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Insurance

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Ajita Gupta
Ajita Gupta

This document provides an overview of insurance, including its key principles and types. It discusses the nature of insurance contracts and important concepts like indemnity, insurable interest, and good faith. The document outlines the major types of insurance like life, health, pension, property, automobile, and more. It also profiles the major insurance companies in India and important government schemes around life and accident insurance.

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Compiled and Edited By Ajita Gupta Research Scholar Dayalbagh Educational Institute
INSURANCE……. •An economic device that provides financial protection against a possible unexpected loss. •Promises or guarantees compensation for any probable future losses. •Insurance is a mechanism that provides compensation for pre-financial value of the asset in case of loss and damage (Gopala krishna, 2008).
Principles of Insurance Nature of Contract Proximate Cause Double Insurance Subrogation Indemnity Insurable Interest Good Faith
Importance of Insurance • Provides security • Encourages savings • Medical support • Provides credit facilities • Provides peace of mind • Reduces types of risk or losses • Generates financial resources to the country
Types of Insurance Non-Life(General) Business Property CommercialPersonal Auto Home Accident Pension Health Life Life Insurance
Types of Life Insurance Life Health Pension
Life Insurance Life insurance provides a sum of money called death benefits on the death of the insured person in return for small periodic payments called premiums. Types of Policies 1. Term Insurance 2. Money-back 3. Unit-linked Investment (ULIP) 4. Pension Policies
Health Insurance Health insurance covers the expenditures associated to treatment and medical expenditures. 1. Hospitalization 2. Top up 3. Critical illness Types of policies
Pension Insurance Pension plan benefits will be paid when the members reach a specified retirement age
Types of Non-Life Insurance Personal Commercial
• Automobile/ Vehicle Insurance • Home Insurance • Accident Insurance Personal Insurance
Automobile Insurance • Automobile insurances cover damages and legal financial expenditures of automobile owner. • Vehicle insurance (also known as, Car insurance, or Motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles.
Home Insurance Home Insurance, also commonly called hazard insurance or homeowner’s insurance Type of property insurance that covers a personal residence
Accident Insurance Compensation for death or disablement resulting from accidental bodily injury.
Commercial Insurance • Property Insurance • Business Insurance
Properties are insured in two main ways Open Perils Open perils cover all the causes of loss not specifically excluded in the policy. Named Perils Named perils require the actual cause of loss to be listed in the policy for insurance to be provided.
Types of Insurance Companies
Life Insurer in Public Sector Life Insurance Corporation of India. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. Life Insurance Companies
LIC- Life Insurance Cooperation • Founded – 1 September 1956 • Headquarters – Mumbai, India. • Chairman – S. K. Roy • Owner – Government of India. Slogan “Your welfare is our responsibility”
General Insurance Companies Provides all type of insurance apart from life insurance.
GIC- General Insurance Cooperation • Founded -22November 1972 • Headquarters – Mumbai, India • Chairman & MD – A. K. Roy • Owner – Government of India. Four re-organized companies of GIC 1. National Insurance 2. New India Insurance 3. Oriental Insurance 4. United Insurance
