INSURANCE AND ITS PRODUCT

Submitted To : Dr.Parul Mahajan

By : ADMIN GROUP 6
Raunaq Singh Saini
Sankalp Saxena
Harsohit Singh
 INTRODUCTION
• Insurance is the key to help people when they incur some damage or loss
during their lifetime or after that.
• This is basically a means to measure the risk that the people are incurring
and try to reduce it.
• When the large sum of payment is given as premium, the insurer provides
with some sum of money as and whenever the insured incur the risk.
 BENEFITS OF TAKING AN
INSURANCE
• Provides Protection Against Risk
• Distribution Of Loss
• Provides Security
• Inculcates the Habit Of Savings
• Raising Loans
• Acts as an Investment
 WHAT IS LIFE INSURANCE?

• Life Insurance is an insurance taken by an insured for his/her human life

and also for the family where the contract is upon death or after a set
period.
• Life Insurance helps in providing the family a way of living even after one
earning member of the family dies.
 TYPES OF LIFE INSURANCE

• Term Insurance Plans

• Unit Linked Insurance Plans
• Endowment Insurance Plans
• Money Back Insurance Plan
• Whole Life Insurance Plan
• Child Insurance Plan
• Retirement Insurance Plan
 WHAT ARE THE DOCUMENTS REQUIRED FOR
BUYING LIFE INSURANCE POLICY?

The following documents are required by the insured to be given to insurer at the time of purchasing a
policy:

 Income certificates such as salary slip for last 3 to 6 months, ITR of last 2 to 3 years, Form-16, bank
statements for last 6 months.

 Address Proof is required such as utility bills, Voter ID, Aadhar card, passport, driving license,
savings account bank statement and bank passbook.

 Identity Proof such as Passport, Aadhar card, PAN card, Voter ID.

 Age Proof such as birth certificate, school leaving certificate, PAN card, Voter ID card, Aadhar card.
 EFFECT OF PANDEMIC ON LIFE
INSURANCE SECTOR

• Life Insurance is considered as essential commodity

• Change Of perception for life insurance as a pure risk insurance cover
• Customers are looking for better customization and targeted products
• Rise in Digital Modes Of transactions by customers
• LIC is a government owned property and is an Indian statutory insurance
and investment corporation which is headquartered in Mumbai.
• Invests in various different kind of industries for the purpose of having
some interests in them.
• LIC provides various kinds of plans to the people so that they can avail
and enjoy the benefit and get returns on it.
LIC Endowment Plan Name Entry Age Maturity Policy Sum Assured
Age Term
LIC Bima Jyoti 90 days-60 years 75 years 15-20 years Rs. 1,00,000 – No limit

LIC New Endowment Plan 8-55 years 75 years 12-35 years Rs. 1,00,000 – No limit

LIC Single Premium Endowment 90 days- 65 years 75 years 10-25 years Rs. 50,000 – No limit
Plan

LIC New Jeevan Anand 18-50 years 75 years 15-35 years Rs. 1,00,000 – No limit

LIC Jeevan Labh As per policy 75 years 16, 21 and 25 Rs. 2,00,000 – No limit
term years
8-59 years
8-54 years
8-50 years
LIC Aadhaar Shila 8-55 years 70 years 10-20 years Rs. 75,000- Rs. 300000

LIC Jeevan Lakshya 18-50 years 65 years 13-25 years Rs. 1,00,000 – No limit

LIC Aadhaar Stambh 8-55 years 70 years 10-20 years Rs. 75,000 – Rs. 300000

LIC Dhan Sanchay 3-65 years 18-80 years 5, 10 and 15 Rs. 2.5 Lakhs
years

LIC Bima Ratna 90 days-55 70 years 15, 20 or 25 Rs. 5,00,000

years years
LIC Term Plan Policy Sum Assured Entry Age Maturity Age
Term
LIC Tech Term 10 to 40 Rs.50,00,000 – No 18-65 years 80 years
years limit

LIC Jeevan Amar 10 to 40 Rs.25,00,000 – No 18-65 years 80 years

years Limit

LIC Saral Jeevan Bima 5-40 years Rs.5,00,000- Rs. 18-65 years 70 years
25,00,000

LIC Bhagya Lakshmi Premium Rs.20,000 - 18-55 years 65 years

Paying Term Rs.50,000
+2 years
LIC ULIP Minimum Premium Policy Term Entry Age Maturity
Age

