This document provides an overview of life insurance. It discusses the definition of life insurance, the history of insurance in India including key milestones, and the various types of life insurance policies including term life, endowment, permanent/whole life, and unit linked plans. It also lists some major life insurance companies operating in India. The training internship of the author was with DLF Pramerica life insurance company located near Leela Bhavan in Patiala.

1. Jaspreet kaur sandhu
Rollno 6771
Mba(fyic) 5th
sem.USAM

2. Company profile
 I have done my training in “DLF
pramerica” which is a life
insurance co.
 It situated near leela bhavan
patiala.

3. life insuranCe
 Life insurance can be
defined as ―life insurance
provides a sum of money if
the person who is insured
dies while the policy is in
effect‖.

4. History of
insuranCe
 In 1818 British introduced to India, with the establishment of
the oriental life insurance company in Calcutta.
 The first Indian owned Life Insurance Company; the
Bombay mutual life assurance society was set up in 1870.
 The life insurance act, 1912 was the first statuary measure
to regulate the life insurance business in India.
 In 1983, the earlier legislation was consolidated and
amended by the insurance act, 1938, with comprehensive
provisions for detailed effective control over insurance.
 The union government had opened the insurance sector for
private participation in 1999, also allowing the private
companies to have foreign equity up to 26%.
 Following the opening up of the insurance sector, 12 private
sector companies have entered the life insurance business.

5. Why to have a life insurance
 Protection
 Liquidity
 Tax relief
 Money when you need it

6. Benefits if life insurance
 Life insurance encourages saving and
forces thrift.
 It is superior to a traditional savings
vehicle.
 It helps to achieve the purpose of life
assured.
 It provides valuable tax relief.

7. TYPES OF LIFE
INSURANCE
•Term life insurance
•Endowment
insurance
•Permanent(whole)
life insurance
•Unit linked plans

8. Term life
insurance
 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
 No refund of premium
 Non participating policies
 Low premium as only death risk is
covered

9. Types of term insurance
Increasing term
insurance
Convertible term
assurance policy
Decreasing term
insurance
Level term life
insurance

10. Endowment insurance
 Endowment insurance plans is an
investment oriented plans which not only
pays in the event of death but also in the
event of survival at the end of the term
 Premium includes two elements:
 Mortality
 investment

11. Types of endowment insurance
Joint life endowment
plan
Marriage
endowment plan
Money back
endowment plan
Education
endowment plan

12. Permanent(whole) life insurance
 Whole life plans are another
type of endowment plan which
cover death for an indefinite
period

13. Types of permanent life
insurance
Ordinary whole
life plan
Limited payment
whole life plan

14. Unit linked plans
 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
 Better for long term investment

15. Types of unit linked plans
Unit linked
Index linked
Equity linked

16. Insurance companies in india
 LIC
 ICICI life insurance co ltd
 SBI life insurance co ltd
 Bajaj allianz life insurance co ltd
 Reliance life insurance co ltd

17. THANK YOU