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Life Insurance

Life Insurance



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Published by vivek kant
report of nooks and cranny of life insurance business
report of nooks and cranny of life insurance business

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Published by: vivek kant on Oct 02, 2009
Copyright:Attribution Non-commercial


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Marketing Management OFfinancial Services ProjectA Report on
Submitted to:Mr.Sandeep ParmarSubmitted By:
Ankita SainiMadhur AgarwalMansi SeganNishant GolwelkarSandeep JakharSumedha BhatnagarSwastik ShrivastavaGroup -7Section –D
Introduction to life Insurance
Life insuranceoffers a way to replace the loss of income that occurs when someone dies (usually the person who producesthe majority of income in a family situation). It is a contract between you asthe insured person and the company or "carrier" that is providing theinsurance. If you die while the contract is in force, the insurance companypays a specified sum of money free of income tax — "cash benefits" — tothe person or persons you name as beneficiaries.Life insurance - Purchase policy; the insurance company promises to paya lump sum at the time of the policy holder’s death, or sometimes whilethey are still alive.Purpose of life insurance : Protect someone who depends on you fromfinancial loss related to your death.Other reasons are.
 To leave as part of your estate.
 To save money for retirement or for income or education for children.
 To make charitable bequests upon your death.
 To pay off a mortgage or debts at the time of death. 
The Principle of Life Insurance
Mortality tables provide odds on your dying, based on your age andsex.
 Your premium is based on your life expectancy and the projections forthe payouts for persons who die.
Determining Your Life Insurance Needs –Ask Yourself...
Do you need life insurance?
Do you have people you need to protect financially?
Do you have a partner who works?
What are your objectives for life insurance?
How much money do you want to leave your dependents shouldyou die today?
When do you want to retire, and what income do you think you’llneed?
How much will you be able to pay for your insurance program?
Buying Life Insurance
When you buy life insurance, you want coverage that fits your needsand your budget.
Decide how much you need,
for how long and what you can afford.
Examine what kinds of policies are available
to meet your needsand pick the one that best suits you.
Compare what different companies charge
for the same kind of policy and amount of insurance you want.
Finding a Low Cost Policy
Do premiums or benefits vary from year to year?
How much cash value builds under the policy?
Are premiums, benefits or interest rates guaranteed or subject
to change by the company?
What is the effect of interest on money paid and received at
different times on the policy?
Good Life Insurance
A good life insurance program does more than just replace theloss of income that occurs if you die. It should also provide money to coverthe new costs that arise after your death — funeral expenses, taxes, probatecosts, the need for housekeepers and child care, and so on. And these cashbenefits should provide for your family's future needs as well, includingcollege education for your children and part or all of your spouse'sretirement needs. In almost all cases, your beneficiary can use the cashbenefits in the way he or she sees fit, without restriction.
Estimating Your Life Insurance Requirements

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