LIC’s SIIP Annually - Rs.40,000 10-25 years 90 days- 65 years 85 years

LIC’s Nivesh Plus One-time premium - Rs.1 Lakh 10-25 years 90 days- 70 years 85 years

LIC’s New Annually - Rs.20,000 10-20 years 90 days- 50 years 60 years

Endowment Plus
LIC Pension Plan Minimum Policy Term Maturity Entry Age
Purchase Price Age

LIC New Jeevan Rs 1.5 Lakhs 1-20 years 80 years 30-85 years
Shanti

LIC Saral Pension NA Whole Life Policy 80 years 40-80 years

Pradhan Mantri Rs. 1,56,658/- 10 years 70 years 60years –

Vaya Vandana annually No limit
Yojana
• Max Life Insurance is a part of the Max India Ltd. Group and is India’s largest non-bank private-sector
insurer, which focuses on creating both online and offline channel where customers could buy
policies without any intermediaries in a safe and secured manner.
• It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. The
former owns 68% of the company while the latter owns 26%
• Max Life's distribution channels include banks, individual agents, brokers, and corporate agents,
among others. It provides linked, participating and non-participating products. Apart from life
coverage, it also covers health, pension, and annuity. It offers child protection, retirement, savings,
and growth plans to individuals and to groups.
TermLife Entry Age Maturity Age Policy Term Sum Assured
Insurance
Max Life Online 18-60 years 85 years 10-50 years Rs.25 lakh – 100 crore
Term Plan

Max Life Super Term 18-65 years 75 years 10-30 years Rs 25 lakh – No upper
Plan limit

Max Life Smart 18-65 years 85 years 10-67 years Rs 20 lakh – No upper
Secure Plus Plan limit

MaxLife Premium 21-55 years 75 years 20,25 and 30 years Rs 5 lakh – 1 crore
Return Protection
Plan
ULIP Entry Age Maturity Age Policy Term

Max Life Fast Track 18 years – 60 years (5 pay 70 years 5 pay – 10 years
Super Plan and single pay), 50 years
Single pay – 10 years
(for regular pay)
Regular pay – 20 years

Max Life Platinum Single pay/Limited Single pay/ Limited pay – 10 years and 20 years
Wealth Plan pay/Regular pay- 18 years 70 years
to 60 years
Regular pay – 65 years
Child Plans Entry Age Maturity Age Policy Term Sum Assured
Max Life Future 21 – 45 years 66 years 18 years Rs 3,27,000 (8 pay
Genius Education variant), Rs 2,12,000
Plan (for limited pay) – no
upper limit

Max Life Shiksha 21 – 50 years 60 – 65 years 10, 15 and 20 years 10 times the annualized
Plus Super Plan premium
Endowment Entry Age Maturity Age Policy Term Sum Assured
Plan
Max Life Gain 18 – 55 years 75 years 15 and 20 years Rs 50,000 – no
Premier upper limit

Max Life 18 – 55 years 65 years 10 years Rs 2,00,000 – no

Assured upper limit
Wealth Plan

Max Life 18 years (min) 65 years 20 years Rs 1,50,000 – no

Future Secure upper limit
Retirement Plan Entry Age Policy Term Vesting Age Premium Payment
Term
Max Life Forever 30 years / 65 years 20 years 55 years/75 years 20 years
Young Pension Plan

