Life Insurance

B.
Bhavana- 11
S.Samatha- 15
M.Shanthi- 23
T.Swathi- 38
B.Aparna- 3
PGP/SS/09-11/FINANCE/B2/BANKING &
December 7, 2021 1
INSURANCE
What is Life Insurance ???
• An individual runs a Risk of
• Premature Death
• Living too long
• Life Insurance is a product that offers a solution in management of both the risks.
December 7, 2021 2
INSURANCE
What Life Insurance Does???
• Provides
• - Continuity of income
• - Mortgage protection
• - Protection against disabilities
• - Children’s education
• - Marriage expenditure
• - Retirement fund
• - Tax relief
• and most importantly
• Provides
• - PEACE OF MIND
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INSURANCE
HOW MUCH LIFE INSURANCE
DO I NEED ?
• Life insurance is like buying shares in yourself
• “ How much am I worth”
• Ask yourself
• What part of my present income does my family need
• How many years are left for retirement
• What are my cash assets
• What are my monetary obligations
• What debt am I currently carrying
• Do I have a contingency fund
• A “CAPITAL NEEDS ANALYSIS” would provide the right
December 7, 2021 4
INSURANCE
LIC
• The Life Insurance Corporation of India popularly known as “LIC of India” is the largest
life insurance company in India and also the country’s largest investor.
• It is fully owned by the Government of India.
• LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956.
• The organization now comprises 2048 branches, 100 divisional offices and 8 zonal offices,
and employs over 1 million agents. It also operates in 12 other countries, primarily to
cater to the needs of Non Resident Indians.
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INSURANCE
OF LIC
December 7, 2021 6
INSURANCE
Popular Plans of LIC of India:
• LIC’s Children Care Plans.
• Plans for Handicapped Dependents.
• Term Life Insurance.
• Endowment Plans.
• Joint Life Insurance.
• Plan for high worth individuals.
• Money Back Insurance.
• Women Insurance.
• Whole Life Insurance Plans
December 7, 2021 7
INSURANCE
The benefits of being insured!!!!
• Medical and Health insurance
• Accident Insurance
• Motor vehicle/ Auto insurance
• Travel Insurance
• Pet insurance
• Home Insurance
• Unemployment Insurance
• Personal liability
• insurance
December 7, 2021 8
INSURANCE
The benefits of being insured!!!!
•Goal based savings
December 7, 2021 9
INSURANCE
Types of Life Insurance Policies
• Endowment policy.
• Whole Life policy.
• Pension plans or Annuities.
• United Link Insurance Plan.
• Children's Policy
• Women's Policy
• Special Plans
• Term Life policy.
• Money Back policy.
• Joint Life policy.
• Group Insurance policy.
• Loan cover term assurance policy.
December 7, 2021 10
INSURANCE
Whole Life policy
• What is Whole Life Policy?
• How is it beneficial to me?
• Who should buy this plan?
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INSURANCE
Endowment Policy
• What is Endowment Policy?

December 7, 2021 12
INSURANCE
Pension Plan And Annuities
• What is Annuity?
• How do I pay?
• How do I receive ?
 Life annuity
 Guaranteed period annuity
 Annuity ‘certain’
 deferred annuities
• When do I receive?
• how do I evaluate an annuity?
December 7, 2021 13
INSURANCE
Children's Policy
• What is a Children's
Policy?
• How is it beneficial to
me?
• Who should buy this
plan?
December 7, 2021 14
INSURANCE
Women's Policy
• What is Women's Policy?

December 7, 2021 15
INSURANCE
Special plans
• What are Special Plans?

