Insurances services

Presented By:
MAYUR
GAKHAR
 What is insurance?
Ø Insurance is a finance service for
collecting the savings of the public
and providing them with risk
coverage.
Ø The risk may be certain events
like death, retirement, pension,
education, marriage etc. or
uncertain events like theft,
accident, fire, ill-health, etc.
Ø Insurance is pooling of risks.
 Why insurance?
Ø They provide protection to
investors from some certain or
uncertain risks.
Ø This will constitute voluntary
involvement in savings, but turn
into compulsory or forced savings
through contractual obligation.
Ø These are generally medium and long
term savings and the investments of
this type provide a low return but
 TRANSFERRING RISK

RISK
Policyholder Insurance Co.
- Insured - Insurer
- Underlying Insured
 Categories of Insurance

L Health Gener
ife medical al

Endowment Mutual Fund

Whole life Return And
Risk Coverage
Pension/ Annuity Contracts Partially
with profit or without profit
for Fixed Amounts on
Maturity

LI GI
C C
Ø LIC has a Monopoly of Life
Insurance.
Ø Life insurance was there in India
since 1818 carried by private and
foreign insurers.
Ø In 1956, life insurance was
nationalised and LIC was set up by
taking over the business of about
245 large and medium
companies.
Ø UTI provides ULIP Scheme with
life insurance coverage from the
 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:
Ø The date of maturity, or
Ø Specified dates at periodic intervals,
or
Ø Unfortunate death, if it occurs earlier.
Life Insurance
Products/Services
Focus on risk
Ø Term Insurance Policy coverage

Ø Whole Life Insurance Policy

Focus on
Ø Endowment Insurance Policyinvestment
Ø Annuities
Ø ULIP
Ø Group Life Insurance Products
(master policy)
ØA1.term
Term insurance
insurance policy is policy
a pure
risk cover for a specified period of
time.
Ø What this means is that the sum
assured is payable only if the
policyholder dies within the policy
term
Ø For instance, if a person buys Rs 2
lakh policy for 15-years, his family is
entitled to the money if he dies within
 What
Ø Well, ifhe
then heis survives the
not entitled 15-
to any
payment; the insurance company
keeps the entire premium paid during
the 15-year period.
Ø So, there is no element of savings or
investment in such a policy.
Ø It is a 100 per cent risk cover
Ø It simply means that a person pays a
certain premium to protect his
family against his sudden death.
Ø Tata AIG Life Raksha 10/15/20/25
Ø ICICI Prudential's Group Term Insurance
Plan
Ø As2.the
Whole Life Policy
name suggests, a Whole Life
Policy is an insurance cover
against death, irrespective of when
it happens.
Ø Under this plan, the policyholder
pays regular premiums until his
death, following which the money is
handed over to his family.
Ø 'Jeevan Anand a good whole life
plan‘
Ø Bajaj Allianz LifelongGain
 3. Endowment
Ø Combining Policy
risk cover with financial
savings
Ø In an Endowment Policy, the sum assured
is payable even if the insured survives
the policy term.
Ø 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.
Ø 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
Ø In4.anAnnuities
annuity, theAnd Pension
insurer agrees to
pay the insured a stipulated sum of
money periodically.
Ø The purpose of an annuity is to
protect against risk as well as
provide money in the form of
pension at regular intervals.
Ø JEEVAN NIDHI
Ø LIC's Jeevan Suraksha Pension Plan
 5.insurance
Ø An ULIP policy in which the
benefits depend on the performance
of the investment portfolio.
Ø Each premium paid by the insured is
split into two parts.
Ø While one part is used to provide
insurance cover, the balance is
invested in the units.
Ø Combines the benefit of insurance
protection and investment in a
managed fund.
Ø With profits(bonus) and without profits
 6. Groupavailable:
Ø Schemes Life Insurance
ØEmployees Deposit Linked Insurance
Scheme
ØGroup Savings Linked Insurance Scheme
ØGroup Leave Encashment Scheme
ØSo on.
 What
Ø GIC isupGIC?
was set by nationalising the non- life
business of insurance sector in 1972.
Ø The GIC operates as the holding company
of its four subsidiaries, namely, National
insurance, New India Assurance, Oriental fire
and United India Insurance Cos.
Ø GIC has both direct and indirect
business.
Ø Its direct business is the aviation
insurance.
Ø Indirect business is re-insurance premium
from its subsidiaries.
Ø All the 68 Indian insurers and 45 non
General Insurance
Products/Services
Ø Fire insurance
Ø Marine Insurance
Ø Accident/motor Insurance
Ø Health Insurance
Ø 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
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
 Marine
Ø Marine Insurance
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.
Ø 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
 Marine
Ø Marine Insurance
Hull: Marine hull contd.
policy provides
protection against damage to ship
caused due to the perils of the sea.
Ø National Insurance Company Limited,
Maharastra
 Health/Medical
Ø Covers Insurance
only two benefits
ØReimbursement of Medical Expenses
relating to specific diseases.
ØHospitalization
ØEg. Individual Mediclaim Policy, Group
Mediclaim Policy, bhavishya Arogya
Policy.
 Accident/Motor
Ø Cholamandalam insurance
General Insurance
Company Ltd. By Trupti Corparate Services.

Liability Insurance
Ø Ohio Bar Liability Insurance Corporation
Ø Provides lawyers professionals liability
Insurance