TYPE OF INSURANCE

PRADYUMNA KU. BEHERA

Study at :
BIMIT COLLEGE
BHUBANESWAR
Permanent Address :At/PoKaradia/Karanjia
Mayurbhanj Odisha,
3/12/16

MEANING
Insurance is a form of contract or agreement under which one party
agrees in return for a consideration to pay an agreed amount of money
to another party to make good for a loss, damage or injury, to
something of value in which the insured has a pecuniary interest as a
result of some uncertain event.

3/12/16

TYPE OF INSURANCE
LIFE

GENERAL

REINSURANCE

Type of
Insuran
ce

HEALTH
&
MEDICA
L
3/12/16

PROPERTY
&
LIABILITY

LIFE INSURANCE
Life insurance is a contract between an insurer and
policyholder specifying a sum to be paid to a beneficiary
upon the insureds death .
After losing her husband to a heart attack, the wife is left alone to
care for 2 children .
Life insurance is a contract between the policy owner and the
insurer,
where the insurer agrees to reimburse the occurrence of the
insured individual's death or other event such as terminal illness
or
critical illness.
The insured agrees to pay the cost in terms of
insurance
premium for the service. 3/12/16

Plans
Children
Money back
pension

3/12/16

PREMIUM
Premium is the price for insurance. It is the consideration amount payable by
the insured for the selected sum insured , plan and term of the insurance.
Steps for calculating premium installments :
Mode

Rebates

1. Yearly

3 % of tabular premium

2. For Half-Year mode

1.5 % of tabular premium

3. For Quarterly mode and

Monthly

No rebate; No Loading

4. For Ordinary Monthly

mode

Loading of 5 % on table
premium

Common limited pay periods include 10-year, 20-year, and

are paid out at the age of 65.
3/12/16

Life insurance companies

Public Sector

Government of India Fully owns

Life Insurance Corporation of India.
Private Sector

Aviva Life , Bajaj Allianz Life Insurance , Bharti AXA Life Insurance Co
Ltd, Birla Sun Life Insurance, Canara HSBC Oriental Bank of Commerce Life
Insurance, Future Generali Life Insurance Co Ltd, HDFC Standard Life
Insurance Company Limited, ICICI Prudential, IDBI Federal Life Insurance,
India First Life Insurance Company, ING Vysya Life Insurance, Kotak Life
Insurance, Max Life Insurance, PNB MetLife India Life Insurance, Reliance
Life Insurance Company Limited, SBI Life Insurance Company Limited,
TATA AIG Life Insurance.

3/12/16

GENERAL/ non-life insurance

All insurance covers other then life are called general insurance . Fire,
Marine, Health, Motor , Personal Accident, Household, shopkeeper
insurance and Engineering are example of GI coverage.
General insurance
companies :
Public Sector
Government of India owned
National Insurance Company
New India Assurance Co Ltd
Oriental Insurance Co Ltd
United India Insurance Co
Ltd

Private Sector
Bharti AXA General Insurance
Future Generali India Insurance
ING Vysya Life Insurance
HDFC ERGO General Insurance[
ICICI Lombard
L & T General Insurance
Max Life Insurance Co ltd
Reliance General Insurance
SBI General Insurance
Tata AIG General
3/12/16

FIRE INSURANCE

Fire insurance is a insurance that cover

property, such as home shop or other fixed
asset protection against fire, burn Etc..
It also cover distraction of property due to
fire .
3/12/16

PERSONAL ACCIDENT INSURANCE

Personal Accident Insurance provides a financial cover to an individual who had to

suffer death/disability/dismemberment due to an accident.

HOME
INSURANCE
Home insurance provides coverage for damage or destruction of the
policyholder's home. In some geographical areas, the policy may exclude
certain types of risks, such as flood or earthquake, that require additional
coverage. Maintenance-related issues are typically the homeowner's
responsibility.

3/12/16

HEALTH

& MEDICAL

Health insurance policies issued by publicly-funded

health programs, such as cost of medical treatments.

EX -

3/12/16

Health insurance companies

Private Sector :
Apollo Munich Health Insurance
Max Bupa Health Insurance
Religare Health Insurance Company Ltd
Star Health and Allied Insurance company Ltd

3/12/16

Property & liability

Insurance

3/12/16

Property & liability

Insurance
Property Insurance :
The home is most valuable for everyone. This particular policy is specially
Intended to cover all the risk of your house under a single policy. Property
Insurance also provides protection for other valuable properties and other
Assets that are of interest for the insured.

Liability Insurance :
This policy indemnifies the officers or other professional employees against
Loss of their jobs arising from claims made against them by reason of any
Wrongful Act in their terms of service.

3/12/16

TYPE OF PROPERTY & LIABILITY

Homeowners
insurance - payment
to cover liability losses
and damage/loss of
home and its contents

3/12/16

REINSURANCE
Reinsurance is insurance that is purchased by an insurance company. from
one or more other insurance companies as a means of risk management.
The ceding company and the reinsurer enter into a reinsurance agreement
which details the conditions upon which the reinsurer would pay a share of
the claims incurred by the ceding company.
The reinsurer is paid a "reinsurance premium" by the ceding company,
which issues insurance policies to its own policyholders.
The reinsurer may be either a specialist reinsurance company, which only
undertakes reinsurance business, or another insurance company.

3/12/16

Re-insurance companies

Public Sector Government of India Fully owns 1 company:

GIC Re(General Insurance Corporation of India - ReInsuer)

3/12/16

K
N
A
H
T OU
Y

3/12/16