrix structure combines these by having employees report to both a functional and project manager. The document outlines advantages and disadvantages of each type and notes that the best structure depends on organizational goals and environment.
The project life cycle consists of several phases from initiation to closure. It begins with defining requirements and planning how the work will be completed. This includes establishing the team, scope, schedule and budget. Next is the execution phase where the project plan is implemented by building deliverables, managing risks and changes, and monitoring progress. Finally, the closure phase involves reviewing lessons learned, archiving documents and providing a final report.
The document discusses the process of project identification and screening of project ideas. It involves generating project ideas through methods like SWOT analysis and brainstorming. Ideas are also sourced from analyzing industries, resources, technologies, policies and consumer needs. Projects are preliminarily screened based on compatibility, regulations, inputs, markets, costs and risks. They are rated using a project rating index that weights and scores various factors. Sources of positive net present value include economies of scale, differentiation, costs, reach, technology and policies. Entrepreneurial skills needed include risk-taking, leadership, opportunity exploitation and rational decision-making.
The document discusses project financing. It defines project financing as financing for long-term infrastructure projects based on a non-recourse or limited recourse structure, where debt and equity are paid back through cash flows generated by the project. The key characteristics are financing using debt and equity, repaying debt through project cash flows, limited recourse for sponsors, and securing debt with project assets. Project financing allows off-balance sheet treatment of debt, avoids restrictions on sponsors, and can provide tax benefits. However, it also has higher costs and complexity than corporate financing.
The document discusses the Gujarat International Finance Tec (GIFT) City project in India. Key points:
- GIFT City was envisioned as a world-class financial hub to rival other global cities, but it is facing significant delays due to a lack of proper planning and clearances.
- Several buildings are left incomplete due to issues obtaining permission for heights from the Airport Authority. Additional delays stem from the lack of underground power line clearance.
- The project has not attracted any clients due to an absence of regulatory guidelines, jeopardizing the viability of establishing financial services there.
- Poor coordination between central and state authorities regarding clearances brought the 78,000 crore project to its current
Development financial institutions provide medium and long-term financing to promote key sectors like industry, agriculture, and infrastructure. They include specialized banks like the World Bank, IDBI, SIDBI, and EXIM Bank that offer loans, underwriting, and advisory services. Unlike commercial banks, they do not accept deposits but rather aim to accelerate economic growth and serve public interests. Major development financial institutions were established in India after independence to promote industries and address regional imbalances.
This document outlines the terms and conditions for a rental agreement between John Doe and Jane Smith for the property located at 123 Main St. It specifies the monthly rental rate of $1,000 due on the 1st of each month, the security deposit of $1,000, and the lease term of 1 year beginning January 1st, 2023. The landlord and tenant responsibilities for repairs and maintenance are also defined.
This document outlines the terms and conditions for a rental agreement between John Doe and Jane Smith for the lease of an apartment located at 123 Main St from January 1, 2023 through December 31, 2023. Key details include the monthly rent amount, late fees, repairs and maintenance responsibilities, entry rules, lease termination terms, and signatures from both parties agreeing to the terms.
This document is a scanned receipt from a grocery store purchase on January 15th, 2022 for $58.64. It lists the items bought which include produce, dairy, baked goods, and other grocery items. The payment was made with a credit card ending in 4321.
The document discusses the key concepts of offer and acceptance in contract law. It defines an offer as a proposal made with the intention of obtaining consent. An offer becomes a promise when it is accepted. For an offer to be valid, it must be certain, communicated to the offeree, and not be mistaken as an invitation to treat. Acceptance must be absolute, unambiguous, and communicated to the offeror within a reasonable time period and before the offer lapses or is revoked. Communication of acceptance is complete when it is dispatched, while communication of revocation is complete when received by the other party.
The document discusses the key elements of an offer and acceptance in contract law. It defines an offer as a proposal made with the intention of obtaining consent. An offer must be clear, definite, and communicated to the offeree. Acceptance is the consent to the offer and must be absolute, unambiguous, and communicated within a reasonable time period and before the offer lapses or is revoked. Communication of acceptance completes the contract. The document outlines the legal rules and principles governing valid offers and acceptances.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
2. 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 individual's or
individuals' death or other event, such as terminal
illness, critical illness or maturity of the policy.
