pwm group 5 (1)
TRANSCRIPT
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Presented By Group 4:-
Gurjot Ahluwalia 201043Harshita Satija 201050Isha Gupta 201054Karan Dhillon 201058
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Introduction
Insurance is a form of riskmanagement primarily used to hedgeagainst the risk of a contingent,
uncertain loss.
Insurance is defined as theequitable transfer of the risk of aloss, from one entity to another,in exchange for payment.
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The amount to be charged for a certainamount of insurance coverage is called thepremium .
Insurance Policy, is a contract which details the
conditions and circumstances under which theinsured will be financially compensated.
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Indian Insurance Industry Structure
Ministry of Finance (GOI) IRDA
Life Insurance
Public Private
Non LifeInsurance
Public Private
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Types of Insurances
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INSURANCE COMPANIES
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HOW MUCH INSURANCE DOES ONENEED ?
Your age andnumber of
dependents
Your annualincome and
annual expenses
Your outstandingliabilities like
home loan, carloan, etc.
Your investments /savings
Your lifestyleexpenses
Monies youwould require in
future
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Insurability at various Stages
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Insurance in Financial Planning
Investment
Protection
Tax-
savingtool
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Kewals Case
Age is 36,Married
Dependents are 4
Income isRs 24 lacs
per annum
PersonalDebts:
Home LoanRs 45 lacs
Householdexpenses
:Rs 90,000per month
Investments:Market value
of house(75lacs
),in equity(9lacs),Bank
Balance(4.5lacs)
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Age in
years
Significant Life
Event
Risk Exposure Possible Risk Strategy
24 1 st job Job Loss
Death
Health Issues
Disability
Medical Insurance covered by the
company.
26 Bought a car Theft
Fire
Accident
Car Insurance
27 Started Business Irregular Income
Change in financial status
Bankruptcy
Employee attraction and retention
Employee welfare
Health insurance for family (self and
mother)
28 Marriage,
Bought Home
Health issues
Increase in number of dependents
Marriage complications
Insuring house against damage due to fire,
earthquake, etc.
Life Insurance Policy
Home Insurance
30 Birth of twins Increase in the Number of dependents
Medical expenses
Health Insurance for the Family & the
Mother
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LIFE INSURANCE
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Age at the time of buying this policy 28 years 28 years
Policy term 30 years 30 years
Amount covered Rs. 1.2 crore Rs. 1.2 crore Annual premium payment Rs. 8280 Rs. 9254
Parameter Bharti AXA Life eProtect Aviva iLife
Minimum age at entry 18 years 18 years
Maximum age at entry 60 Years ( ) Policy Term 55 years
Minimum sum Assured Rs. 2,500,000/- Rs 25 lakhsMaximum age at Maturity 60 years 70 years
Death Benefit Sum Assured Sum Assured
Policy Term 10, 15, 20, 25 and 30 years. Min: 10 years, Max: 35 years
Premium Payment Term Same as policy TermEqual to the policy term
Premium Payment Modes Annual & Semi Annual modes.Yearly, half-yearly (the modalfactors are: 1.0000 & 0.5108
respectively).
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HOME INSURANCE
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Kewals Car Insurance
Maruti Esteem 2003 Model Insureds Declared Value of Vehicle Rs. 1,54,080 The Insureds Declared Value (IDV) of the vehicle is
deemed to be the SUM INSURED for the vehicle. It is
fixed at the commencement of each policy period foreach insured vehicle.
Tata AIG Car Insurance Annual Premium Rs.4,674 HDFC ERGO Car Insurance Premium Rs. 4,234
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Leading Children Plans A ComparisonFeatures Stone ICICI Pru Smart Kid HDFC Children's Plan
Plan Type Anticipated Endowment Endowment
Min / Max Term childMatures between 22-25 years of the childs age.
Term is 10-25 years10-25 year
Min / Max Age of Child 0-12 years N.A.Min / Max Age of Parent 20-60 years 18-60 years
Payment Modes Regular RegularLife Assured ParentBeneficiary Child Child / Family
Benefit Structure
Two Structures1. When the child reaches his critical milestones
(Xth, XIIth, Graduation,Post Grad); % of S A is
paid2. Last 4 years before maturity; % of SA is paid
over consecutive yrs
Sum Assured+bonuses paid on maturity in lumpsum
On Death of parentSA paid up front. Child gets the guaranteed
payments as chosen earlier
1) Maturity Benefit Plan: future premiums arewaived; maturity benefits are paid like normal
on maturity2)Accelerated Benefit Plan: Sum assured +
bonuses paid to beneficiary on death &contract terminates
On Death of childPolicy continues as it is. It can be nominated to
another child in that case alsoPolicy continues
Bonus & Additions3.5% of SA compunded annually for the first 4
years, annual bonuses declared thereafterBonuses declared by company
Riders Available ADBR/IBR None
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Aegon
Religare
ICICISmart Kid
EdelweissTokio
HDFC
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MEDICLAIM POLICY
Company Apollo Munich Bajaj Allianz
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Company Apollo Munich Bajaj Allianz
Type of Policy Floater Floater
Coverage Amount 4,00,000-10,00,000 2,00,000-5,00,000
Frequency of payment Monthly, Quarterly, semi-annual,Annual
Monthly, Quarterly, semi-annual,Annual
Premium Amount 11,797 p.a. 14,285 p.a.
Age Limit 18 years (minimum)48 years (maximum)
18 years (minimum)50 years (maximum)
Benefits Coverage for hospitalization of more than 24 hrs.
Coverage for medical costsincurred before/ afterhospitalization (30 days andcan be increased to 60 days if Insured Person intimates 5days prior to hospitalization)
Free Medical check-up after 4
No medical tests required forSum Insured up to Rs.10 lacs
for age up to 45 yearsNo sub-limits onhospitalization expenses androom rentFree Medical check-up after 4claim free years
Family discount of 10%Medical check-up is
Company Apollo Munich Bajaj Allianz
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Company Apollo Munich Bajaj Allianz
Type of policy Medi claim (Critical Illness) Medi claim (Critical Illness)
Coverage Amount 2,00,000-5,00,000 1,00,000-5,00,000
Frequency of payment Monthly, Quarterly, semi-annual, Annual
Monthly, Quarterly, semi-annual, Annual
Premium Amount 11,932 p.a. 13,175 p.a.
Age Limit 61 years (minimum)No limit (maximum)
46 years (minimum)70 years (maximum)
benefits Plan exclusively created forSenior Citizens of any ageGet cashless treatmentacross 4000 networkhospitals across 800 citiesReceive a free secondopinion from our medicalpanel for listed CriticalIllnesses
Covers ambulance chargesin an emergency subject toa limit of Rs.1000/-.Pre-existing illnesses arecovered from the secondyear of the policy.
The policy covershospitalization expensesand an amount equivalent
to 3% of admissiblehospitalization expenses in
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GROUP MEDICLAIM POLICY
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Lowers the employee turnover
Lower premium costs
Customized policy
Cover for all members
Tax benefits
Regular health check-ups
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POSITION TODAY
Particulars Amount (Rs)
Monthly income 200000
Monthly expenses 90000
House loan EMI 43874
Life Insurance Premium 690
Car Insurance premium (HDFC Ergo) 353
Home loan premium 1124
Child plan premium 15600
Medical policy premium 995
Floater premium 985
Surplus available 46379
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