INSURA

NCE
P RE SE N T ED B Y- S I D D H A RTH
G U PTA
 Concept
.

It is a contract or a way to manage your risk

When you buy insurance, you purchase protection against unexpected

financial losses

The company from where you buy a particular insurance, will pay you if
something bad happens to you.
 CLASSIFICATIO
.

N
General Insurance Life Insurance
• Health • Term Life
• Motor • Whole Life
• Travel • Endowment Policy
• Home • Child plans
• Fire • Pension Plans
 • Those insurance contracts that do not come under the
ambit of life insurance.

• These are non-life insurance products.

GENERAL • This type of insurance provides cover to the other aspects
INSURANCE and assets in a person’s life.

• There are total of 33 general insurance companies in

.
India.

• Some famous general insurance companies in India are:-

 SBI General Insurance
 TATA AIG
 The Oriental Insurance Company
  As the name suggests, those insurance that comes
under the ambit of life insurances.
This type of insurance provide cover to the life of a
LIFE person in their difficult times.
INSURANCE Basically provides financial securities to the nominee
(spouse, children, etc) in case of an unfortunate event.
.
There are total of 24 insurance companies in India.

Some famous life insurance companies in India are:-

Life insurance Corporation in India

SBI Life Insurance

Bajaj Allianz General Insurance

 Principles of Insurance

Principle of utmost good faith- All parties

1
entering a contract to act honestly and not
mislead or with hold critical information
from one another

Principle of Insurable interest- A type

of investment that protects anything
subject to a financial loss. 2
 3
Principle of Indemnity :- States that insured must be
compensated for any loss or damage cause to the goods
insured by the insurer.

4
Principle of Subrogation- The insurer pays for a
loss to the insured due to the wrong doing of a third
party.

Principle of Contribution- If the loss arises and you

5
have taken more than one insurance policy, then the loss
will be covered by the policies based on the proportion
of the coverage the insurance policy provides.
 Principle of Mitigation of Loss- When the

6
party suffering a loss in an insurance claim
takes reasonable actions to prevent additional
losses.

7
Principle of Causa- Proxima:- Means when a loss is
caused by mere than one causes, the proximate or the
nearest or the closest should be taken into consideration
to decide the liability of the insurer.
 IRDA & Different Regulatory
.
Norms
Stands for – Insurance Regulatory & development Authority of India.

A regulatory body under jurisdiction of Ministry of Finance, Government of

India.
It is the Apex body that Supervises & regulates the insurance sector in India.

Primary purpose of IRDA is to safeguard the interest of the policy holders and
ensure the growth of insurance in the country.
Regulates the rates & terms offered by the insurance to bring equality for the
customers.
THANKYOU