INSURANCE

Submitted by
Prashant Chandankar
Ronak Rao
Dalwadi Yogesh
 Why You Need for Insurance

Business activities are exposed to many types of

risk. Like the possibility of loss or dameage
through natural calamities like fire, stroms, floods
or the rash deeds of human beings like war or riots
cannot be fully eliminated.
 Therefore, the best alternative option is Insurance.
 Introduction
 Insurance is an agreement by which an
individual or organisation gets Compensated
by an insurance agency for loss, damage,
injury or death in return for small,
regular payment called Premiums.

 Insurance is a plan by which large number

of people associate themselves and transfer
to the shoulders of all, risks that attach to individual.
 Parties Involved In Insurance
 Insured
The person who buys the policy of the insurance and
agrees to follow all the terms and conditions levied by the
insurance company and also agrees to pay the necessary
premium is called the insured. In short, it is a customer of the
insurance product.
Insurer
The supplier of the insurance coverage or the seller of the
insurance policy is called as insurer. In short, they are the
different insurance companies formed under the IRDA act.
Intermediaries (Brokers/Agents)
 The person between the insured and insurer is
called as the intermediaries. They are called either as
brokers or as agents. The intermediaries play a very vital
role in the business of the insurance because they bring
business for the insurance companies and they perform
all the formalities on behalf of the insured also.
 History of Insurance Sector in India
 Life insurance in its existing form came to India from
the United Kingdom with the establishment of a British firm.
Oriental LIC in Calcutta in 1818 followed by Bombay Life
Assurance Company in 1823.

 The Indian Life Assurance Company act 1912 was the

first statutory measure to regulate life insurance business.
 Types of Insurance
 Insurance cannot prevent or control the risk but
it can protect people from any financial loss by
spreading the risk to many other people facing
similar types of risk.

 there are two types of insurance:-

1. Life Insurance.
2. General Insurance.
 Life Insurance
 Life Insurance is a contract for payment of a sum of money
to the person assured (or failing him/her, to the person entitled
to receive the same) on the happening of the event insured
against.

 It is the civilized world's partial solution to the problems

caused by death.

 In a nutshell, life insurance helps in two ways: premature

death, which leaves dependent families to fend for itself and
old age without visible means of support.
 BENEFITS OF LIFE INSURANCE
 Superior to Any Other Savings Plan
Encourages and Forces Thrift
Easy Settlement and Protection against Creditors
Administering the Legacy for Beneficiaries
Ready Marketability and Suitability for Quick Borrowing
Disability Benefits
Accidental Death Benefits
Tax Relief
 Role of life Insurance Policy
 Savings Plans
Endowment Assurance Plan
Money Back Plan
Childen Plan
 Investment Plan
Single premium whole of Life insurance Plan
Protection Plan
Term Assurance (TA) Plan
Loan Cover Term Assurance (LCTA) Plan
 (Cont…)
Retirement Plan
Personal Pension Plan
Other Benefits Plan
Rider Benefits
Waiver of Premium Benefit (WOP)
Critical illness Benefit (CI)
Accidental Death Benefit (ADB)
Double Sum Assured (DSA)
 General Insurance
 Insurance other than ‘Life Insurance’ falls
under the category of General Insurance.
General Insurance comprises of insurance of
property against fire, burglary etc, personal
insurance such as Accident and Health
Insurance, and liability insurance which covers
legal liabilities.
 Types of General insurance
 This sector covers almost everything related to
property, vehicle, cash, household goods, health and also
one's liability towards others. The major segments
covered under general Insurance Policy India are:

a. Home Insurance c. Motor Insurance

b. Health Insurance d. Fire Insurance
 General Insurers Company
1. Royal Sundaram Alliance Insurance Company Ltd.
2. Reliance General Insurance Company Ltd.
3. IFFCO Tokio General Insurance Co. Ltd.
4. TATA AIG General Insurance Company Ltd.
5. Bajaj Allianz General Insurance Company Ltd.
6. ICICI Lombard General Insurance Company Ltd.
7. Cholamandalam General Insurance Company Ltd.
8. Export Credit Guarantee Corporation Ltd.
9. HDFC-Chubb General Insurance Co. Ltd.
10. New India General Insurance Co. Ltd.
 BANCASSURANCE
 Bancassurance in its simplest form is the
distribution of insurance products through a
bank's distribution channels.
 Insurance companies see Bancassurance as a
tool for increasing their market penetration and
premium turnover.
 The customer sees Bancassurance as a bonanza
in terms of reduced price, high quality product
and delivery at doorsteps.
ORGANISATIONAL HIERACHY
1 MD/CHAIR MAN
2 ZM
3 BDM
4 RSM
5 ASM
6 SM
7 TL
8 FSC/ADVISIOR
 
 Summary
There are two types of Insurance. One is Life insurance and
another is General Insurance. Life insurance itself speak about
human Life where as General insurance covers Health
insurance, Motor insurance, Home insurance and Fire
insurance.

LIC have 78% of market share as of now but now a day’s new
companies entering in this market and cover their own share
by giving lucrative life insurance policy.

In General insurance have many Companies entering in

market and cover their own market.
Thank you