ASSIGNMENT ON BASICS OF HEALTH AND LIFE

INSURANCE (Wealthpreneur)

NAME- SHRASHTI GUPTA

UNIVERSITY- JK LAKSHMIPAT UNIVERSITY
SUBMITTED TO- Bajaj Capital

MY Learnings till date-

1. Why people invest- They invest in various sources (F.D,
LIC, Mutual funds, +Equity, Real estate) to make extra
income.
2. Investment of income
3. Meaning of insurance – Insurance is a means
Meaning of protection from financial loss. It is a
form of risk management, primarily used to hedge
against the risk of a contingent or uncertain loss.
4. Types of insurance – life and non-life
5. Learnt about several terms – nominee, term ,
premium, underwriting.
6. Health and life insurance policies of several
companies with their features.
Concept and Significance of Health and Life insurance-
1. Health Insurance- Health insurance is a type of
insurance that’s cover medical expenses that
arise due to an illness. These expenses could be
related to hospitalization costs, cost of
medicines or doctors consultations fees.
Significance of health insurance are-
 To overcome medical inflation.
 Protect your loved ones.
 To protect savings.
 Helps to get specialized medical supervision.
2. Life Insurance- Life insurance is a contract
between an insurance policy holder and an
insurer or assurer, where the insurer promises to
pay a designated beneficiary a sum of money
upon the death of an insured person.
Significance of life insurance are-
 Financial security.
 Loan option.
 Assured income benefit.
 Enjoy safer retirement.
 Save tax
Benefits of having Health and Life insurance-
Health Insurance- Benefits of health insurance are:
 1. Helps to cover hospitalization expenses-pre
and post.
2. In-patient treatment.
3. Domiciliary Treatment – when a person
immovable then given.
4. Ambulance cover- includes charges in case of
emergency.
5. Cashless claims- full amount of payment by
insurance company directly to hospital.
Life Insurance- Benefits of life insurance are:
1. Life risks cover- protects you and your family
in case of any unfortunate event.
2. Return on investment- life insurance schemes
yield better when compared to other
investment alternatives. Most of the life
insurance schemes offer bonuses that no
other investment schemes offer bonuses that
no other investment schemes can offer.
3. Tax benefit- amount assures enjoys advantage
of tax flexibility.

7. Scope of Health and Life insurance-

In India insurance penetration rate is just 4.2% and adding
to this there are several problems in India-
1. Rising medical inflation
2. Global capital for lifestyle and chronic diseases.
3. Country with highest road accident and unfortunate
death count.
4. Rising poverty.
Concluding above all points there we can see there is huge
opportunities in this underserved market of India for
health and life insurance companies.