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Presented By Group 4:-

Gurjot Ahluwalia 201043 Harshita Satija 201050 Isha Gupta 201054 Karan Dhillon 201058

Introduction
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.

The amount to be charged for a certain amount of insurance coverage is called the premium. Insurance Policy, is a contract which details the conditions and circumstances under which the insured will be financially compensated.

Indian Insurance Industry Structure


Ministry of Finance (GOI)
IRDA

Life Insurance

Non Life Insurance

Public

Private

Public

Private

Types of Insurances

INSURANCE COMPANIES

HOW MUCH INSURANCE DOES ONE NEED ?


Your age and number of dependents Your annual income and annual expenses Your outstanding liabilities like home loan, car loan, etc.

Monies you would require in future

Your lifestyle expenses

Your investments / savings

Insurability at various Stages

Insurance in Financial Planning


Investment

Taxsaving tool

Protection

Kewals Case

Age is 36, Married

Dependent s are 4

Income is Rs 24 lacs per annum

Personal Debts: Home Loan Rs 45 lacs

Household expenses :Rs 90,000 per month

Investments: Market value of house(75lacs ),in equity (9lacs),Bank Balance (4.5lacs)

Age years

in Significant Event

Life Risk Exposure

Possible Risk Strategy

24

1st job

Job Loss
Death Health Issues Disability

Medical
company.

Insurance

covered

by

the

26

Bought a car

Theft Fire Accident

Car Insurance

27

Started Business Irregular Income Change in financial status Bankruptcy Employee attraction and retention Employee welfare

Health insurance for family (self and mother)

28

Marriage,

Health issues

Life Insurance Policy

Bought Home

Increase in number of dependents


Marriage complications Insuring house against damage due to fire, earthquake, etc.

Home Insurance

30

Birth of twins

Increase in the Number of dependents Medical expenses

Health Insurance for the Family & the Mother

LIFE INSURANCE

Parameter Minimum age at entry Maximum age at entry Minimum sum Assured Maximum age at Maturity Death Benefit Policy Term Premium Payment Term

Bharti AXA Life eProtect 18 years 60 Years () Policy Term Rs. 2,500,000/60 years Sum Assured 10, 15, 20, 25 and 30 years. Same as policy Term

Aviva iLife 18 years

55 years
Rs 25 lakhs 70 years

Sum Assured
Min: 10 years, Max: 35 years Equal to the policy term

Premium Payment Modes

Annual & Semi Annual modes.

Yearly, half-yearly (the modal factors are: 1.0000 & 0.5108 respectively).

Age at the time of buying this policy Policy term Amount covered Annual premium payment

28 years 30 years Rs. 1.2 crore Rs. 8280

28 years 30 years Rs. 1.2 crore Rs. 9254

HOME INSURANCE

Kewals Car Insurance


Maruti Esteem 2003 Model Insureds Declared Value of Vehicle Rs. 1,54,080 The Insureds Declared Value (IDV) of the vehicle is deemed to be the SUM INSURED for the vehicle. It is fixed at the commencement of each policy period for each insured vehicle. Tata AIG Car Insurance Annual Premium Rs.4,674 HDFC ERGO Car Insurance Premium Rs. 4,234

Leading Children Plans A Comparison


Features Stone Plan Type Min / Max Term child Min / Max Age of Child Min / Max Age of Parent Payment Modes Life Assured Beneficiary ICICI Pru Smart Kid Anticipated Endowment Matures between 22-25 years of the childs age. Term is 10-25 years 0-12 years 20-60 years Regular HDFC Children's Plan Endowment 10-25 year N.A. 18-60 years Regular Parent Child / Family

Benefit Structure

Child Two Structures 1. When the child reaches his critical milestones (Xth, XIIth, Graduation,Post Grad); % of S A is Sum Assured+bonuses paid on maturity in lump paid sum 2. Last 4 years before maturity; % of SA is paid over consecutive yrs 1) Maturity Benefit Plan: future premiums are waived; maturity benefits are paid like normal on maturity 2)Accelerated Benefit Plan: Sum assured + bonuses paid to beneficiary on death & contract terminates

On Death of parent

SA paid up front. Child gets the guaranteed payments as chosen earlier

On Death of child Bonus & Additions Riders Available

Policy continues as it is. It can be nominated to another child in that case also 3.5% of SA compunded annually for the first 4 years, annual bonuses declared thereafter ADBR/IBR

Policy continues Bonuses declared by company None

Aegon Religare

Edelweiss Tokio
ICICI Smart Kid HDFC

MEDICLAIM POLICY

Company

Apollo Munich

Bajaj Allianz

Type of Policy
Coverage Amount

Floater
4,00,000-10,00,000

Floater
2,00,000-5,00,000

Frequency of payment

Monthly, Quarterly, semi-annual, Annual

Monthly, Quarterly, semi-annual, Annual

Premium Amount Age Limit Benefits

11,797 p.a. 18 years (minimum) 48 years (maximum) Coverage for hospitalization of more than 24 hrs. Coverage for medical costs incurred before/ after hospitalization (30 days and can be increased to 60 days if Insured Person intimates 5 days prior to hospitalization) Free Medical check-up after 4

14,285 p.a. 18 years (minimum) 50 years (maximum)

No medical tests required for Sum Insured up to Rs.10 lacs for age up to 45 years No sub-limits on hospitalization expenses and room rent Free Medical check-up after 4 claim free years Family discount of 10% Medical check-up is

Company

Apollo Munich

Bajaj Allianz

Type of policy
Coverage Amount Frequency of payment Premium Amount
Age Limit

Medi claim (Critical Illness)


2,00,000-5,00,000 Monthly, Quarterly, semiannual, Annual 11,932 p.a.
61 years (minimum) No limit (maximum)

Medi claim (Critical Illness)


1,00,000-5,00,000 Monthly, Quarterly, semiannual, Annual 13,175 p.a.
46 years (minimum) 70 years (maximum)

benefits

Plan exclusively created for Senior Citizens of any age Get cashless treatment across 4000 network hospitals across 800 cities Receive a free second opinion from our medical panel for listed Critical Illnesses

Covers ambulance charges in an emergency subject to a limit of Rs.1000/-. Pre-existing illnesses are covered from the second year of the policy.

The policy covers hospitalization expenses and an amount equivalent to 3% of admissible hospitalization expenses in

GROUP MEDICLAIM POLICY

Lowers the employee turnover Lower premium costs

Customized policy
Cover for all members Tax benefits

Regular health check-ups

POSITION TODAY
Particulars Monthly income Monthly expenses Amount (Rs) 200000 90000

House loan EMI


Life Insurance Premium Car Insurance premium (HDFC Ergo) Home loan premium Child plan premium Medical policy premium Floater premium

43874
690 353 1124 15600 995 985

Surplus available

46379

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