• How are they beneficial to me?
• Who should buy these plans?
December 7, 2021 16
INSURANCE
ulips
• What is ULIP?
• Advantages of ULIPs
• Limitations
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INSURANCE
Cont..
• Term Life Policy
Term life insurance policy covers risk only during the
selected term period. If the policyholder survives the
term, the risk cover comes to an end.
• Money-back Policy
Money back policy provides for periodic payments of
partial survival benefits during the term of the policy, as
long as the policyholder is alive.
December 7, 2021 18
INSURANCE
• Joint Life Policy
Joint life insurance policies are similar to endowment
policies as they too offer maturity benefits to the
policyholders, apart form covering risks like all life
insurance policies.
• Group Insurance Policy
Group insurance offers life insurance protection
under group policies to various groups such as
employers-employees, professionals, co-operatives
December 7, 2021 19
INSURANCE
Loan Cover Term Assurance policy
• This plan provides a lump sum on death of the
life assured during the term of the plan. The lump
sum will be a decreasing percentage of the initial
sum assured. As the outstanding loan decreases
as per the loan schedule, the cover under the
policy decreases as per the policy schedule. Since
this is a pure risk cover plan, no benefits are
payable on survival to the end of the term of the
policy.
December 7, 2021 20
INSURANCE
ASA benefits
• Accelerated Sum Assured (ASA)
• Benefit provides, on diagnosis of any one of
the 6 common critical illnesses(1), an amount
equal to the amount payable on death. As
soon as we accept your claim:
- we pay out the sum assured, and
- your basic policy immediately terminates
without value.
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INSURANCE
Eligibility
*60 yrs. for a single premium policy
December 7, 2021 22
INSURANCE
HDFC LOAN COVER TERM ASSURANCE
PLAN
Features
• An ideal way to cover your home or any other loan liability in
order to secure the financial future of your loved ones.
• Flexibility to choose the life cover to be paid to your family
in case of your unfortunate demise.
• High cover at a very nominal cost plus an option of adding
optional benefits to cover other eventualities.
• Choice of premium payment options - regular premium or a
single one-time premium.
• Optional benefits based on your needs. Choice of taking the
plan on a single life basis or a joint life (first claim) basis.
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INSURANCE
Benefits
• In case of your unfortunate demise or Critical
Illness during the policy term, your nominee
will receive the Sum Assured + any optional
benefits due.
• Since this non-participating (without profits)
plan is a pure risk cover plan, no benefits are
payable on survival of the insured life to the
end of the term of the policy.
December 7, 2021 24
INSURANCE
Different types of riders
• Waiver of Premium
• Automatic Premium Loan Provision
• Waiver of Mortality Deduction Charges
• Disability Income
• Accidental Death Benefit
• Guaranteed Insurability
• Cost of Living Rider
December 7, 2021 25
INSURANCE
Different types of riders
Contd….
• Payor Benefit Rider
• Spouse Rider
• Children’s Rider
• Term Riders
December 7, 2021 26
INSURANCE
IRDA Guidelines
• Short title and commencement

• Definitions
• Issue or renewal of licence
• Qualifications of the applicant
• Practical Training
• Examination
• Fees payable
• Code of Conduct
• Cancellation of licence
• Issue of duplicate licence
December 7, 2021 27
INSURANCE
How to claim Life Insurance payment?
 Things Needed
• A copy of your LIC Policy
• Necessary information in case of a life event
 Steps
• Maturity Claims
• Death Claims
• Double Accident Benefit Claims
• Disability Benefit Claims
December 7, 2021 28
INSURANCE
Claim Procedures Under Life Insurance
• Claims Procedure on Death
• Claims Procedure on Maturity
• Early Death Claim
• Non Early Claim
• Ex-gratia Settlement of Death Claims
• Double Accident Benefit
December 7, 2021 29
INSURANCE
Brief of leading Isurance companies in
india
• Life Insurance Corporation of India
• Bajaj Allianz Life Insurance
• Tata AIG Life
• Birla Sun Life Insurance
• SBI Life
• Max New York Life
• Kotak Life Insurance
• HDFC Standard Life
• Reliance Life
• ICICI Prudential
December 7, 2021 30
INSURANCE
THANK U!!!
December 7, 2021 31
INSURANCE

Life Insurance

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Life Insurance

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B.

• Living too long

• and most importantly

• A “CAPITAL NEEDS ANALYSIS” would provide the right

• What is Endowment Policy?

• What is Women's Policy?

• What are Special Plans?

*60 yrs. for a single premium policy

• Short title and commencement

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