LIFE INSURANCE

Rakesh N

Life insurance is a contract under which one person, in consideration of a premium paid, undertakes to pay to the person for whole benefit the insurance is made , a certain sum of money either on the of the person whose life is insured or on the expiry of a specified period of time. The person who agrees to pay is the insurer. The person whose life is insured is called the assured. The consideration paid to the insurer is called the premium. The periodical payment made by the assured towards the total premium are known instlaments. Insurable Interest Presumption of insurable interest

KINDS OF LIFE POLICIES

Whole life policy Endowment life policy Joint life policy Annuity Children's endowment policy

With profit and without profit policies

Group insurance Anticipated or moneyback policy Sinking fund policy

Janta Policy
Limited payment life policy

POLICY CONDITIONS
Premium Days of grace Proof of age Incontestable clause

Suicide clause
Nomination and assignment Surrender value

Paid-up value

ASSIGNMENT OF LIFE POLICIES

Procedure Notice Priority Record and recognition

Policy maturity
The amount secured by the policy shall be payable to the nominee.

DISTINCTION BETWEEN ASSIGNMENT AND NOMINATION

Passing of title in the policy Consideration Subsequent changes or cancellations Right to collect the policy amount

Forms and procedure

Attestation

SETTLEMENT OF CLAIM IN LIFE INSURANCE CONTRACT

Maturity claim Nomination of a life policy Death claim Proof of age

Conflicting claim

THANK YOU