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Life insurance is a contract under which the insurer (insurance company) in consideration of a premium paid, undertakes to pay a fixed sum of money on the death of the insured or on the expiry of a specified period of time, whichever is earlier.
PENSION PLANS
Pension plans are important plans that provide for immediate or deferred pension for life. Under this plan, the assured gets pension payment between certain time interval during the life time and after death to the survival partner.
JEEVAN DHARA
This is a pension plan for those individuals who are selfemployed and dont get benefit of central or state government after retirement Benefits: 1. Annuity payable every month 2. Lump-sum bonuses on death 3. Death benefit for lapsed policies 4. Special surrender value 5. No medical examination 6. Multiple premium payment option Restrictions: 1. Age proof required 2. Minimum age at entry 18 complete
JEEVAN AKSHAY
This is an attractive pension plan to provide life long pension and a lump sum death benefit and also a survival benefit Features: 1. Additional bonuses are payable on death 2. No medical examination 3. No loan facility 4. Age proof required 5. No existence certificate is required to receive pension 6. Minimum age for entry is 50 years complete
JEEVAN SARITA
It is a joint life policy of husband and wife under which, in addition to the lump sum payment to surviving partner certain annuity is also paid in the form of monthly pension. On the occurrence of death of both the partners, the sum assured together with other benefits are paid to the legal representatives Features: 1. Minimum age for male is 21 years and female is 18 years 2. On maturity, first life age should not exceed 65 years 3. Minimum sum assured is 37,500 and maximum is 225000 4. Medical examination is compulsory 5. No loan facility available
JEEVAN SURAKSHA
This is a new plan, for helping individuals to provide for retirement income through savings during their working life. Features: 1. Minimum age is 25 years and maximum is 60 years to take this policy 2. Deferment period is 5 years to 35 years 3. Sum assured is 50000 and in multiples of 10000 4. Medical examination exempted for proposers below 40 years 5. No loan facility 6. Provision of family pension available
ANNUITIES
Annuities is just opposite to other life insurance policies. A person entering into an annuity contract agrees to pay a specified sum of capital to the insurer. The insurer in return promises to pay the insured a series of payments until insureds death. Life annuity is opted by a person having surplus wealth and wants to use this money after retirement.
CLASSIFICATION OF ANNUITIES
Individual v/s group annuity Fixed v/s variable annuity Immediate v/s deferred annuity Single premium v/s installment annuity Single life v/s joint life annuity Pure and period certain annuity
CLAIM MANAGEMENT
The settlement of claim discharges the insurers obligation under the policy, settlement of claim is the culmination of a contract of life insurance. An insurance company is responsible to promptly settle the claim of a policyholder, whenever it becomes due. Claim settlement should be handled in a positive and proactive manner.
The financial statements of insurance company consists: Revenue account Profit and loss account Cash flow statement