LIFE AND non life insurance contract.pptx

Difference between Life and Non-Life Insurance

1. LIFE AND non life insurance contract By: Manya Arora Roll no. 222723 Drishti Mittal Roll no. 222746

2. LIFE insurance : meaning 20XX Pitch Deck 2

3. Non life insurance contract : meaning 20XX Pitch Deck 3

4. Different between life and non life insurance 20XX Pitch Deck 4 BASIS LIFE INSURANCE NON LIFE INSURANCE Purpose Life insurance provides a financial safety net, ensuring your family’s well-being even in your absence. Non life insurance protects against financial losses due to unexpected events. Coverage Life insurance covers death or terminal illness. Non life insurance covers a range of risks. (health, property, motor) Form It’s a form of investment. (Principle of Assurance) It’s a contract of indemnity. (Principle of Indemnity) Premium Premium has to be paid over the year. Premium has to be paid lump sum.

5. 20XX Pitch Deck 5 BASIS LIFE INSURANCE NON LIFE INSURANCE Term of contract Life insurance is a long term contract which runs over a period of time. Non life insurance is a short term contract needs to be renewed every year. Beneficiary The beneficiary can be anyone the policyholder nominates to receive the benefits in case of their death. The policyholder is mostly the beneficiary. Security and investment It includes the element of security and investment both. It includes the element of security only. Insurance claim Insurable amount is paid either on occurance of event, or on maturity. The policyholder can claim on happening of insured event. Claim limit After maturity the whole of the assured amount becomes payable. In non life insurance only the actual value of the property destroyed can be claimed.

6. THANK YOU 20XX Pitch Deck 6