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3. Insurance in India can be traced back to the Vedas. For instance,
yogakshema, the name of Life Insurance Corporation of India's
corporate headquarters, is derived from the Rig Veda.
Bombay Mutual Assurance Society, the first Indian life assurance
society, was formed in 1870.
Other companies like Oriental, Bharat
and Empire of India were also set up
in the 1870-90s.
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4. It was during the swadeshi movement in the early 20th century that
insurance witnessed a big boom in India with several more companies
being set up.
By the mid-1950s, there were around 170 insurance companies and 80
provident fund societies in the country's life insurance scene. However, in
the absence of regulatory systems, scams and irregularities were
prevalent in most of these companies.
As a result, the government decided to nationalize the life assurance
business in India. The Life Insurance Corporation of India was set up in
1956 to take over around 250 life insurance companies.
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5. For years thereafter, insurance remained a monopoly of the
public sector. The sector was finally opened up to private
players in 2001.
The Insurance Regulatory & Development Authority, an
autonomous insurance regulator set up in 2000, has extensive
powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured.
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6. Protection
Liquidity
Tax Relief
Money when you need it
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8. Sum assured is payable only in the event of death during
the term.
In case of survival, the contract comes to an end at the end
of term.
Term Life Insurance can be for period as long as 40 years
and as short as 1 year.
No refund of premium
Non-participating policies
Low premium as only death risk is
covered.
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9. Increasing Term Insurance
Life insurance cover under
this plan goes on increasing
periodically over the term in
a predetermined rate. (Riders)
Decreasing Term Insurance
The sum assured decreases with the
term of the policy. Normally decreasing
term assurance plan is taken out for
mortgaged protection, under which
outstanding loan amount decreases
as time passes as also the sum assured.
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10. Convertible term assurance policy
Under this plan a policyholder
is entitled to exchange the term
policy for an endowment
insurance or a whole life policy.
Conversion can be done at any
time during the term except last
2 years.
Level Term Life Insurance
The sum assured throughout the term of the policy does not
change.
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11. Renewable Term Life Insurance
With renewable term insurance, the insurance
company automatically allows you to renew
your coverage after the term of the policy is
over (generally 5 to 20 years)
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12. Endowment insurance plans is an investment oriented plan
which not only pays in the event of death but also in the event
of survival at the end of the term.
Is a contract underwritten by a life insurance company to pay a
Fixed term plus Accumulated profits that are declared
annually.
Premium includes 2 elements
-mortality element & investment element
Minimum age at entry : 12years
Maximum age at entry: 65years
Maximum age at maturity : 75years
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13. Joint Life Endowment Plan:
Under this plan, two lives can be insured under one
contract.
The sum assured is payable at the end of the endowment
term or death of either of the two.
Money Back Endowment Plan:
In this plan, there is an additional advantage of receiving a
certain amount of money at periodic intervals during the
policy term.
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14. Marriage Endowment Plan:
This plan has the specific condition that the sum assured is
payable only after the expiry of the term even if death of
the life assured takes place earlier.
Educational Endowment Plan:
These plans are specially designed to meet educational
expense of children at a future date. If the insured parent
dies before the date of maturity the installment is paid in
lump sum with immediate effect which helps to meet the
educational expenses.
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15. Whole life plans are another type of endowment plan,
which cover death for an indefinite period.
When the policy holder dies, the face value of the policy,
known as a death benefit, is paid to the person or persons
named in the life insurance policy (the beneficiary or
beneficiaries).
It can be with or without profits.
If you cancel the policy after a certain amount of time has
passed, the insurance company will surrender the cash
value to you.
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16. 1. Ordinary Whole Life Plan:
This is a continuous premium payment plan. The
insured pays premium throughout his life. It provides
dual facility of protection plus savings.
2. Limited Payment Whole Life Plan:
It provides the same benefit as above but premiums
are paid for a limited period. Premiums are sufficiently
higher to cover the risk.
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17. Since last few years insurance companies have started
offering risk cover plans like limited payment whole life, and
endowment assurance plan from the age of 12years and
money back plan from age of 13 years(completed).
New plans have been specifically designed for children
where the risk of the child starts much earlier say 7 years.
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18. Policies on the lives of children are taken
out by other elders. After some time when
the child becomes major and is competent
to contract, the child may assume the
ownership of the policy. The policy is then
said to ‘vest’ in child.
The date on which this happens is called the
‘testing date’.
