04/07/2023

TYPE OF INSURANCEPRADYUMNA KU. BEHERA

Study at :BIMIT COLLEGE BHUBANESWARPermanent Address :At/Po-Karadia/KaranjiaMayurbhanj Odisha,

04/07/2023

MEANING

Insurance is a form of contract or agreement under which one party

agrees in return for a consideration to pay an agreed amount of money

to another party to make good for a loss, damage or injury, to

something of value in which the insured has a pecuniary interest as a

result of some uncertain event.

04/07/2023

TYPE OF INSURANCE

Type of Insurance

LIFE

GENERAL

HEALTH &MEDICAL

PROPERTY &LIABILITY

REINSURANCE

04/07/2023

LIFE INSURANCE

After losing her husband to a heart attack, the wife is left alone to care for 2 children .Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to reimburse the occurrence of the insured individual's death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service. Suicide, fraud, war and civil commotion is not covered .

Life insurance is a contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon the insured’s death .

04/07/2023

Plans ChildrenMoney backpension

04/07/2023

PREMIUM Premium is the price for insurance. It is the consideration amount payable by the insured for the selected sum insured , plan and term of the insurance.

Steps for calculating premium installments :

Mode Rebates

1. Yearly 3 % of tabular premium

2. For Half-Year mode 1.5 % of tabular premium

3. For Quarterly mode and Monthly

No rebate; No Loading

4. For Ordinary Monthly mode

Loading of 5 % on table premium

Common limited pay periods include 10-year, 20-year, and are paid out at the age of 65.

04/07/2023

Private Sector Aviva Life , Bajaj Allianz Life Insurance , Bharti AXA Life Insurance Co Ltd, Birla Sun Life Insurance, Canara HSBC Oriental Bank of Commerce Life Insurance, Future Generali Life Insurance Co Ltd, HDFC Standard Life Insurance Company Limited, ICICI Prudential, IDBI Federal Life Insurance, India First Life Insurance Company, ING Vysya Life Insurance, Kotak Life Insurance, Max Life Insurance, PNB MetLife India Life Insurance, Reliance Life Insurance Company Limited, SBI Life Insurance Company Limited, TATA AIG Life Insurance.

Life insurance companiesPublic SectorGovernment of India Fully owns Life Insurance Corporation of India.

04/07/2023

GENERAL/ non-life insurance

All insurance covers other then life are called general insurance . Fire, Marine, Health, Motor , Personal Accident, Household, shopkeeper insurance and Engineering are example of GI coverage.

General insurance companies :Public SectorGovernment of India ownedNational Insurance CompanyNew India Assurance Co LtdOriental Insurance Co LtdUnited India Insurance Co Ltd

Private SectorBharti AXA General InsuranceFuture Generali India InsuranceING Vysya Life InsuranceHDFC ERGO General Insurance[

ICICI LombardL & T General InsuranceMax Life Insurance Co ltdReliance General InsuranceSBI General InsuranceTata AIG General

04/07/2023

FIRE INSURANCE

Fire insurance is a insurance that cover property, such as home shop or other fixed asset protection against fire, burn Etc..It also cover distraction of property

due to fire .

04/07/2023

Personal Accident Insurance provides a financial cover to an individual who had to suffer death/disability/dismemberment due to an accident.

PERSONAL ACCIDENT INSURANCE

HOME INSURANCE

Home insurance provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility.

04/07/2023

HEALTH & MEDICALHealth insurance policies issued by publicly-funded health programs, such as cost of medical treatments.

EX -

04/07/2023

Health insurance companies

Private Sector :

Apollo Munich Health Insurance

Max Bupa Health Insurance

Religare Health Insurance Company Ltd

Star Health and Allied Insurance company Ltd

04/07/2023

Property & liability Insurance

04/07/2023

Property & liability Insurance

Property Insurance :

Liability Insurance :

The home is most valuable for everyone. This particular policy is specially Intended to cover all the risk of your house under a single policy. PropertyInsurance also provides protection for other valuable properties and otherAssets that are of interest for the insured.

This policy indemnifies the officers or other professional employees againstLoss of their jobs arising from claims made against them by reason of any Wrongful Act in their terms of service.

04/07/2023

TYPE OF PROPERTY & LIABILITY

Homeowners insurance - payment to cover liability losses and damage/loss of home and its contents

04/07/2023

REINSURANCEReinsurance is insurance that is purchased by an insurance company.  from one or more other insurance companies as a means of risk management.

The ceding company and the reinsurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay a share of the claims incurred by the ceding company.

The reinsurer is paid a "reinsurance premium" by the ceding company, which issues insurance policies to its own policyholders.

The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company.

04/07/2023

Re-insurance companies

Public Sector Government of India Fully owns 1 company:

GIC Re (General Insurance Corporation of India - Re-Insuer)

04/07/2023

THANK YOU