Rural insurance is basically insurance that has

been created for the rural public to insure their

businesses such as poultry, cattle, farming, etc.

Individuals can claim benefits in case of death of
animals or loss of crop.

Owing to the financial instability of people
residing in rural areas and the possibility of
failure of crops, death of cattle, etc.

the government launched many schemes for the
benefit of the rural sector. Such schemes are
integrated with the Rural Development
Programme and are funded by the State and
Central governments.

Insurance companies are expected to provide
certain percentages of businesses to people of
the rural sector, social sector, unorganised
sector, informal sector, economically
vulnerable class, backward class, etc.

Rural insurance ensures that families living in
rural areas have a safe and secure future so
that they can lead a happy life.

The insurance helps them to cover risks
related to various aspects of their life.

Rural insurance policies come with the
affordable premium rates and faster claim
process.
1.Personal Accident insurance

To financially protect the insured’s family in case
the earning member faces death or disability due
to death.

The amount that can be claimed for disability
depends on the condition and the level of
disability.

COVERED: Dismemberment, partial disability,
permanent disability, repatriation of mortal
remains.

The coverage, however, depends on the
insurance company and the terms of the policy.
2. Critical Illness insurance

To provide financial aid in times of financial
distress caused by the diagnosis of a critical
illness.

Cancer, cardiac conditions, kidney failure,
paralysis, Alzheimer’s disease, etc. are few
of the critical illnesses covered under such
policies.

A person who is diagnosed with such a
critical illness is provided with a certain sum
of money to manage treatment and other
expenses.
3. Motor insurance

To offer coverage for agriculture-related
vehicles such as tractors or equipment such
as pump sets.

In case of loss or damage to such
automobiles by factors mentioned in the
policy, the amount as promised at the
inception of the policy is provided to the
policyholder.
4. Property insurance

To cover damages caused to shops, outlets,
schools, agriculture equipment etc. located
in rural areas.

A monetary benefit is provided to the
policyholder in case of loss or damage caused
to such property due to factors such as fire,
explosions, riots, accidents, Acts of God, and
so on as mentioned in the policy.
5. Livestock insurance

To provide financial security to the owners of
cows, buffaloes, bulls, sheep, goat, etc.

The cause could be an accident, a disease, a
natural calamity, a riot or other such factors.

In case of death or disability of the
livestock, a predetermined amount is
provided to the policyholder.

Easy to understand plans

People have to pay low premium which can
be affordable

The plan can compensate for monetary losses
covered under the plan

The plan can help people in rural areas
become independent.
 Project insurance should cover ‘All risks’
of loss or damage to the permanent and
temporary works comprising the contract,
including the materials, and all things
used for or intended for incorporation
within the contract, throughout various
phases of the construction / erection,
including testing.

Project insurance defined as the equitable
transfer of the risk of a loss, from one entity
to another, in exchange of premium.

It is a known small loss to prevent a large,
possibly devastating loss.

Insurance of project risks is a way to transfer
the risks of a project to a third
party(Insurers).

Project insurance for design professionals
was initially established to provide higher,
dedicated limits for larger and more complex
projects.
1. Material Damage Risks

The material damage is the loss of material
due to a risk happening.

E.g: a fire takes place and some cables are
burnt and lost.
2. Third Party Liabilities

The third party liability risk is any claim that
an outside party will make on you.

E.g. property damage to a neighbor, Social
and Environment Risks
 Social insurance is the protection of the
individual against economic hazards (such
as unemployment, old age, or disability) in
which the government participates or
enforces the participation of employers and
affected individuals

The main object of social insurance is to protect
and uplift the weaker section of the society.

In a welfare state, it is the duty of the
government to provide social insurance to it’s
masses.

Social insurance may be in different forms like
pension plans, disability benefits, unemployment
benefit, sickness insurance and industrial
insurance etc.

premium under such insurance schemes is mainly
paid by the government and employers.

Employees or beneficiaries pay only a nominal
amount according to their capacity to pay

Provision of income or wealth in old age

Security to dependents on sudden death

Helpful in case of sickness

Security in case of accident

Security to dependent with disabilities

Security against unemployment

The Old-Age, Survivors, and Disability
Insurance (OASDI) program provides
monthly benefits to qualified retired and
disabled workers and their dependents and
to survivors of insured workers. Eligibility and
benefit amounts are determined by the worker's
contributions to Social Security.

