MANJINDER

LIFE INSURANCE : 

LIFE INSURANCE CERTAINTY DURING UNCERTAIN TIMES

WHY INSURANCE ? : 

WHY INSURANCE ? Risks and uncertainties are part of life -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen. So Insurance can protect us from these future uncertainties.

INSURANCE IN INDIA : 

INSURANCE IN INDIA Insurance introduced by English Company Oriental Life Insurance Co. Ltd. In 1818. First Indian Insurance Company Bombay Mutual Assurance Society Ltd. formed in 1870 in Mumbai. Life Insurance Corp. of India (LIC) formed in 1956 as a single player and in 1999 after amendment in law some other players came into the market.

MAJOR PLAYERS : 

MAJOR PLAYERS

Market Share (Private Players) : 

Market Share (Private Players) The Market Share of Life Corporation of India (LIC) is 66% among 23 private players.

TYPES OF LIFE INSURANCE : 

TYPES OF LIFE INSURANCE Whole Life Policy Plan The rate of Premium is generally low. Premium paid throughout of the life. Most suitable for family protection after death. Endowment Life Policy Plan Premium generally high than Whole Life Plan. Premium paid up till the date of maturity. Provides sum of money after specified time or death whichever occurs earlier. Combines saving for old age and for family for premature death.

TYPES OF LIFE INSURANCE : 

TYPES OF LIFE INSURANCE Joint Life Policy Plan Joint lives of two persons e.g. husband and wife. Premium paid up till the date of maturity. Assured sum becomes payable after the death of any person assured. Term Insurance Policy Plan Premium is lowest in life insurance category. Designed to cover 100% risk. Beneficiaries get sum assured if policy holder expires within the policy term. If the policy holder survive after the policy term, premium paid are not returned back.

TYPES OF LIFE INSURANCE : 

TYPES OF LIFE INSURANCE Money Back Policy Plan It gives periodic payment during the policy term. If policy holder survives, gets balance sum assured after the maturity of policy. Case of death beneficiary gets full sum assured. Annuities and Pension Beneficial for protection against financial risk. Policy holder gets periodic payments in mode of pension after the maturity of the policy. Favored by many self employees to protect the future.

TYPES OF LIFE INSURANCE : 

TYPES OF LIFE INSURANCE ULIP (UNIT LINKED INS POLICY) ULIP are market-linked life insurance products. It is popularized because it provides the combination of life cover and wealth creation. Part of Payment that people invest in ULIP goes provide life cover, while the rest invested in equity & debt instruments for maximizing returns to the policy holder. They provide the flexibility of choosing from a variety of fund options depending on customer’s risk appetite. ULIP’s can be useful for achieving various long term financial goals such as planning for retirement, child’s education, marriage etc.

TYPES OF LIFE INSURANCE : 

TYPES OF LIFE INSURANCE Double Accident Policy Plan Beneficiary will get double amount of the policy if assured dies because of an accident. Children’s Policy Plan Helps to provide funds to the parents for meeting the expenses of their education, marriage or for giving start in life. Group Insurance Policy Plan Help to protect whole family or employees.

FUTURE OF LIFE INSURANCE IN INDIA : 

FUTURE OF LIFE INSURANCE IN INDIA

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