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Life insurance

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Life insurance - Unitedworld School of Business

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Life insurance

  1. 1. LIFE INSURANCE
  2. 2. LIFE INSURANCE PRODUCTS TERMASSURANCE PLANS WHOLE LIFE PLANS ENDOWMENTTYPE PLANS COMBINATIONS OFWHOLE LIFEAND ENDOWMENTTYPE PLANS CHILDRENASSURANCE PLANS ANNUITIESAND PENSIONS GROUP SCHEMES—GRATUITY/LEAVE ENCASHMENT/TERM LIFE/ PENSION
  3. 3. TERM ASSURANCE PLANS  TERM ASSURANCE PLANS OFFER PURE RISK COVER WITHOUT ANY ELEMENT OF SAVING, HENCETHEY AREVERY CHEAP.THEY PROVIDE DEATH COVER FORA GIVEN PERIODWITHOUT REFUND OF PREMIUM.THEY ARE USEFUL UNDER CERTAIN SITUATIONS AS COLLATERAL SECURITY AGAINST LONGTERM LOANS,MORTGAGE etc.  Examples ofTERM ASSURANCE PLANS—  LEVELTERM –LONGTERM PLANS SUBJECTTO LEVEL PREMIUMS eg. BIMA SANDESH(ALSO REFUNDS ALL PREMIUMS ON SURVIVAL OF LIFE ASSURED.  CONVERTIBLETERM —INSURED HAS OPTIONTO CONVERT POLICY INTO EITHER LIMITED PAYMENT OR ENDOWMENT  MORTGAGE REDEMPTION PLAN --ENSURESTHAT OUTSTANDING LOAN IS AUTOMATICALLY SETTLED INTHE EVENT OF DEATH OFTHE BORROWER.
  4. 4. WHOLE LIFE PLANS THIS ISTHE CHEAPEST FORM OF LIFE INSURANCE.THE PLANS PROVIDE MAXIMUM DEATH COVERTOTHE DEPENDENTS FORTHE PREMIUM PAID.THE PREMIUM IS PAYABLE FORTHE LIFE-TIME OFTHE ASSURED OR A LIMITED PERIODANDTHE SUMASSURED IS PAYABLE ONLY ONTHE DEATH OFTHE LIFEASSURED. EXAMPLES OFWHOLE LIFE PLANS— Whole Life Plan—with and without profit ConvertibleWhole Life Plan—after 5yrs.assured can convert it into endowment plan
  5. 5. ENDOWMENT TYPE PLANS  THESEAREVERY POPULARASTHEY NOT ONLY MAKE PROVISION FORTHE FAMILY OFTHE LIFEASSURED INTHE EVENT OF HIS EARLY DEATH BUT ASSUREA LUMPSUM AT ANY DESIREDAGE.AMOUNT ASSURED BECOMES PAYABLEATTHE END OFTHE ENDOWMENT TERM IF IT HAS NOT ALREADY BEEN PAID BY REASON OF HIS EARLIER DEATH.PREMIUMS ARE PAYABLE FORA PERIOD EQUALTO THE ENDOWMENTTERM OR UNTIL DEATH,IF EARLIER.  Examples of Endowment plans—  Double Endowment Plan—S/A is payable if death occurs before selected term and double the S/A is payable if life assured survives the period  Jan Raksha Plan  Special Endowment Plan—for artists/professionals  Marriage Endowment/Education Annuity Plan  Jeevan Saathi—Double Cover Joint Life Plan  Jeevan Shree—guaranteed addition to the S/A +loyalty addition  Jeevan Mitra—Double Cover Endowment Plan
  6. 6. COMBINATIONS OF WHOLE LIFE AND ENDOWMENT TYPE PLANS COMBINATIONS PROVIDE FOR PERIODIC PAYMENTSAS WELL AS HIGHER S/A BENEFITS IN CASE OF DEATH DURING POLICY PERIOD Examples of Combination plans— Money Back Policy—policy is issued for a selected term of say 20 yrs.1/5th of S/A is payable on surviving 5 yrs., further 1/5th on surviving 10 yrs. ,further 1/5th on surviving 15 yrs. and balance 2/5 on surviving the term. Full S/A is payable without any adjustment of survival benefits in case of death during policy term. Modified Plans—Jeevan Sanchay,Jeevan Sneha,
