Insurance Company

Presented By
Vedansh Jain
Roll No 56
Overview on Insurance

Insurance may be defines “as social device,

to protect the economic value of the
Life and other assets”.

“ A contract between two parties, whereby

one party called Insurance insurer
undertakes in exchange for a fixed sum
called premiums, to pay the other party
called insured a fixed amount of money
on the happening of a certain event."
Features & Benefits

Insurance is basically a protection

against a financial loss, which can
arise on the happening of an
unexpected event. Insurance
companies collect premiums to
provide for this protection. By
paying a very small sum of money a
person can safeguard himself and
his family financially from an
unfortunate event.
Functions of Insurance
• Provide Protection
• Collective bearing of risk
• Assessment of risk
• Provide certainty
• Small capital to cover larger risk
• Contributes towards the
development of industries
• Means of savings and investment
 To protect the interests of the
policyholders, to regulate, promote
and ensure orderly growth of the
insurance industry and for matters
connected therewith or incidental
thereto.
Some Function of IRDA

• Issue to the applicant a certificate of

registration, renew, modify, withdraw,
suspend or cancel such registration.
• Promoting efficiency in the conduct of
insurance business.
• Regulating investment of funds by insurance
companies.
• Adjudication of disputes between insurers
and intermediaries or insurance
intermediaries.
• Supervising the functioning of the Tariff
Advisory Committee.
Kinds of Insurance

1. General Insurance

2. Life Insurance
General Insurance

Insurance of the non life assets are called

general insurance, this includes loss of
asset against water, fire, earthquake,
Fire and allied perils, flood storm and
inundation, policies covering machinery
against breakdown etc.

Indian Market in General Insurance

corporation (GIC) have the monopoly
Name of General Insurance Company
• Royal Sundaram Alliance Insurance Company
Limited
• Reliance General Insurance Company Limited.
• IFFCO Tokyo General Insurance Co. Ltd
• TATA AIG General Insurance Company Ltd.
• Bajaj Allianz General Insurance Company Limited
• ICICI Lombard General Insurance Company
Limited
• Apollo DKV Insurance Company Limited
• Future Generally India Insurance Company
Limited
• Universal Sompo General Insurance Company Ltd.
• Export Credit Guarantee Corporation Ltd.
• HDFC-Chubb General Insurance Co. Ltd.
• Bharti Axa General Insurance Company Ltd.
Life Insurance

• Life insurance as an investment

• Life insurance as risk cover

• Life insurance as tax planning

Type of Life Insurance

• Term Insurance Policy

• Whole Life Policy
• Endowment Policy
• Money Back Policy
• Annuities And Pension
Name of Life Insurance Company
• Kotak Mahindra Old Mutual Life Insurance Limited
• HDFC Standard Life Insurance Company Ltd.
• Max New York Life Insurance Co. Ltd.
• ICICI Prudential Life Insurance Company Ltd.
• Birla Sun Life Insurance Company Ltd.
• Tata AIG Life Insurance Company Ltd.
• SBI Life Insurance Company Limited .
• ING Vysya Life Insurance Company Private Limited
• Bajaj Allianz Life Insurance Company Limited
• MetLife India Insurance Company Ltd.
• IDBI Fortis Life Insurance Company Ltd.
• AMP Sanmar Life Insurance Company Limited.
• Sahara India Insurance Company Ltd.
• Aviva Life Insurance Co. India Pvt. Ltd.
• Shriram Life Insurance Company Ltd.
• Aegon Religare Life Insurance Company Ltd.
• Reliance Life Insurance
Bancassurance- Indian Opportunity
House Hold Saving
350000

300000

250000

200000

150000

100000

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Source: RBI Annual Report, Aug 02 Total Household Savings of Rs 9,53,212 Cr

All Data for Yr 2007-08
Thank You