types of insurance - final

7/28/2019 Types of Insurance - Final

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Life insurance

General insurance



Life insurance is an insurance coveragethat pays out a certain amount of

money to the insured or their specifiedbeneficiaries upon a certain event suchas death of the individual who is insured.

The coverage period for life insurance isusually more than a year .

This requires periodic premium payments,either monthly, quarterly or annually.

http://www.insuranceinfo.com.my/choose_your_cover/secure_your_future/life_insurance.php?intPrefLangID=1&






The risks that are covered by life insuranceare:

› Premature death› Income during retirement

› Illness



The main products of life insurance include:

› Whole life insurance policy

› Term life policy› Investment-linked insurance policy

› Life annuity policy

› Endowment insurance policy



Whole life insurance policy

Provides for payment of the assured amountupon the insured’s death regardless of when it

occurs

Participating or non-participating type



Investment-linked insurance

› combines investment and protection

› premiums provide not only a life insurancecover, but part of the premiums will also beinvested in specific investment funds of your choice

› Basic type of Plans: Single Premium plan

Regular-premium plans



Life annuity policy

Policyholders regular contributions over a periodof time accumulate to form a corpus with the

insurer.

Corpus yield a regular income that is paid toinsured until death starting from the desiredretirement age



Life Insurance Players In India:_

Bajaj Allianj Life Insurance Company Limited

Birla Sun Life Insurance Company Limited

HDFC Standard Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited

ING Vaisaya Life Insurance Company Limited

Max New York Life Insurance Company Limited

Met Life Insurance Company Limited Pvt. Ltd.

Kotak Mahindra Old Mutual Life Insurance Limited

SBI Mutual Life Insurance LimitedTata AIG Life Insurance Company Limited

Reliance Life Insurance Company Limited

Aviva Life Insurance Company Limited Pvt. Ltd.

Sahara Life Insurance Company Limited

Shriram Life Insurance Company Limited

Bharti Life Insurance Company Limited

Future Generali Life Insurance Company Limited

IDBI Fortis Life Insurance Company Limited

Aegon Religare Life Insurance Company Limited

DLF Pramerica Life Insurance Company Limited

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited



General insurance is basically an insurance

policy that protects you against losses and

damages other than those covered by life

insurance.

The coverage period for most general

insurance policies and plans is usually oneyear , whereby premiums are normally paid

on a one-time basis.



The risks that are covered by generalinsurance are:

›

Property loss, for example, stolen car or burnthouse

› Liability arising from damage caused by

yourself to a third party

› Accidental death or injury



The main products of general insuranceincludes:

› Liability insurance

Motor Insurance

Theft insurance Machine insurance

› Property Insurance

Fire insurance

Marine Insurance

› Personal accident insurance

› Medical and health insurance

› Travel insurance



Liability insurance

Liability insurance is a part of the general insurance system of risk financing to

protect the purchaser (the "insured") from the risks of liabilities imposed by

lawsuits and similar claims.

E.g. Liability Insurance for your Business

Liability insurers have three, major duties:

1) the duty to defend,

2) the duty to indemnify and ,

3) the duty to settle a reasonably clear claim

Motor Insurance

Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise

there from.

E.g. ICICI Lombard, TATA AIG, Bajaj Allianj etc.

http://en.wikipedia.org/wiki/Insurance

http://en.wikipedia.org/wiki/Risk

http://en.wikipedia.org/wiki/Traffic_collision

http://en.wikipedia.org/wiki/Legal_liability

http://en.wikipedia.org/wiki/Legal_liability




http://en.wikipedia.org/wiki/Risk




Marine insurance

It covers the loss or damage of ships, cargo, terminals, and any transport or

cargo by which property is transferred, acquired, or held between the points of

origin and final destination.

E.g. United India Insurance… Mars shipping Agency, Mumbai… GSI Logistics

Pvt. Ltd. New Delhi… etc.

Health insurance

Health insurance is insurance against the risk of incurring medical expenses

among individuals. By estimating the overall risk of health care expenses among

a targeted group, an insurer can develop a routine finance structure, such as a

monthly premium or payroll tax, to ensure that money is available to pay for the

health care benefits specified in the insurance agreement.

E.g. Lic India…. Bajaj Allianj…. etc.


http://en.wikipedia.org/wiki/Health_care






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