Life Insurers in Private Sector  SBI Life Insurance.  PNB MetLife India Life Insurance.  ICICI Prudential Life Insurance.  Bajaj Allianz Life.  Max Life Insurance.  Sahara Life Insurance.  Tata AIG Life.  HDFC Life.  Birla Sun Life Insurance.  Kotak Life Insurance India.  First Life Insurance.  Aviva Life Insurance.  Reliance Life Insurance Company Limited .  LIC Exide Life Insurance -  DHFL Pramerica Life Insurance -  Shriram Life Insurance.  Bharti AXA Life Insurance Co Ltd.  Future General Life Insurance Co Ltd.  IDBI Federal Life Insurance.  AEGON Religare Life Insurance.  CANARA HSBC Oriental Bank of Commerce.  Star Union Dia-ichi Life Insurance Co. Ltd.  Edelweiss Tokio Life Insurance Company Ltd.
Top 10 Insurance Companies in India • Life Insurance Corporation of India (LIC) Corporate Office – Mumbai, Maharashtra, • SBI Life Insurance Corporate Office – Mumbai, Maharashtra, • Birla Sunlife Insurance Corporate Office . • Reliance Life Insurance (RLIC) Corporate Office – Navi Mumbai • Corporate Office – United Kingdom.
Top 10 Insurance Companies in India • Tata AIG Life Insurance Corporate Office – Mumbai, Maharashtra, • ING Vysya Life Insurance Corporate Office – Bangalore, Karnataka, • Bajaj Allianz Life Insurance Corporate Office – • Max Life Insurance Corporate Office – New Delhi, • HDFC Standard Life Insurance Corporate Office – Mumbai, Maharashtra,
• During the early years of a term policy, the premium will usually be significantly lower than for cash value insurance. • Purchased to meet a specific financial obligation. • Many term policies can be converted to cash value life insurance if insurance needs change.
• Provides coverage only for a limited period of time, although some policies can be renewed indefinitely. • Depending on the policy, premiums may be level for a period of 1, 5, 10, 15, 20, 25, or 30 years and then end without any renewal option, or offer continual renewals at a higher premium rate. • Deteriorating health can trap in a policy with rapidly increasing premiums.
GOVERNMENT SCHEAMS The Union Finance Minister has proposed to launch 3 Social Security Schemes in Budget 2015-16. The three Schemes are; • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) • Pradhan Mantri Suraksha Bima Yojana • Atal Pension Yojana
Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) • Premium: Rs. 12 per annum. • Risk Coverage: For accidental death and full disability – Rs. 2 Lakh and for partial disability – Rs. 1 Lakh. • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. • Eligibility: Available to people in age group 18 to 70 years with bank account. Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominees to be given in the form. The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme2 – for Life Insurance • Premium: Rs 330 per annum. • Risk Coverage: Rs. 2 Lakh in case of death for any reason. • Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account. • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium. The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
Atal Pension Yojna (APY) • The scheme will be launched on June 1, 2015 and focus is on the unorganized sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income. • Age of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions. • Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Insurance
A person whose life or property is insured. Beneficiary Insured A person and organization etc., that receives money or property when some one dies. An agent is a person who represents an insurance firm and sells insurance policies on its behalf Agent
A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy The price of insurance protection from a specified risk for a specified period of time Premium The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person. Death Benefit Claim
Risk date is the date the policy begins coverage, also referred to as the “Effective Date”. Risk Date Due date means extra time to pay the premium after the actual date. Due Date The length of time (usually 30 or 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. Grace Period

