Life insurance General insurance

Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. The coverage period for life insurance is usually more than a year. This requires periodic premium payments, either monthly, quarterly or annually.

The risks that are covered by life insurance are:

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 amount upon the insureds death regardless of when it occurs Participating or non-participating type

Endowment insurance policy

Designed primarily to provide a living benefit and secondarily to provide life insurance Pays the face value of the policy either at the insured certain age or after a number of years of premium payment Method of accumulating capital for specific purpose like education, marriage, etc. Premium is much higher than those for a whole life policy

Term life policy

Provides for life insurance protection for the selected term (period of years) only.

If insured person dies during the term - Benefits payable If insured person survives till the end of term No benefit payable (policy expires)

Premium is relatively low

Investment-linked insurance
combines investment and protection premiums provide not only a life insurance

cover, but part of the premiums will also be invested 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 period of time accumulate to form a corpus with the insurer. Corpus yield a regular income that is paid to insured until death starting from the desired retirement 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 Limited Tata 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 one year, whereby premiums are normally paid on a one-time basis.

The risks that are covered by general insurance are:

Property loss, for example, stolen car or burnt

house

Liability arising from damage caused by

yourself to a third party

Accidental death or injury

The main products of general insurance includes:

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.

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.

www.insuranceinfo.com.my en.wikipedia.org

Insurance & risk management : P K Gupta

http://www.theloanbazaar.com

THANK YOU