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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.
Life Insurance
Public
Private
Public
Private
Types of Insurances
INSURANCE COMPANIES
Taxsaving tool
Protection
Kewals Case
Dependent s are 4
Age years
in Significant Event
24
1st job
Job Loss
Death Health Issues Disability
Medical
company.
Insurance
covered
by
the
26
Bought a car
Car Insurance
27
Started Business Irregular Income Change in financial status Bankruptcy Employee attraction and retention Employee welfare
28
Marriage,
Health issues
Bought Home
Home Insurance
30
Birth of twins
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
55 years
Rs 25 lakhs 70 years
Sum Assured
Min: 10 years, Max: 35 years Equal to the policy term
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
HOME INSURANCE
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
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
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
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
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
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
Customized policy
Cover for all members Tax benefits
POSITION TODAY
Particulars Monthly income Monthly expenses Amount (Rs) 200000 90000
43874
690 353 1124 15600 995 985
Surplus available
46379