Max Life Guaranteed 45years/80 years N/A 46 years/90 years N/A

Lifetime Income Plan

Max Life Saral 91days/55 years, 50 75 years - age at entry N/A 7,10,15 or 20 years
Pension Plan years, 45 years of the life insured
SBI Life is an Indian life insurance firm that was founded as a joint venture by State Bank of India
(SBI) and BNP Paribas Cardiff, a French financial organisation. On 11 October 2000, the company
was incorporated as a public limited company in Mumbai. On 20 November 2000, it received a
Certificate of Commencement of Business from the Registrar of Companies, and on 29 March 2001, it
was registered with the IRDAI to conduct life insurance business. The company provides products in
the individual and group categories, such as savings and protection plans that satisfy the insurance
needs of various consumer segments, and has a broad selection of life insurance and pension plans.
With 970 offices, 18,401 employees, a large and productive individual agent network of
approximately 161,922 agents, 56 corporate agents and 14 bancassurance partners with more than
40,000 partner branches, 119 brokers and other insurance marketing firms, SBI Life strives to make
insurance accessible to all. In addition to doing what is right for its clients, the company is devoted to
providing its workers with a healthy and flexible work environment in which they may flourish
personally and professionally.
Protection Plans What is it? Age of Entry Annual Premium Benefits
This protection plan is
designed to provide
Three Plan, Two Rider
financial support for current
SBI Life eShield Next 18 years Rs. 3600 options, and better half &
needs while also covering
Death payment mode.
life changes that affect daily
needs.

This protection plan secures a family with Standard term plan and gives multiple premium
SBI Life Saral Jeevan Bima 18 years Rs 1,415 to 1,01,025
affordable cost in unpredicted problems. payment options.

This protection plan includes critical illness Increasing Critical Illness cover and premium
SBI Life Poorna Suraksha 18 years Rs 3000 to 9,32,000
coverage. waiver benefit.

This protection plan is primarily intended for Monthly Income Benefit and Easy payout on the
SBI Life Sampoorn Cancer Suraksha 6 years Rs. 600
cancer patients. diagnosis.

This protection plan is created specifically for

SBI Life Corona Rakshak Policy 18 years Rs. 156 to 2,230 No medical Examination and easy payout.
coronavirus/ covid-19 warriors.

This plan is designed to safeguard families

SBI Life Smart Shield 18 years Rs. 3000 Two Rider options and secure from liabilities.
financially and keep them safe.

This Protection Plan protects against the return of

SBI Life Smart Swadhan Plus premiums and safeguards families from active 18 years Rs. 2300 Refund of premiums and reasonable costs.
insurance.

The life insurance fixed life cover and refund of

SBI Life Saral Swadhan+ premiums paid at maturity are features of this 18 years Rs. 1,500 to 5,000 Fixed maturity benefit and Life cover.
protection plan.
Child Plans What is it? Age of Entry Annual Premium Benefits

The goal of this SBI Life

The child's age and the
SBI Life Smart Champ child plan is to cover the Child: 0 years
Rs. 6,000 premium waiver benefit
Insurance plan child's expenses for Proposer:2 1 years
determine pay-outs.
education.

This child insurance plan

SBI Life insurance child provides coverage for Child: 0 years Periodic loyalty and marked
Rs. 24,000
plan Smart Scholar children and investment Proposer:1 8 years linked returns.
profits.
Savings Plans What is it? Age of Entry Annual Premium Benefits
This savings programme is
The premium is paid for 6
a standalone, unconnected,
SBI Life Smart Platina to 7 years, and payments are
non- participating assurance 3 years Rs. 50,000
Assure made monthly or once a
that pays returns for a
year.
certain amount of time.

This savings plan protects your family

Covers you for the rest of your life
SBI Life New Smart Samriddhi in the event of a calamity and 18 years Rs 12,000 to 75,000
and has an easy procedure.
provides policy benefits.

This is a net profit assurance savings

SBI Life Smart Future Choices plan that combines savings and 18 years Rs 1,00,000 Avail Cash Bonus benefits.
income tax benefits into a single plan.

This is a profit assurance plan that

Whole Life Insurance and Regular
SBI Life Shubh Nivesh combines savings and income into a 18 years Rs. 6000
flow of income.
single plan.

This savings plan safeguards the You stand to benefit inside a

SBI Life Smart Bachat future of your family and meets 8 years Rs. 5,100 constrained time frame for premium
investment requirements. payments.

This savings strategy protects both

Insurance cover for spouse and waiver
SBI Life Smart Humsafar you and your spouse under a single 18 years Rs. 6000
of premium
policy.
SBI Life Retirement Plans What is it? Age of Entry Annual Premium Benefits
This plan provides you with
Minimum amount of
SBI Life Retire Smart an investment strategy for
30 years Rs. 24,000 guaranteed maturity, along
plan the future during your
with the protection of it.
earning years.
Can Take Into Account
This pension plan provides
Members of the Family as
SBI Life Annuity plus you with lifetime protection
Well as Regular Income
for a single price.
Received from an Annuity

Your financial well-being in Create a simple retirement

SBI Life Saral Retirement
retirement is guaranteed by 18 years Rs 7,500 plan, and you'll be eligible
Saver
this plan. for regular incentives.