  7. 7. CHILDREN ASSURANCE PLANS  NEW PLANS HAVE BEEN SPECIALLY DESIGNED FOR CHILDRENWHERETHE RISK MAY START AS EARLYAS 7yrs.  AS CHILDREN CANNOT ENTER INTO CONTRACTS, POLICIESWILL BETAKEN OUT BY ELDERS.WHENTHE CHILDATTAINSTHE AGE OF MAJORITY,HE MAY ASSUMETHE OWNERSHIP OFTHE POLICY.THE POLICY IS THEN SAIDTOVEST INTHE CHILD.  Examples of Children Assurance Plans—  Children Deferred Endowment Plan (with profit)  Children Money Back Assurance Plan— specially designed for those parents who desire to make advance provision for education/ marriage/other contingencies in the life of the child  Jeevan Sukanya---plan designed exclusively for female child. Plan provides risk cover not only on the life assured but also extends to the life of her husband when she gets married.  Jeevan Kishore---This is a novel plan which covers the life of the child from an early age.Both male and female children between the ages of 1 and 12 yrs.are eligible to be proposed for Insurance under this plan.
  8. 8. ANNUITIES AND PENSIONS  AN ANNUITY CONTRACT PROVIDES FOR REGULAR PERIODIC PAYMENTS DURING A SPECIFIED PERIOD.ANNUITY MAY BE IMMEDIATE,LIFE ANNUITY OR CERTAIN FOR A PERIOD ANDTHEREAFTER FOR LIFE OR IT MAY BE DEFERRED.  A PENSION IS ALSO ANANNUITY.IT IS PROVIDED BYAN EMPLOYERTOTHE EMPLOYEES ORTHEIR DEPENDENTS IN CONSIDERATION OFTHE SERVICE RENDERED.  IMMEDIATE ANNUITY-- IS PURCHASED BY A SINGLE PREMIUM CALLED CONSIDERATION ANDTHE ANNUITY MAY BE PAIDYEARLY,HALF- YEARLY,QUARTERLY OR MONTHLY.Eg.Jeevan Akshay Plan.VARIATIONS AND COMBINATIONS IN PLANS AREAVAILABLE.  DEFERRED ANNUITY— ANNUITY PAYMENTS COMMENCEAFTERTHE DEFERMENT PERIOD AND MAY BE PAIDYEARLY,HALF-YEARLY,QUARTERLY OR MONTHLY. Eg.Jeevan Dhara PlanVARIATIONS AND COMBINATIONS IN PLANS AREAVAILABLE
  9. 9. GROUP SCHEMES—GRATUITY/LEAVE ENCASHMENT/TERM LIFE/ PENSION  GROUP INSURANCE PROVIDES COVERTOA NUMBER OF PERSONS UNDER A SINGLE POLICY CALLED MASTER POLICY.  GROUP GRATUITY SCHEME – PAYMENT OF GRATUITY UNDER PAYMENT OF GRATUITYACT-1972 IS COMPULSORY.EMPLOYER MAY PAY GRATUITY OUT OF HIS OWN REVENUES OR FORM ATRUSTAND ADMINISTERTHE SCHEMEWITHAN INSURANCE COMPANY,WHICHWILLALWAYS PROVE MORE BENEFICIAL..  GROUP PENSION/SUPERANNUATION— OBJECT OFTHE SCHEME ISTO PROVIDE AN EMPLOYEE PENSION ON RETIREMENT.THE PENSION IS PAYABLE DURINGTHE LIFETIME OFTHE RETIRED EMPLOYEEANDVARIOUS OPTIONS AREAVAILABLE.  GROUPTERM LIFE – IS ATERM ASSURANCE PLAN FORTHE GROUPAND PROVIDES LIFE COVERWITH ORWITHOUT RIDERS.  GROUP LEAVE ENCASHMENT –AS PER AMENDMENTSTOTHE COMPANIES ACT,EMPLOYERS HAVETO FUND LEAVE ENCASHMENT FACILITYANDTHIS CAN ALSO ARRANGEDWITH A LIFE INSURERAT COMPETITIVE PREMIUM RATES.
  10. 10. Campus Overview 907/A Uvarshad, Gandhinagar Highway, Ahmedabad – 382422. Ahmedabad Kolkata Infinity Benchmark, 10th Floor, Plot G1, Block EP & GP, Sector V, Salt-Lake, Kolkata – 700091. Mumbai Goldline Business Centre Linkway Estate, Next to Chincholi Fire Brigade, Malad (West), Mumbai – 400 064.
  11. 11. Thank You

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