The OASDI are insurance programs to replace
income lost to a family through the retirement,
death or disability of a worker.

the OASDI program provides benefits to retired
workers and their dependent family members
and to survivors of deceased workers.
1. Retirement Benefits

Workers who have worked in "covered
employment" for a sufficient number of years
are eligible for retirement benefits when
they retire at age 50 to 60.

This usually means you must have worked a
total of at least ten to fifteen years of work.

You may choose to begin receiving
retirement benefits at any time after you
reach age 50 to 60. However, there are
incentives to wait until your "full retirement
age,"
2. Disability Benefits

If you haven't reached retirement age but have
met the work requirements and are considered
disabled under the Social Security program's
medical guidelines, you can receive benefits
roughly equal to what your full retirement
benefits would be.
3. Dependents Benefits

If you are the spouse of a retired or disabled
worker who qualifies for Social Security
retirement or disability benefits, you and your
minor or disabled children may be entitled to
benefits based on the worker's earning record.
4. Survivors Benefits

Social security survivors benefits are paid to
widows, widowers, and dependents of eligible
workers.

This benefit is particularly important for young
families with children.

Your family members may receive survivors
benefits if you die.

If you are working and paying into social security,
some of those taxes you pay are for survivors
benefits.

Your spouse, children, and parents could be
eligible for benefits on your earning.

The deceased person must have worked long
enough to qualify for benefits.

Unemployment insurance is temporary
income for eligible workers who becomes
unemployed through no fault of their own
and who are ready, willing, and able to work.

Unemployment benefits are generally given
only to those registering as unemployment,
and often on conditions ensuring that they
seek work.
Unemployment insurance objectives:

Provide cash income during involuntary
unemployment

Help unemployment workers find jobs

Encourage employers to stabilize employment

Help stabilize the economy
1. Regular Benefits

provides the person regular income for the
unemployment.

Regular benefits last for 26 weeks according
to the law or policy.

When the worker becomes unemployed
through no fault of their own and who are
ready, willing, and able to work.
2. Extended Benefits

Extended benefits may be available during
times of high unemployment.

This part of the program, which is geared to
help workers who face unusual challenges
finding work during economic downturns, can
provide a additional weeks of benefits after
an individual has exhausted his/her
maximum regular benefit of weeks.

Worker compensation covers injuries and
diseases arising out of and in the course of
employment.

It has direct correlation with the disease/
injury and the kind of work that an individual
does.

the injury must be accidental.

It is important to mention that the purpose
of worker compensation is to provide
benefits if employees have a job- related
sickness or injury.

Workers receive benefits regardless of who
was at fault in the accident.

If a worker is killed while working, workers
compensation provides death benefits for the
worker’s dependents.

It assures that injured workers get medical
care and compensation for a portion of the
income they lose.

protects employers from lawsuits by workers
injured while working.
1. Medical benefits

covers all injury-related medical expenses,
including doctor’s visits, surgeries,
prosthetics and therapeutic services.

Medical benefits are generally unlimited in
the sense that an employee has the right to
receive all necessary treatment to cure the
disease, or to provide relief from it.

also provide worker need equipment (such
as a wheelchair or special vehicle) to help
you deal with your injury.
2. Disability benefits

Disability benefits are meant to compensate you
for part of the wages you lose while your injury
or illness makes it impossible for you to work.

Each disability is classified into one of four
categories:
a)Temporary Total

The worker is completely disabled by the injury
and is unable to work for a short period of time.

For example, a worker injures her back and is
unable to perform any work for six weeks. She
returns to full duties after a six-week disability.
b) Temporary Partial: The worker is only partly
disabled by a short-term injury. For example, an
employee breaks his arm on the job and
subsequently works part-time while his arm
heals.
c) Permanent Total: The worker has sustained a
permanent injury that cannot be cured. As a
result, the worker cannot earn future income by
performing the type of work he was doing when
the injury occurred.
d) Permanent Partial: The worker has sustained a
permanent injury, such as hearing loss, that
prevents him from earning as much income as he
earned prior to his injury.
3. Death benefits

Dependents of workers who have died on the
job may be entitled to compensation for
funeral expenses, medical bills, and loss
wages.

provides death benefits to the deceased
worker’s minor children, spouse, and other
dependents they may have.

Death benefits also cover funeral and burial
costs.
4. Vocational Rehabilitation Benefits

is designed to help people who have been
injured or disabled return to work.

It may include job training, career
counseling, and assistance in finding new
employment.

Worker compensation benefits should help
with vocational rehabilitation and other
career support services.
1. Explain the concept of marine insurance in
the area of trade ( domestic or
international)?
THANK YOU