Life insurance - Unitedworld School of Business

2. LIFE INSURANCE

3. LIFE INSURANCE PRODUCTS
TERMASSURANCE PLANS
WHOLE LIFE PLANS
ENDOWMENTTYPE PLANS
COMBINATIONS OFWHOLE LIFEAND
ENDOWMENTTYPE PLANS
CHILDRENASSURANCE PLANS
ANNUITIESAND PENSIONS
GROUP SCHEMES—GRATUITY/LEAVE
ENCASHMENT/TERM LIFE/ PENSION

4. TERM ASSURANCE PLANS
 TERM ASSURANCE PLANS OFFER PURE RISK COVER WITHOUT
ANY ELEMENT OF SAVING, HENCETHEY AREVERY CHEAP.THEY
PROVIDE DEATH COVER FORA GIVEN PERIODWITHOUT REFUND
OF PREMIUM.THEY ARE USEFUL UNDER CERTAIN SITUATIONS AS
COLLATERAL SECURITY AGAINST LONGTERM LOANS,MORTGAGE
etc.
 Examples ofTERM ASSURANCE PLANS—
 LEVELTERM –LONGTERM PLANS SUBJECTTO LEVEL PREMIUMS eg.
BIMA SANDESH(ALSO REFUNDS ALL PREMIUMS ON SURVIVAL OF LIFE
ASSURED.
 CONVERTIBLETERM —INSURED HAS OPTIONTO CONVERT
POLICY INTO EITHER LIMITED PAYMENT OR ENDOWMENT
 MORTGAGE REDEMPTION PLAN --ENSURESTHAT OUTSTANDING
LOAN IS AUTOMATICALLY SETTLED INTHE EVENT OF DEATH OFTHE
BORROWER.

5. WHOLE LIFE PLANS
THIS ISTHE CHEAPEST FORM OF LIFE INSURANCE.THE
PLANS PROVIDE MAXIMUM DEATH COVERTOTHE
DEPENDENTS FORTHE PREMIUM PAID.THE PREMIUM IS
PAYABLE FORTHE LIFE-TIME OFTHE ASSURED OR A
LIMITED PERIODANDTHE SUMASSURED IS PAYABLE
ONLY ONTHE DEATH OFTHE LIFEASSURED.
EXAMPLES OFWHOLE LIFE PLANS—
Whole Life Plan—with and without profit
ConvertibleWhole Life Plan—after 5yrs.assured can convert it
into endowment plan

6. ENDOWMENT TYPE PLANS
 THESEAREVERY POPULARASTHEY NOT ONLY MAKE PROVISION
FORTHE FAMILY OFTHE LIFEASSURED INTHE EVENT OF HIS EARLY
DEATH BUT ASSUREA LUMPSUM AT ANY DESIREDAGE.AMOUNT
ASSURED BECOMES PAYABLEATTHE END OFTHE ENDOWMENT
TERM IF IT HAS NOT ALREADY BEEN PAID BY REASON OF HIS
EARLIER DEATH.PREMIUMS ARE PAYABLE FORA PERIOD EQUALTO
THE ENDOWMENTTERM OR UNTIL DEATH,IF EARLIER.
 Examples of Endowment plans—
 Double Endowment Plan—S/A is payable if death occurs before selected term and
double the S/A is payable if life assured survives the period
 Jan Raksha Plan
 Special Endowment Plan—for artists/professionals
 Marriage Endowment/Education Annuity Plan
 Jeevan Saathi—Double Cover Joint Life Plan
 Jeevan Shree—guaranteed addition to the S/A +loyalty addition
 Jeevan Mitra—Double Cover Endowment Plan

7. COMBINATIONS OF WHOLE LIFE AND
ENDOWMENT TYPE PLANS
COMBINATIONS PROVIDE FOR PERIODIC PAYMENTSAS
WELL AS HIGHER S/A BENEFITS IN CASE OF DEATH DURING
POLICY PERIOD
Examples of Combination plans—
Money Back Policy—policy is issued for a selected term of say 20
yrs.1/5th
of S/A is payable on surviving 5 yrs., further 1/5th
on
surviving 10 yrs. ,further 1/5th
on surviving 15 yrs. and balance 2/5
on surviving the term. Full S/A is payable without any adjustment of
survival benefits in case of death during policy term.
Modified Plans—Jeevan Sanchay,Jeevan Sneha,

