Project-life Insurance Policy_group01.docx

LIFE INSURANCE POLICY Life insurance is a contract between a policy holder and an insurer, where the insurer promises to pay a designated beneficiary, a sum of money (the benefit) in exchange for a premium, upon the death of an insured person. Problem definition: To find the premium amount to be paid in a year by the client, given His/her age, annual income, insurance term and gender. Insurance Policy Model: The Customer will enter age, gender, term, income details. The premium rate will be chosen from the premium table based on the customer’s Details. The Base Model premium will be calculated by using the premium rate and Income. The CGST and SGST will be calculated by from Base Model premium. The Total Premium amount to be paid will be calculated from Base Model premium and the mode of payment. The customer will pay the premium till the insurance term. In case of Death of the insurer, the company will pay 200% of the policy. In case the insurer is alive at the end of the term, the company will not give any money back to the customer. Influence Chart

Data Model:

Formulas used:

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Randbetween() If(Logic_test,True,False) Vlookup(Lookup_value,Table Array,Column_index_num,[range_lookup]) Indirect(Ref_text,[a1]) Nested If