Insurance In India

 Started in India in the year 1818 with the

establishment of the Oriental Life Insurance
Company in Calcutta.
 The General insurance business in India, on the
other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general
insurance company established in the year 1850
in Calcutta by the British.
IRDA Act 1999
 Company is formed and registered under the Companies Act, 1956;
 The aggregate holdings of equity shares by a foreign company, either by
itself or through its subsidiary companies or its nominees, do not exceed
26%, paid up equity capital of such Indian insurance company;
 The company's sole purpose is to carry on life insurance business or
general insurance business or reinsurance business.
 The minimum paid up equity capital for life or general insurance
business is Rs.100 crores.
 The minimum paid up equity capital for carrying on reinsurance business
has been prescribed as Rs.200 crores.
LIFE INSURERS Websites

Public Sector
Life Insurance Corporation of India www.licindia.com

Private Sector
Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com

ING Vysya Life Insurance Company Limited www.ingvysayalife.com

Max New York Life Insurance Co. Limited www.maxnewyorklife.com

MetLife Insurance Company Limited www.metlife.com

Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.co

m
SBI Life Insurance Company Limited www.sbilife.co.in

TATA AIG Life Insurance Company Limited www.tata-aig.com

AMP Sanmar Assurance Company Limited www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited www.avivaindia.com

 GENERAL INSURERS

Public Sector

National Insurance Company Limited www.nationalinsuranceindia

.com

New India Assurance Company Limited www.niacl.com

Oriental Insurance Company Limited www.orientalinsurance.nic.i

n
United India Insurance Company Limited www.uiic.co.in

Private Sector

Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in

Reliance General Insurance Co. Limited www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com

TATA AIG General Insurance Co. Limited www.tata-aig.com

Cholamandalam General Insurance Co. Ltd. www.cholainsurance

Terminologies
 Insurance
 Insurer
 Insured
 Premium
 Beneficiary
 Insured Amount
 Compensation
 Indemnity
 Assurance vs. Insurance
 Reinsurance
Types of Plans
 Term Life Insurance Plans
 Endowment Type Plans
 Children’s Assurance Plans
 Annuity & Pension Plans
Riders In Life Insurance Policy
 Double Sum Assured Rider
 Critical Illness Rider
 Accidental Death Benefit Rider
 Waiver of Premium
Procedure
 Filling up a proposal form
 Proof of Age
 Medical Examination
 Confidential Report of the agent
 Acceptance of proposal
 Issue of policy
 Renewal Notice
 Bonus notice
‘With Profit’ Bonus
• HDFC Endowment Assurance Plan,
HDFC Money Back Plan, HDFC
Children’s PlanRs - 22.50
Per thousand Sum Assured
HDFC Savings Assurance Plan
HDFC Assurance PlanRs - 32.50
Per thousand Sum Assured
HDFC Regular Premium Pension
PlanRs - 22.50 Per thousand Sum
Assured
HDFC Single Premium Pension
PlanRs 50.00 Per thousand Sum
Assured
HDFC Single Premium Whole of Life
Plan - Rs 50.00 Per thousand Sum
Assured and attaching bonuses
 Whole Life Policies – Rs.66.00 per thousand sum
assured Bonus on various plans per thousand sum assured
for 16 years and above is as under. The bonus depends on
terms of the policy. The bonus amount is higher for long
term policies.
 Endowment Type Policies-range from Rs.40.00
to Rs.46.00.
 Money Back, Anticipated Endowment – Rs.37.00
(term 20 years) & Rs.42.00 (term 25 years)
 Jeevan Mitra, Jeevan Sathi, Limited Payment
Endowment Policies – range from Rs.43.00 to
Rs.47.00.
 Jeevan Surabhi Policies – Rs.39.00 (term 20 years) and

Rs.47.00 (term 25 years)
Jeevan Anand plan – range from Rs.40.00 to Rs.44.00
 Jeevan Rekha Plan – range from Rs.33.00 (term >20 years)

to Rs.48.00 (term 10 years and less).
Jeevan Anurag – range from Rs.32 to Rs.35.
 Jeevan Tarang – Rs.32
 New Jeevan Suraksha–I– Rs.32 (per thousand Notional
Cash Option)
 New Jeevan Dhara–I– Rs.30 (per thousand Notional Cash
Option).
Interim Bonus
 HDFC Endowment Assurance Plan, HDFC Money Back Plan,
HDFC Children’s' Plan Rs 22.50 Per thousand Sum Assured
 HDFC Savings Assurance Plan,HDFC Assurance Plan Rs 32.50
Per thousand Sum Assured
 HDFC Regular Premium Pension PlanRs 22.50
Per thousand Sum Assured
 HDFC Single Premium Pension PlanRs 50.00
Per thousand Sum Assured
 HDFC Single Premium Whole of Life PlanRs 50.00
Per thousand Sum Assured
and attaching bonuses
The following diagram* demonstrates how bonuses could build up on a 25-year 'With Profits'
Endowment Assurance Plan on maturity