8. CHILDREN ASSURANCE PLANS
 NEW PLANS HAVE BEEN SPECIALLY DESIGNED FOR CHILDRENWHERETHE
RISK MAY START AS EARLYAS 7yrs.
 AS CHILDREN CANNOT ENTER INTO CONTRACTS, POLICIESWILL BETAKEN
OUT BY ELDERS.WHENTHE CHILDATTAINSTHE AGE OF MAJORITY,HE MAY
ASSUMETHE OWNERSHIP OFTHE POLICY.THE POLICY IS THEN SAIDTOVEST
INTHE CHILD.
 Examples of Children Assurance Plans—
 Children Deferred Endowment Plan (with profit)
 Children Money Back Assurance Plan— specially designed for those parents who desire to
make advance provision for education/ marriage/other contingencies in the life of the child
 Jeevan Sukanya---plan designed exclusively for female child. Plan provides risk cover not only on
the life assured but also extends to the life of her husband when she gets married.
 Jeevan Kishore---This is a novel plan which covers the life of the child from an early age.Both
male and female children between the ages of 1 and 12 yrs.are eligible to be proposed for Insurance
under this plan.

9. ANNUITIES AND PENSIONS
 AN ANNUITY CONTRACT PROVIDES FOR REGULAR PERIODIC PAYMENTS
DURING A SPECIFIED PERIOD.ANNUITY MAY BE IMMEDIATE,LIFE ANNUITY
OR CERTAIN FOR A PERIOD ANDTHEREAFTER FOR LIFE OR IT MAY BE
DEFERRED.
 A PENSION IS ALSO ANANNUITY.IT IS PROVIDED BYAN EMPLOYERTOTHE
EMPLOYEES ORTHEIR DEPENDENTS IN CONSIDERATION OFTHE SERVICE
RENDERED.
 IMMEDIATE ANNUITY-- IS PURCHASED BY A SINGLE PREMIUM CALLED
CONSIDERATION ANDTHE ANNUITY MAY BE PAIDYEARLY,HALF-
YEARLY,QUARTERLY OR MONTHLY.Eg.Jeevan Akshay Plan.VARIATIONS AND
COMBINATIONS IN PLANS AREAVAILABLE.
 DEFERRED ANNUITY— ANNUITY PAYMENTS COMMENCEAFTERTHE
DEFERMENT PERIOD AND MAY BE PAIDYEARLY,HALF-YEARLY,QUARTERLY
OR MONTHLY. Eg.Jeevan Dhara PlanVARIATIONS AND COMBINATIONS IN
PLANS AREAVAILABLE

10. GROUP SCHEMES—GRATUITY/LEAVE
ENCASHMENT/TERM LIFE/ PENSION
 GROUP INSURANCE PROVIDES COVERTOA NUMBER OF PERSONS UNDER
A SINGLE POLICY CALLED MASTER POLICY.
 GROUP GRATUITY SCHEME – PAYMENT OF GRATUITY UNDER PAYMENT OF
GRATUITYACT-1972 IS COMPULSORY.EMPLOYER MAY PAY GRATUITY OUT OF HIS
OWN REVENUES OR FORM ATRUSTAND ADMINISTERTHE SCHEMEWITHAN
INSURANCE COMPANY,WHICHWILLALWAYS PROVE MORE BENEFICIAL..
 GROUP PENSION/SUPERANNUATION— OBJECT OFTHE SCHEME ISTO PROVIDE
AN EMPLOYEE PENSION ON RETIREMENT.THE PENSION IS PAYABLE DURINGTHE
LIFETIME OFTHE RETIRED EMPLOYEEANDVARIOUS OPTIONS AREAVAILABLE.
 GROUPTERM LIFE – IS ATERM ASSURANCE PLAN FORTHE GROUPAND
PROVIDES LIFE COVERWITH ORWITHOUT RIDERS.
 GROUP LEAVE ENCASHMENT –AS PER AMENDMENTSTOTHE COMPANIES
ACT,EMPLOYERS HAVETO FUND LEAVE ENCASHMENT FACILITYANDTHIS CAN
ALSO ARRANGEDWITH A LIFE INSURERAT COMPETITIVE PREMIUM RATES.

11. Campus Overview
907/A Uvarshad,
Gandhinagar
Highway,
Ahmedabad –
382422.
Ahmedabad Kolkata
Infinity Benchmark, 10th
Floor, Plot G1,
Block EP & GP,
Sector V, Salt-Lake,
Kolkata – 700091.
Mumbai
Goldline Business Centre
Linkway Estate,
Next to Chincholi Fire
Brigade, Malad (West),
Mumbai – 400 064.

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