Presented By:
MAYUR
GAKHAR
What is insurance?
Ø Insurance is a finance service for
collecting the savings of the public
and providing them with risk
coverage.
Ø The risk may be certain events
like death, retirement, pension,
education, marriage etc. or
uncertain events like theft,
accident, fire, ill-health, etc.
Ø Insurance is pooling of risks.
Why insurance?
Ø They provide protection to
investors from some certain or
uncertain risks.
Ø This will constitute voluntary
involvement in savings, but turn
into compulsory or forced savings
through contractual obligation.
Ø These are generally medium and long
term savings and the investments of
this type provide a low return but
TRANSFERRING RISK
RISK
Policyholder Insurance Co.
- Insured - Insurer
- Underlying Insured
Categories of Insurance
L Health Gener
ife medical al
LI GI
C C
Ø LIC has a Monopoly of Life
Insurance.
Ø Life insurance was there in India
since 1818 carried by private and
foreign insurers.
Ø In 1956, life insurance was
nationalised and LIC was set up by
taking over the business of about
245 large and medium
companies.
Ø UTI provides ULIP Scheme with
life insurance coverage from the
What is LIC?
Life insurance is a contract that
pledges payment of an amount to
the person assured (or his
nominee) on the happening of the
event insured against.
The contract is valid for payment of
the insured amount during:
Ø The date of maturity, or
Ø Specified dates at periodic intervals,
or
Ø Unfortunate death, if it occurs earlier.
Life Insurance
Products/Services
Focus on risk
Ø Term Insurance Policy coverage
Liability Insurance
Ø Ohio Bar Liability Insurance Corporation
Ø Provides lawyers professionals liability
Insurance