Insurance Company

Insurance Company Presented By Vedansh Jain Roll No 56

Overview on Insurance Insurance may be defines “as social device, to protect the economic value of the Life and other assets”. “ A contract between two parties, whereby one party called Insurance insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."

Features & Benefits Insurance is basically a protection against a financial loss, which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event.

Functions of Insurance Provide Protection Collective bearing of risk Assessment of risk Provide certainty Small capital to cover larger risk Contributes towards the development of industries • Means of savings and investment • • • • • •

To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

Some Function of IRDA • Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration. • Promoting efficiency in the conduct of insurance business. • Regulating investment of funds by insurance companies. • Adjudication of disputes between insurers and intermediaries or insurance intermediaries. • Supervising the functioning of the Tariff Advisory Committee.

Kinds of Insurance

1. General Insurance

2. Life Insurance

General Insurance Insurance of the non life assets are called general insurance, this includes loss of asset against water, fire, earthquake, Fire and allied perils, flood storm and inundation, policies covering machinery against breakdown etc. Indian Market in General Insurance corporation (GIC) have the monopoly

Name of General Insurance Company • Royal Sundaram Alliance Insurance Company Limited • Reliance General Insurance Company Limited. • IFFCO Tokyo General Insurance Co. Ltd • TATA AIG General Insurance Company Ltd. • Bajaj Allianz General Insurance Company Limited • ICICI Lombard General Insurance Company Limited • Apollo DKV Insurance Company Limited • Future Generally India Insurance Company Limited • Universal Sompo General Insurance Company Ltd. • Export Credit Guarantee Corporation Ltd. • HDFC-Chubb General Insurance Co. Ltd. • Bharti Axa General Insurance Company Ltd.

Life Insurance • Life insurance as an investment • Life insurance as risk cover • Life insurance as tax planning

Type of Life Insurance • • • • •

Term Insurance Policy Whole Life Policy Endowment Policy Money Back Policy Annuities And Pension

Name of Life Insurance Company • • • • • • • • • • • • • • • • •

Kotak Mahindra Old Mutual Life Insurance Limited HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited . ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited MetLife India Insurance Company Ltd. IDBI Fortis Life Insurance Company Ltd. AMP Sanmar Life Insurance Company Limited. Sahara India Insurance Company Ltd. Aviva Life Insurance Co. India Pvt. Ltd. Shriram Life Insurance Company Ltd. Aegon Religare Life Insurance Company Ltd. Reliance Life Insurance

Bancassurance- Indian Opportunity House Hold Saving 350000 300000 250000 200000 150000 100000 50000

Cu rre nc y

en tf un ds em

PF

/R

et ir

In su ra nc e

ng s al lS av i

un ds

G

ov er nm

en tb

on ds /S m

D &

M ut ua lF

eb en tu re s

C' s NB F Sh ar es

ba nk s Co op

Ba nk

de po s

its

0

Source: RBI Annual Report, Aug 02 All Data for Yr 2007-08

Total Household Savings of Rs 9,53,212 Cr

Thank You