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BHAVANA

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ASHWIN DARSHAN SANIKA VANSH RAHUL VATSAL

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SUSHIPRA KANCHI YUSRA
SUBJECT – BANKING
&FINANCE
INSURANCE INDUSTRIES IN INDIA
 HISTORY OF INSURANCE

• THE INSURANCE INDUSTRY IS THE BACKBONE OF COUNTRY’S RISK MANAGEMENT.

•HISTORY OF INSURANCE IN INDIA

•THE BEGINNING OF THE INDIAN INSURANCE INDUSTRY DATES BACK TO THE NINETEENTH CENTURY.
BOMBAY MUTUAL LIFE ASSURANCE SOCIETY STARTED IN 1870 WAS THE FIRST INDIAN INSURANCE COMPANY TO COVER
THE LIVES OF THE INDIANS AT NORMAL RATES.
TRITON INSURANCE COMPANY LTD IN THE YEAR 1850 IS THE FIRST GENERAL INSURANCE COMPANY.
 GRADUALLY INSURANCE BUSINESS FLEDGED INTO A HUGE SECTOR BOOSTING THE ECONOMY OF INDIA.
••EVOLUTION OF INSURANCE INDUSTRY HAS UNDERGONE THREE PHASES, PRE-NATIONALISATION, NATIONALISATION
AND PRIVATISATION.
 ••THE INSURANCE INDUSTRY WAS NATIONALISED ONLY AFTER PASSING LIFE INSURANCE CORPORATION ACT OF 1956.
•THE HISTORY OF INSURANCE TRACES THE DEVELOPMENT OF THE MODERN BUSINESS OF INSURANCE AGAINST RISKS,
ESPECIALLY REGARDING CARGO, PROPERTY, DEATH, AUTOMOBILE ACCIDENTS, AND MEDICAL TREATMENT.
  WHAT IS INSURANCE

• INSURANCE IS A LEGAL AGREEMENT BETWEEN TWO PARTIES I.E. THE INSURANCE

COMPANY (INSURER) AND THE INDIVIDUAL (INSURED). IN THIS, THE INSURANCE
COMPANY PROMISES TO MAKE GOOD THE LOSSES OF THE INSURED ON HAPPENING
OF THE INSURED CONTINGENCY. THE CONTINGENCY IS THE EVENT WHICH CAUSES
A LOSS. IT CAN BE THE DEATH OF THE POLICYHOLDER OR DAMAGE/DESTRUCTION
OF THE PROPERTY. IT’S CALLED A CONTINGENCY BECAUSE THERE’S AN
UNCERTAINTY REGARDING HAPPENING OF THE EVENT. THE INSURED PAYS A
PREMIUM IN RETURN FOR THE PROMISE MADE BY THE INSURER.
 TYPES OF INSURANCE

1 LIFE INSURANCE

Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the
life of a human being.
The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period.
At present, life insurance enjoys maximum scope because life is the most important property of an
individual.
Each and every person requires insurance.
This insurance provides protection to the family at the premature death or gives an adequate amount at the
old age when earning capacities are reduced
•  HEALTH INSURANCE
HEALTH INSURANCE REFERS TO A TYPE OF GENERAL INSURANCE,
WHICH PROVIDES FINANCIAL ASSISTANCE TO POLICYHOLDERS
WHEN THEY ARE ADMITTED TO HOSPITALS FOR TREATMENT.
ADDITIONALLY, SOME PLANS ALSO COVER THE COST OF
TREATMENT UNDERTAKEN AT HOME, PRIOR TO A
HOSPITALISATION OR AFTER DISCHARGE FROM THE SAME.

WITH THE RISING MEDICAL INFLATION IN INDIA, BUYING HEALTH

INSURANCE HAS BECOME A NECESSITY. HOWEVER, BEFORE
PROCEEDING WITH YOUR PURCHASE, CONSIDER THE VARIOUS
TYPES OF HEALTH INSURANCE PLANS AVAILABLE IN INDIA.
 General insurance:
Insurance can be widely segregated in three categories–life, health and general. General insurance is
insurance for valuables other than our life and health. General insurance covers the insurer against
damage, loss and theft of your valuables. The premium and cover of general insurance depends upon the
type and extent of insurance. A general insurance policy typically has a period of a few years. In India,
general insurance policies are of the following types:

