Life insurance and General Insurance

Life insurance
types of life insurance
terms
and general insurance
types of general insurance

1. life Insurance
Module 5

2. LIFE INSURANCE
•Insurance That Pays Out A Sum Of Money
Either On The Death Of The Insured Person
Or After A Set Period.
•Premium - Regularly or Lamp-sum
•Life Based Contracts tend to fall into two
categories - Protection Policies - Investment
Policies

3. FEATURES OF GENERAL CONTRACT
•Nature Of General Contract
•Insurable Interest
•Utmost Good Faith
•Warranties
•Proximate Cause
•Assignment And Nomination
•Return On Premium

4. LIFE INSURANCE DOCUMENTS
Claims In Case Of Death:
•Death certificate
•Original policy documents
•ID proof of the beneficiary
•Age proof of insurer
•Discharge form (executed and witnessed)
•Medical certificate (as proof for cause of death)
In Case Of Unnatural Death:
•Police FIR (in case of unnatural death)
•Postmortem report (in case of unnatural death)
•Hospital records/certificate (if the deceased died due to an illness)

5. LIFE INSURANCE CLASSIFICATION
•Whole Life Insurance
•Endowment Plan
•Money Back Plan
•Unit Linked Insurance Plan
•Term Insurance Plan

6. ANNUITY
•Financial product that pays out a fixed stream of
payments to an individual, primarily used as an
income stream for retirees.

7. Annuity Pro Con Fee
Fixed Annuity
Simple and Straight
forward
Pay-less None
Variable Annuity
Offers maximum stock
market exposure
May lose principal Highest
Fixed Indexed Annuity
Market Exposure with
no risk
Participation rates,
etc., diminish potential
for gain
Mid-level
Immediate Annuity Pay highest Must sacrifice principal None
Deferred Annuity
Cheaper and enable
timing of payments
Must sacrifice about
how long you will wait
for income
Mid-level

8. GENERAL INSURANCE
•General insurance is a non life insurance policy
•It refers to several forms of insurance covers that last
for a particular period of time, mostly a year
•However, some plans might have a long-term
validity
•Types of general insurance are…

9. HEALTH INSURANCE
•A health cover takes care of your medical
expenses, in case of a mishappening
•One can buy an individual insurance for self, chose
a family floater that will include husband, wife,
children and parents of the insured or go for a
senior citizen plan if he/she is above 60
•There is also provision to buy add on cover to
these policies like a critical illness rider

10. TRAVEL INSURANCE
•Travel insurance secures the insured person
against all the things that can go wrong on a trip,
both international and abroad
•It provides compensation and assistance with any
hassle related to flight delays checked baggage
delay or loss, medical emergency evacuation due
to a political emergency or any personal liability
caused unintentionally

11. HOME INSURANCE
•Home policy pays for the damage of the property and
possessions in case of fire, theft, windstorm
•he three basic types of coverages provided under this policy are
cash value that repays the cost depending on the market value
of the damaged property, replacement cost, which compensates
the actual cost of the property before the damage was caused;
and extended replacement cost that reimburses the cost of the
repairs
•You can also buy riders on your home insurance policy
•Royal Sundaram offers a wide range of important add-on offers
like a cover for the jewellery stored in your house, a terrorism
damage cover, etc

12. MARINE INSURANCE
•It negates the loss incurred by businesses during
transit of goods by rail, road, sea or air
•It covers the loss or damage of cargo, ships, and
any transport by which property is transferred
•The cover can be taken by import/export traders,
buyers, sellers, contractors, etc

13. COMMERCIAL INSURANCE
It provides aid for business operations, to all sectors
like-energy and utilities aviation, construction, foods
and beverages automotive, telecom, textiles,
pharmaceuticals and technology; and of all sizes-
small scale, medium, large or multinational.

14. MOTOR INSURANCE
•Motor insurance provides coverage for all vehicles like cars,
two wheelers and trucks, used for both personal as well as
commercial purposes
•A third-party motor insurance has been made mandatory by
the government, which covers the cost of the damage of
property or injury caused by the driver
•This cover can be extended to accident coverage policy that
compensates for the damages caused to the insured's vehicle,
due to an accident or theft
•The insurance can be further strengthened with a
comprehensive policy which provides accessories cover rider
insurance and other such benefits