This pension plan ensures

With the repayment of the
SBI Life Saral Pension that you will receive a
purchase price, a lifetime of
plan steady income for the rest of
consistent income.
your life.
Income Plans What is it? Age of Entry Annual Premium Benefits

Life insurance from SBI

This policy guarantees a
Options for money-back
SBI Life Smart Money regular stream of funds to
14 years Rs. 9,500 plans and the sum assured
Back Gold help you meet your financial
have a 110% survival
obligations.
benefit.

Benefits of this insurance

SBI Life Smart Money Regular income benefits you
plan include financial 18 years Based on Sum Assured
Planner with period payment.
stability for your family.

This insurance/savings plan

will provide you with
SBI Life Smart Income
consistent and safe income 8 years Based on Sum Assured Regular Annual income.
Protect
for the next 15 years of your
life.
 FINDINGS / SUGGESTIONS

In 20s,
Where to study, which car to purchase, how to impress ladies, or how not to run out of money are common concerns for a man in his 20s. Why
would he ask about life insurance? Most people in their 20s don't have dependents and don't think they need life insurance. This is false. Always
acquire insurance.
Life insurance in your 20s has benefits:
• Low premiums
• Start early to store more corpus during the policy period.
You can try riskier investments.
Starting a retirement plan in your 20s is vital since you'll develop a savings habit that will last a lifetime.
In 30s,
Insurance salespeople like to target people in their 30s because that's when most people get married and start families with young children. In a
person's 30s, his or her own needs take a back seat to those of the family, such as making sure the family is financially stable and planning for the
future of their children.
When you're in your 30s, you don't have any of the financial responsibilities that come with getting older. This makes it a good time to get
insurance.
You have a job for a long enough time to save up enough money for your future. Because of the effects of compounding and the averaging of lows
and highs, the money tends to multiply in larger amounts over time.
 FINDINGS / SUGGESTIONS
• In 40s,
• 40s is perhaps the best time to start planning for retirement as you have enough time at your disposal enabling you to collect a substantial corpus at
your retirement age. No matter how bad the market goes, if you start investing early you will end up with more money at the end of the policy term.
People in this age range should choose a plain Term Plan or a Money Back Plan, which is another type of Term Plan. The second option is good for
investors who want their money back at regular intervals so they can meet their immediate financial needs. Child Plans are for parents who want to
give their kids the best education possible.
• In 50s,
• The 50s are here, your kids are financially independent, and life is slow and easy. You have no dependents. Why insure now?
• You may have bills and mortgages. You wouldn't want your spouse to handle your debts after you die. Yes. If this dismal fact finally wakes you up
to the necessity for insurance, choose a retirement plan rather than a term plan. Starting now will help you build a solid retirement fund. If you
postpone, your daily spending may eat up your retirement funds.
• In 60s,
• Once a person hits 60, 'it's too late to get insurance' syndrome hits. Getting insured is never too early or too late. If you don't have life insurance, buy
one now. Insurance is also meant to replace lost income and pay off any outstanding loans. The cost of insurance at this age is higher. 60-year-olds
are more likely to get sick and file a claim.
 CONCLUSION
According to the findings of the study, life insurance plays a significant part in providing national
economies with long-term capital and accelerating the process by which the gross output of national
savings generates itself. To a large extent, the Indian life insurance system is dependent on a mixed
economic system. Prior to the year 2000, the public sector maintained a monopoly in the life insurance
industry; however, since that year, private players have played a significant role in the evolution of the
life insurance industry toward one that is more user- and wallet-friendly. A comparison of the insurance
policies and products provided by each provider, on the other hand, reveals that the market for insurance
is extremely competitive. The highly competitive nature of the market results in very little variation in
either the plans that are offered or the prices that are charged. The primary point of differentiation
between the two businesses is the demographics of their respective customer bases. For example, LIC
has the most customers, but Max Life has the customers who are the most loyal to the company. There is
not a single other significant distinction that can be made between these three companies.