Insurances services

Insurances services : 

Insurances services Presented By: MAYUR GAKHAR

What is insurance? : 

What is insurance? Insurance is a finance service for collecting the savings of the public and providing them with risk coverage. The risk may be certain events like death, retirement, pension, education, marriage etc. or uncertain events like theft, accident, fire, ill-health, etc. Insurance is pooling of risks.

Why insurance? : 

Why insurance? They provide protection to investors from some certain or uncertain risks. This will constitute voluntary involvement in savings, but turn into compulsory or forced savings through contractual obligation. These are generally medium and long term savings and the investments of this type provide a low return but the needed risk coverage of life, accident, fire etc.

TRANSFERRING RISK INSURANCE : 

TRANSFERRING RISK INSURANCE RISK Policyholder Insurance Co. - Insured - Insurer - Underlying Insured

Slide 5: 

Categories of Insurance Life Health medical General Endowment Whole life LIC GIC Pension/ Annuity Contracts with profit or without profit for Fixed Amounts on Maturity Mutual Fund Return And Risk Coverage Partially

Slide 6: 

LIC has a Monopoly of Life Insurance. Life insurance was there in India since 1818 carried by private and foreign insurers. In 1956, life insurance was nationalised and LIC was set up by taking over the business of about 245 large and medium companies. UTI provides ULIP Scheme with life insurance coverage from the LIC.

What is LIC? : 

What is LIC? Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during: The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier.

Slide 8: 

Life Insurance Products/Services Term Insurance Policy Whole Life Insurance Policy Endowment Insurance Policy Annuities ULIP Group Life Insurance Products (master policy) Focus on risk coverage Focus on investment

1. Term insurance policy : 

1. Term insurance policy A term insurance policy is a pure risk cover for a specified period of time. What this means is that the sum assured is payable only if the policyholder dies within the policy term For instance, if a person buys Rs 2 lakh policy for 15-years, his family is entitled to the money if he dies within that 15-year period.

What if he survives the 15-year period? : 

What if he survives the 15-year period? Well, then he is not entitled to any payment; the insurance company keeps the entire premium paid during the 15-year period. So, there is no element of savings or investment in such a policy. It is a 100 per cent risk cover It simply means that a person pays a certain premium to protect his family against his sudden death. Tata AIG Life Raksha 10/15/20/25 ICICI Prudential's Group Term Insurance Plan

2. Whole Life Policy : 

2. Whole Life Policy As the name suggests, a Whole Life Policy is an insurance cover against death, irrespective of when it happens. Under this plan, the policyholder pays regular premiums until his death, following which the money is handed over to his family. 'Jeevan Anand a good whole life plan‘ Bajaj Allianz LifelongGain

3. Endowment Policy : 

3. Endowment Policy Combining risk cover with financial savings In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover. A pure endowment policy is also a form of financial saving, whereby if the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits. JEEWAN KISHORE, JEEWAN CHAYYA by LIC

4. Annuities And Pension : 

4. Annuities And Pension In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals. JEEVAN NIDHI LIC's Jeevan Suraksha Pension Plan

5. ULIP : 

5. ULIP An insurance policy in which the benefits depend on the performance of the investment portfolio. Each premium paid by the insured is split into two parts. While one part is used to provide insurance cover, the balance is invested in the units. Combines the benefit of insurance protection and investment in a managed fund. With profits(bonus) and without profits Reliance Life insurance Plan:- Loyalty Bonus

6. Group Life Insurance : 

6. Group Life Insurance Schemes available: Employees Deposit Linked Insurance Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme So on.

What is GIC? : 

What is GIC? GIC was set up by nationalising the non- life business of insurance sector in 1972. The GIC operates as the holding company of its four subsidiaries, namely, National insurance, New India Assurance, Oriental fire and United India Insurance Cos. GIC has both direct and indirect business. Its direct business is the aviation insurance. Indirect business is re-insurance premium from its subsidiaries. All the 68 Indian insurers and 45 non Indian insurers who did business before nationalisation got merged and taken over by the 4 subsidiaries of GIC.

Slide 17: 

General Insurance Products/Services Fire insurance Marine Insurance Accident/motor Insurance Health Insurance Liability Insurance GIC has launched a number of innovative schemes; like crop insurance, cattle and live stock insurance, insurance for visitors in bank premises, Mediclaim, Householders comprehensive policy, insurance to professionals and stock brokers, etc.

Slide 18: 

Fire Insurance Fire insurance provides protection against damage to property caused by accidents due to fire, lightening or explosion, whereby the explosion is caused by boilers not being used for industrial purposes. Fire insurance also includes damage caused due to other perils like storm tempest or flood; burst pipes; earthquake; aircraft; hateful damage; explosion; impact etc. Oriental Fire & General Insurance Co Ltd, Bikaner, Rajasthan

Marine Insurance : 

Marine Insurance Marine insurance basically covers three risk areas, namely, hull, cargo and freight. The risks which these areas are exposed to are collectively known as "Perils of the Sea". These perils include theft, fire, collision etc. Marine Cargo: Marine cargo policy provides protection to the goods loaded on a ship against all perils/danger between the departure and arrival warehouse. Therefore, marine cargo covers carriage of goods by sea as well as transportation of goods by land.

Marine Insurance contd. : 

Marine Insurance contd. Marine Hull: Marine hull policy provides protection against damage to ship caused due to the perils of the sea. National Insurance Company Limited, Maharastra

Health/Medical Insurance : 

Health/Medical Insurance Covers only two benefits Reimbursement of Medical Expenses relating to specific diseases. Hospitalization Eg. Individual Mediclaim Policy, Group Mediclaim Policy, bhavishya Arogya Policy.

Accident/Motor insurance : 

Accident/Motor insurance Cholamandalam General Insurance Company Ltd. By Trupti Corparate Services. Liability Insurance Ohio Bar Liability Insurance Corporation Provides lawyers professionals liability Insurance