CHAPTER 3 Products Internship: "An Organization Without Product Is Like An Individual Without His/her Aim of Life"

CHAPTER 3 Products Report
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An organization without product is like an individual without his/her aim of life
17 State Life Insurance Corporation
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STATE LIFE INSURANCE POLICIES

Individual life insurance policies are of three types 1. Term Assurance 2. Whole Life Assurance 3. Endowment Assurance Most of the SLIC insurance plans are available in two forms: a. Insurance Policies with Profit b. Insurance Policies without Profit In case of with profit life insurance the policyholder shares the profit of the corporation that depends on the profitability and the economic activity in the country. TERM ASSURANCE These Life Insurance Policies are suitable for temporary security. I.e., traveling Abroad or death before loan payments WHOLE LIFE ASSURANCE Whole life Assurance plan is a unique combination of protection and savings, which can be purchased at very economical premium payable annually or in half yearly, quarterly or monthly. These Life Insurance plans are meant for whole life insurance protection. These types of life insurance policies are available on with or without profit basis. Whole life insurance policy has more worth than term insurance and has lesser premium percentage then other plans. Whole life insurance plans mostly suits those peoples who want more protection with lesser earnings.
ENDOWNMENT ASSURANCE Endowment assurance is the safest and surest method of guaranteed cash provision either at a specified time or at death. It serves the requirements of
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the family in various shapes by way of financial help at retirement, education of children or capital business. It is a blend of saving and family protection. In endowment insurance plans the amount is payable when policy matures. If unfortunately the policyholder die before maturity than the agreed amount plus the bonuses are paid.
TYPES OF ENDOWNMENT ASSURANCE

JOINT LIFE ASSURANCE Under this plan policies are issued on the lives of two persons and simultaneously cover the risk on the lives of both for the sum assured. The sum assured bonuses is payable either at the end of the specified term or at earlier at each of either of the insured persons. Premiums are payable till the end of the specified term or till death of earlier of the insured persons, if earlier. BENEFITS 1. Two separate proposal forms are required to be filled in by each person applying for assurance under this plan. 2. Both the persons shall have to undergo the required medical examination etc. separately. 3. The basic rates of premium given are based in the equal ages of two persons. CHILD PROTECTION POLICY (With Profits) These policies are issued jointly on the lives of the child and the father. If the father is not alive or his life is not insurable, the mother will be allowed to be the payer proposal, i.e. policyholder subject to any special conditions applicable to female lives. No other relatives, etc will be allowed to be a payer. BENEFITS
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1. If the payer and child both survive the term of the policy, the sum assured along with accrued bonuses if any, becomes payable. 2. If the payer dies before the maturity of the policy, during life time of the child, the payment of premium ceases and the following benefits become payable: (a). An income of Rs. 100/-per thousand sum as per annum till the expiry of the policy (b). The sum assured on the expiry of the policy term inclusive of the bonuses (if any) accrued of the death of the payer. JEEVAN SATHI PLAN (With Profit) Under this plan policies are issued on the lives of two persons and simultaneously cover the risk on the lives of both for the sum assured. Premiums are payable till the end of the specified term or till death of either of the insured persons, if earlier. BENEFITS 1. On the death of the first life, the sum assured will be paid to the survival. 2. On the death of second life, again the sum assured will be paid together wit the attaching bonuses. In this event, the policy will terminate. 3. If the second life survives the term of policy, he/she will be paid the sum assured together with the attaching bonuses even though the sum assured has been paid once an the death of the first one. 4. If both the lives survive the term of the policy, the sum assured will be paid to them jointly only once together with the attaching bonuses. PERSONAL PENSION SCHEME BY SINGLE PREMIUM Personal Pension schemes a single premium plan. This plan provides a life time security and is useful particularly to those who are either self employed or work in organizations which do not have pension schemes. BENEFITS
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1. There is no upper age limit. Minimum age is 18 years. 2. The plan will be issued regardless of the life insurers health 3. The minimum single premium for the policy is RS. 50,000/-. There is no upper limit to the amount of the policy 4. If the value of pension is more than 36,000\- per annum, the policyholder can ask for monthly pension instead of yearly pension. RURAL LIFE INSURANCE PLAN The socio-economic conditions of rural and less-developed areas differ considerably from those in main towns and developed areas and therefore needs of insurance also differ. Keeping these factors in view a special plan of insurance has been designed for the inhabitants of the rural and lessdeveloped areas. SUNEHRI POLICY Sunehri Policy is an innovative Life Insurance product. It is flexible, secure and meets the challenges of inflation quite economically. This plan has a special feature- from the third policy year onwards, the sum assured under the policy and the premium will increase by six percent annum. However, the policyholder has to right not to increase and pay the same amount as last year. In such event, the sum assured under the policy will remain same as last year. If the policyholder has refused the increases three times during the term of the policy then he will required to provide the evidence of insurability for further increases. The policy matures on the policy anniversary, nearest to age 70 years. SHAD ABAD PLAN (With Profits) This plan will meet the requirements of those who appreciate the basic savings purpose of endowment insurance and the bonuses and terminal bonuses payable. But they would like some additional cover to protect their loved ones in case they should died, Allah forbid, before maturity.
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CHILD EDUCATION & MARRIAGE PLAN (With Profit) Child Education and Marriage Plan is a plan for the protection of childs future. This plan provides coverage for a specified term. It provides a lump sum benefit for the child at the completion of the policy term The lump sum amount become payable when the child attains a pre-determined age of 18, 21 or 25 years. BENEFITS 1. If the policy holder dies before the expiry of the term: A regular income benefits of rs. 240 per 1000 sum assured per annum are paid to the child until the completion of the policy term. 2. Upon the completion of policy term, the child receives the full sum assured plus bonuses accrued over the entire term. At this stage the child has two options: (a). Receive the proceeds in lump sum. (b). Receive the proceeds in five equal annual installments. SHEHNAI POLICY Shehnai Policy is an innovative life insurance product. It provides a solution to the problems of many concerned parents who want to save now in order to provide for their childrens higher education, marriage and other expenses when the need arises. The term of the plan is such that lump sum benefits becomes payable as the child attains the age of 25 years. MATURITY BENEFITS The Policy matures when the child attains age of 25 years. At maturity the cash value of the policy is paid to the child. The cash value indicates all the bonuses that have been credited to the policy.
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CHAPTER 3 Products Internship: "An Organization Without Product Is Like An Individual Without His/her Aim of Life"

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CHAPTER 3 Products Report

An organization without product is like an individual without his/her aim of life

17 State Life Insurance Corporation

CHAPTER 3 Products Report

STATE LIFE INSURANCE POLICIES

CHAPTER 3 Products Report

TYPES OF ENDOWNMENT ASSURANCE

CHAPTER 3 Products Report

CHAPTER 3 Products Report

21 State Life Insurance Corporation

CHAPTER 3 Products Report

22 State Life Insurance Corporation

CHAPTER 3 Products Report

23 State Life Insurance Corporation

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