Insurance

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- By snehal chavan
4/11/12

What is Insurance?
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We face a lot of risks in our daily lives. Some of

these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses

Economic Concept of Insurance: 1. Insurer offers policy to cover specified risks 2. Insurer collects policy premiums from customers 4/11/12

BASIC KEY TERMS OF INSURANCE

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Face amount (Sum Assured)

Pay a death benefit as stated sum money.

Insured

The individual whose death triggers payment of the face amount.

Applicant

The person who applies for the policy.

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Functions of Insurance
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Why do we need insurance?

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1. 2. 3.

4.

5. 6. 7.

RISK COVER PLANING FOR LIFE STAGE NEEDS PROTECTION AGAINST RISING HEALTH EXPENSES SAFE AND PROFITABLE LONG TERM INVESTMENT. TAX BENEFIT GROWTH THROUGH DIVIDENDS. LOAN OPTION

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TYPE OF INSURANCE

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LIFE INSURANCE
Life insurance is a written contract between the insured and the insurer, that provides for the payment of the insured sum on the date of the maturity of the contract or on the unfortunate death of the insured, whichever occurs earlier.

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GENERAL INSURANCE
General insurance or non-life insurance policies,

including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance.

The non-life insurance sector is on an upswing! The

non-life insurance industry in India has grown by over 16 % p.a. over the last 5 years. There is a vast business potential that lies untapped, as more and more cities enter the development phase. 4/11/12

TYPES OF GENERAL INSURANCE

Health insurance Business insurance Automobile insurance Fire insurance etc.

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HEALTH INSURANCE
Just like one looks to safeguard ones wealth, these policies ensure guarding the insurer's health against any calamities that may cause long term harm to ones life and even hamper ones earning ability for a lifetime. Some examples of this type of policy are mediclaim policy, personal accident, group accident, traffic accident, etc.

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Business Insurance
Risks of loss of profits/business, goods, plant and machinery are most profound in case of business. Under this head they cover the most widely used policies that cover a business from any loss of the above kind. Some of these policies are burglary insurance, shopkeepers insurance, key-man insurance, marine insurance, public liability insurance, workmen compensation insurance, air transit insurance, fidelity guarantee insurance etc.
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Automobile Insurance
Auto Policy is required to be taken to cover the risks that arise to the owner, vehicle and third party. This includes the Compulsory Vehicle Policy (In India, by the Motor Vehicles Act, every car owner is required to covered against Act risks) and the Comprehensive Vehicle Policy.

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FIRE INSURANCE
This policy is required to be taken to prevent any loss of profits / property from incidental fire. Eg: fire insurance and fire consequential loss policy.

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Some Companies of General and Life Insurance

Bajaj Allianz ICICI Lombard Tata Aig National insurance New India Assurance Oriental insurance
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Thank You

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