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On the other hand, the French eat a lot of fat and also suffer fewer heart attacks than the British or Americans.
The Chinese drink very little red wine and suffer fewer heart attacks than the British or Americans. The Italians drink excessive amounts of red wine and also suffer fewer heart attacks than the British or Americans.
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FINANCIAL PLANNING
INSURANCE
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***Insurance in broad terms may be described as a method of sharing financial losses of few from a common fund who are equally exposed to the same loss.
***Insurance is concerned with protection of economic value of assets. Tangible assets are human beings, house, furniture, motor cycle etc. Intangible assets are liabilities
INSURANCE
Tool for asset protection Social security tool Tax efficient investment
Classes of Insurance
A. Life insurance B. General insurance General insurance is further classified:1. Health Insurance 2.Vehicle Insurance 3.Miscellaneous insurance
Miscellaneous Insurances:1.Fire insurance 2.Marine insurance 3.Householders insurance 4.Shopkeepers insurance 5.Engineering insurances etc.
LIFE INSURANCE
Is the BOND a man gives , so that when he dies, he will not be a defaulter
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Lets take some examples to understand how insurance actually works: Example
Houses in a village = 1000 Value of 1 House = Rs. 40,000/Houses burning in a yr = 5 Total annual loss due to fire = Rs. 2,00,000/Contribution of each house owner = Rs. 300/- SUPPOSE
UNDERLYING ASSUMPTION
All 1000 house owners are exposed to a common risk, i.e. fire
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Your age and number of dependents Your annual income and annual expenses Your outstanding liabilities like home loan, car loan, etc. Your investments / savings Your lifestyle expenses Monies you would require in future
Attachment
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2.Utmost good faithGreater duties of faith on proposer & insurer 3.IndemnityActual compensation of loss. not applicable in life policies 4.Contribution- Sharing of loss by all insurers. Not applicable in life policies.
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Provides death cover only during policy period Premium is low No refund of premium Sum assured paid on death
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Covers death & survival benefits Sum assured paid on death or on maturity Period of policy at the option of proposer Most common plan
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Available for different periods Covers death & survival benefits Lump sum paid periodically Full sum assured paid on death
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These are pension plans Immediate annuity or deferred annuity starts at specified age periodically Single premium paid for immediate annuity Premium in installments paid for deferred annuity Life cover simultaneously
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Each premium split into units and risk premium for life cover Units are priced as per current market value Sum assured & current value of units paid on death as per policy condition Current value of units paid on maturity
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Continued..
Partial withdrawal
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Policies available for limited period premium payment & risk for longer policy period Premium can be paid in monthly, quarterly, half yearly, yearly installments Reward for healthy Life Style
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Policies available with bonus or without bonus Death due to accidents can be covered for additional S.A. Policies available exclusively for women & children Additional cover for major diseases available Guaranteed bonus policies available Single premium, Limited Pay or Regular Premium
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Loans are available on policies Lapsed policies can be revived Policy can be surrendered after Five years Nomination & assignment can be done
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RIDERS
Accidental Death & Disability Critical Illness Rider Waiver Of Premium Surgical Care Hospital care
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Terminologies.
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THANK YOU
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