2. Company profile
I have done my training in “DLF
pramerica” which is a life
insurance co.
It situated near leela bhavan
patiala.
3. life insuranCe
Life insurance can be
defined as ―life insurance
provides a sum of money if
the person who is insured
dies while the policy is in
effect‖.
4. History of
insuranCe
In 1818 British introduced to India, with the establishment of
the oriental life insurance company in Calcutta.
The first Indian owned Life Insurance Company; the
Bombay mutual life assurance society was set up in 1870.
The life insurance act, 1912 was the first statuary measure
to regulate the life insurance business in India.
In 1983, the earlier legislation was consolidated and
amended by the insurance act, 1938, with comprehensive
provisions for detailed effective control over insurance.
The union government had opened the insurance sector for
private participation in 1999, also allowing the private
companies to have foreign equity up to 26%.
Following the opening up of the insurance sector, 12 private
sector companies have entered the life insurance business.
5. Why to have a life insurance
Protection
Liquidity
Tax relief
Money when you need it
6. Benefits if life insurance
Life insurance encourages saving and
forces thrift.
It is superior to a traditional savings
vehicle.
It helps to achieve the purpose of life
assured.
It provides valuable tax relief.
7. TYPES OF LIFE
INSURANCE
•Term life insurance
•Endowment
insurance
•Permanent(whole)
life insurance
•Unit linked plans
8. Term life
insurance
Sum assured is payable only in the
event of death during the term
In case of survival the contract comes to
an end at the end of term
No refund of premium
Non participating policies
Low premium as only death risk is
covered
9. Types of term insurance
Increasing term
insurance
Convertible term
assurance policy
Decreasing term
insurance
Level term life
insurance
10. Endowment insurance
Endowment insurance plans is an
investment oriented plans which not only
pays in the event of death but also in the
event of survival at the end of the term
Premium includes two elements:
Mortality
investment
11. Types of endowment insurance
Joint life endowment
plan
Marriage
endowment plan
Money back
endowment plan
Education
endowment plan
12. Permanent(whole) life insurance
Whole life plans are another
type of endowment plan which
cover death for an indefinite
period
13. Types of permanent life
insurance
Ordinary whole
life plan
Limited payment
whole life plan
14. Unit linked plans
It has emerged as one of the fastest
growing insurance products
It is a combination of an investment
fund(such as mutual fund) and an
insurance policy
Better for long term investment
15. Types of unit linked plans
Unit linked
Index linked
Equity linked
16. Insurance companies in india
LIC
ICICI life insurance co ltd
SBI life insurance co ltd
Bajaj allianz life insurance co ltd
Reliance life insurance co ltd