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Insurance

  • 1. Compiled and Edited By Ajita Gupta Research Scholar Dayalbagh Educational Institute
  • 2. INSURANCE……. •An economic device that provides financial protection against a possible unexpected loss. •Promises or guarantees compensation for any probable future losses. •Insurance is a mechanism that provides compensation for pre-financial value of the asset in case of loss and damage (Gopala krishna, 2008).
  • 4. Importance of Insurance • Provides security • Encourages savings • Medical support • Provides credit facilities • Provides peace of mind • Reduces types of risk or losses • Generates financial resources to the country
  • 7. Life Insurance Life insurance provides a sum of money called death benefits on the death of the insured person in return for small periodic payments called premiums. Types of Policies 1. Term Insurance 2. Money-back 3. Unit-linked Investment (ULIP) 4. Pension Policies
  • 8. Health Insurance Health insurance covers the expenditures associated to treatment and medical expenditures. 1. Hospitalization 2. Top up 3. Critical illness Types of policies
  • 9. Pension Insurance Pension plan benefits will be paid when the members reach a specified retirement age
  • 11. • Automobile/ Vehicle Insurance • Home Insurance • Accident Insurance Personal Insurance
  • 12. Automobile Insurance • Automobile insurances cover damages and legal financial expenditures of automobile owner. • Vehicle insurance (also known as, Car insurance, or Motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles.
  • 13. Home Insurance Home Insurance, also commonly called hazard insurance or homeowner’s insurance Type of property insurance that covers a personal residence
  • 14. Accident Insurance Compensation for death or disablement resulting from accidental bodily injury.
  • 15. Commercial Insurance • Property Insurance • Business Insurance
  • 16. Properties are insured in two main ways Open Perils Open perils cover all the causes of loss not specifically excluded in the policy. Named Perils Named perils require the actual cause of loss to be listed in the policy for insurance to be provided.
  • 17. Types of Insurance Companies
  • 18. Life Insurer in Public Sector Life Insurance Corporation of India. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. Life Insurance Companies
  • 19. LIC- Life Insurance Cooperation • Founded – 1 September 1956 • Headquarters – Mumbai, India. • Chairman – S. K. Roy • Owner – Government of India. Slogan “Your welfare is our responsibility”
  • 20. General Insurance Companies Provides all type of insurance apart from life insurance.
  • 21. GIC- General Insurance Cooperation • Founded -22November 1972 • Headquarters – Mumbai, India • Chairman & MD – A. K. Roy • Owner – Government of India. Four re-organized companies of GIC 1. National Insurance 2. New India Insurance 3. Oriental Insurance 4. United Insurance
  • 22. Life Insurers in Private Sector  SBI Life Insurance.  PNB MetLife India Life Insurance.  ICICI Prudential Life Insurance.  Bajaj Allianz Life.  Max Life Insurance.  Sahara Life Insurance.  Tata AIG Life.  HDFC Life.  Birla Sun Life Insurance.  Kotak Life Insurance India.  First Life Insurance.  Aviva Life Insurance.  Reliance Life Insurance Company Limited .  LIC Exide Life Insurance -  DHFL Pramerica Life Insurance -  Shriram Life Insurance.  Bharti AXA Life Insurance Co Ltd.  Future General Life Insurance Co Ltd.  IDBI Federal Life Insurance.  AEGON Religare Life Insurance.  CANARA HSBC Oriental Bank of Commerce.  Star Union Dia-ichi Life Insurance Co. Ltd.  Edelweiss Tokio Life Insurance Company Ltd.
  • 23. Top 10 Insurance Companies in India • Life Insurance Corporation of India (LIC) Corporate Office – Mumbai, Maharashtra, • SBI Life Insurance Corporate Office – Mumbai, Maharashtra, • Birla Sunlife Insurance Corporate Office . • Reliance Life Insurance (RLIC) Corporate Office – Navi Mumbai • Corporate Office – United Kingdom.
  • 24. Top 10 Insurance Companies in India • Tata AIG Life Insurance Corporate Office – Mumbai, Maharashtra, • ING Vysya Life Insurance Corporate Office – Bangalore, Karnataka, • Bajaj Allianz Life Insurance Corporate Office – • Max Life Insurance Corporate Office – New Delhi, • HDFC Standard Life Insurance Corporate Office – Mumbai, Maharashtra,
  • 25. • During the early years of a term policy, the premium will usually be significantly lower than for cash value insurance. • Purchased to meet a specific financial obligation. • Many term policies can be converted to cash value life insurance if insurance needs change.
  • 26. • Provides coverage only for a limited period of time, although some policies can be renewed indefinitely. • Depending on the policy, premiums may be level for a period of 1, 5, 10, 15, 20, 25, or 30 years and then end without any renewal option, or offer continual renewals at a higher premium rate. • Deteriorating health can trap in a policy with rapidly increasing premiums.
  • 27. GOVERNMENT SCHEAMS The Union Finance Minister has proposed to launch 3 Social Security Schemes in Budget 2015-16. The three Schemes are; • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) • Pradhan Mantri Suraksha Bima Yojana • Atal Pension Yojana
  • 28. Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) • Premium: Rs. 12 per annum. • Risk Coverage: For accidental death and full disability – Rs. 2 Lakh and for partial disability – Rs. 1 Lakh. • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. • Eligibility: Available to people in age group 18 to 70 years with bank account. Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominees to be given in the form. The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • 29. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme2 – for Life Insurance • Premium: Rs 330 per annum. • Risk Coverage: Rs. 2 Lakh in case of death for any reason. • Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account. • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium. The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • 30. Atal Pension Yojna (APY) • The scheme will be launched on June 1, 2015 and focus is on the unorganized sector. A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income. • Age of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. would receive the fixed monthly pension of Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions. • Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
  • 32. A person whose life or property is insured. Beneficiary Insured A person and organization etc., that receives money or property when some one dies. An agent is a person who represents an insurance firm and sells insurance policies on its behalf Agent
  • 33. A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy The price of insurance protection from a specified risk for a specified period of time Premium The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person. Death Benefit Claim
  • 34. Risk date is the date the policy begins coverage, also referred to as the “Effective Date”. Risk Date Due date means extra time to pay the premium after the actual date. Due Date The length of time (usually 30 or 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. Grace Period