The risk begins when the child attains 18
years of age. This is called the ‘deferred
date’ and the period between the deferred
date and the date of commencement of
policy is called the ‘deferred period’.
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19. It has emerged as one of the fastest
growing insurance products.
It is a combination of an investment
fund( such as mutual fund) and an
insurance policy.
The premium amount is invested in
the stock market and returns better
income on the maturity period.
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20. Better for long-term investment option.
ULIPs generally provide higher returns as large
portion of the funds are invested in equities.
There is also flexibility and the assured can choose
levels and extent of cover needed.
There is also option of switching over from one fund
to another if it does not seem to be profitable.
ULIPs can be classified as
◦ Unit linked – equities, bonds, real estate & money market
instruments
◦ Equity linked – only in equities
◦ Index linked – equity, bonds or money market instruments.
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21. 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
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22. 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.
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23. 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.
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24. 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
Postmortern Report, FIR Copy , Final Police Report is also
required
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25. Suicide or attempted suicide or intentional
self-inflicted injury
Under influence of drugs or alcohol,
narcotics or psychotropic substance not
prescribed by a Medical Professional.
War, Invasion, Civil War, Riots, Revolution or
any war like operation.
Criminal or unlawful act
Service in the military or police
Flying activity other than as a paying
passenger.
Racing vehicle.
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26. An additional sum equal to the sum assured
will be paid in monthly installments spread
over10 years.
Future premiums are waived
Max. limit of additional benefit is 5,00,000 or
10,00,000 depending upon the insurer.
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27. Pre-condition for granting such benefit are:
◦ Disability should be solely and directly as a result of accidental
injury.
◦ Disability must be permanent
◦ Injury and disability must occur before the insured attains 60
years of age.
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28. Tax benefit from Life Insurance
Policies The Indian Income Tax Act, make buying insurance “cheaper” as well as an
efficient investment for long term savings.
On Premiums:
Section 80D of the Insurance Act is an effective way for the salaried person
to reduce tax liability through life insurance policy.
Investments in Life Insurance premium is subject to rebate.
Premium:
Paid by an individual in respect of:
himself/herself,
his/her spouse, and
any of his/her children.
Premium amount paid should not exceed 20% of the sum
assured.
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Tolani Institute of Management
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29. Premiums paid for Health Related Riders:
• Some of the critical illness, hospitalization cash and other health related
riders attached to a Life Insurance policy may also be eligible for rebate
under section 80D of the Insurance Act.
• This deduction is available to both Individuals & HUF.
• Rs.15,000 is the maximum amount deductible during the year for an
individual as well as a senior citizen.
• Condition for applicability of deduction is that the premium must be
paid by cheque in the previous year out of the income chargeable to tax.
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30. Death Claims and Maturity Benefits:
•Life Insurance Policies are under an EEE (Exempt-Exempt-Exempt)
regime i.e. that the Premiums Paid, Income earned by the Investments,
and payment of Maturity proceeds or claim are all exempt “E” from tax
under section 10(10)(D) of the Income Tax Act.
•The only policies that are not eligible for exemption on payment on
maturity or claim are Single Premium Policies or Policies where the sum
assured was less than 5 times the Premium paid.
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Tolani Institute of Management
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31. Ratings Of Insurance Companies In
India - Top 5
Companies 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%
(Source: Insurance review)
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Tolani Institue of Management
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32. How Much Life Insurance Coverage
Should Be Purchased?
The Rule of Thumb is-
Coverage should equal to 6 to 10 times annual income.
The other Rule is-
Coverage to cover his family consumption need.
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Tolani Institue of Management
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33. Functions of an Actuary in Life
Insurance Business
Main function of an actuary in life insurance is to do assessment and
valuation of mortality risk.
Due to medical advancement now the life span of an individual can be
determined which reduce the uncertainty of death.
Due to which medical selection by the insurer is necessary and
desirable both on the grounds of “actuarial fairness” i.e. charging
premiums to different lives on the basis of their different levels of risk
and for financial viability of the insurance company.
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Tolani Institue of Management
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34. Current News in Life Insurance
Sector
Life insurance premium collection down by 22%
-LIC premium collection down by 20.5% and 22 private life
insurance premium down by 25%.
AUM of life insurer cross Rs. 15 lakh crore, due to rise in renewal
premium which means that increasing number of policy holder are
renewing their policies.
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Tolani Institue of Management
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