1 MOTOR INSURANCE
2 HOME INSURANCE
3 TRAVEL INSURANCE
4 CROP INSURANCE
TYPES OF PLAN AND
IMPORTANT TERMS
IN INSURANCE

• 1 POLICYHOLDER
7 PREMIUM
• 2 LIFE ASSURED

• 3 SUM ASSURED (COVERAGE)

• 4 NOMINEE
• 5 POLICY TENURE
This Photo by Unknown Author is licensed under CC BY-NC

• 6 MATURITY AGE
 1 TERM PLAN

TYPES OF 2 ENDOWMENT PLAN

LIFE 3 UNIT LINKED INSURANCE
PLAN
INSURAN 4 WHOLE LIFE INSURANCE
CE 5 CHILD’S PLAN
POLICIES 6 MONEY BACK
7 RETIREMENT PLAN
 • .THE INSURANCE INDUSTRY OF INDIA HAS 57 INSURANCE COMPANIES 24
ARE IN THE LIFE INSURANCE BUSINESS, WHILE 33 ARE NON-LIFE INSURERS.

HOW TO GET . AMONG THE LIFE INSURERS, LIFE INSURANCE CORPORATION (LIC) IS THE
SOLE PUBLIC SECTOR COMPANY.

INSURANCE . THERE ARE SIX PUBLIC SECTOR INSURERS IN THE NON-LIFE INSURANCE
SEGMENT.

IN INDIA AS PER UNION BUDGET 2019-20, 100% FOREIGN DIRECT INVESTMENT (FDI)
WAS PERMITTED FOR INSURANCE INTERMEDIARIES.

AND .IN DECEMBER 2020, UTTARAKHAND ANNOUNCED ITS PLAN TO OFFER

‘COVID-19 INSURANCE POLICY’ TO INTERNATIONAL TOURIST

CURRENT .IN NOVEMBER 2020, IN COLLABORATION WITH PNB METLIFE INDIA

INSURANCE COMPANY, INDIA POST PAYMENTS .ON DECEMBER 02, 2020, THE

STATUS OF INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (IFSCA)

OBTAINED MEMBERSHIP OF INTERNATIONAL ASSOCIATION OF INSURANCE

INSURANCE SUPERVISORS (IAIS).

.IN NOVEMBER 2020, LIFE INSURANCE CORPORATION OF INDIA LAUNCHED

SECTOR ITS FIRST SOFTWARE APPLICATION, NEW BUSINESS DIGITAL APP’ OR THE
ON-BOARDING PROCESS WITH THE AID OF THE AGENT/BROKER TO GET
LIFE INSURANCE POLICY THROUGH PAPERLESS MODULE
  ADVANTAGES OF INSURANCE

• INSURANCE PROVIDES BENEFITS TO AN

INDIVIDUAL, FAMILY, BUSINESSMAN AS WELL AS
A SOCIETY. THE MAIN ADVANTAGES OF
INSURANCE CAN BE DESCRIBED AS FOLLOWS: -

1 ECONOMIC PROTECTION
• 2 SHARES RISK
• 3 MAINTAINS STANDARD OF LIVING
• 4 ENCOURAGES SAVING
DISADVANTAGE
S OF
INSURANCE
• IT DOES NOT COMPENSATE ALL TYPES OF LOSSES WHICH
CAUSED BAISNESS TO INSURED BY INSURANCE COMPANY.

IT TAKES MORE TIME TO PROVIDE FINANCIAL

COMPENSATION BECAUSE LENGTHY LEGAL FORMALITIES.

ALTHOUGH INSURANCE ENCOURAGES SAVINGS, IT DOES NOT

PROVIDE THE FACILITIES THAT ARE PROVIDED BY BANK.

IT INTENTIONALLY TRIES TO COMPENSATE AS LESS AS

POSSIBLE TO THE SUFFERER WITH THE AIM OF MAXIMIZING
PROFIT RATHER THAN MAXIMIZING WELL-BEING OF THE
INSURED.

IT MAY LEAD TO THE CRIMES IN THE SOCIETY AS THE

BENEFICIARIES OF THE POLICY MAY BE TEMPTED TO
COMMIT CRIMES TO RECEIVE THE INSURED AMOUNT.

SOMETIMES, THE TOTAL AMOUNT OF PREMIUM MIGHT BE

HIGHER THAN THE POLICY AMOUNT RECEIVABLE ON
MATURITY.

This Photo by Unknown Author is licensed under CC BY-SA

THANK YOU