Innovative insurance products

1. Presented By, Samujjal Bhattacharjee A49 INNOVATIVE INSURANCE PRODUCTS

2. INTRODUCTION Insurance in India has evolved over time heavily drawing from other countries, England in particular. In 1914, the Government of India started publishing returns of Insurance Companies in India. An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation

3. CNTD… The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector

5. Cntd… Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26%. Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In the year 2000 the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA --started issuing licenses to private life insurers.

6. MOTOR INSURANCE

7. Cntd… Motor insurance protects you and your vehicle against every comprehensible risk related to your vehicle A motor insurance policy (Third Party Liability) is mandatory under the Motor Vehicle Act, while other forms of general insurance are optional Private motor insurance and commercial motor insurance

9. Cntd… Travel insurance is a cover for the risks you might face in your trip, overseas or domestic Typically, it covers death, personal accident, medical expenses, repatriation, loss/ delay of checked baggage, passport loss and third party liability Factors- age, the duration of your trip, the country you plan to visit and the benefits included in the plan.

11. Cntd… Cover medical treatment in case of illness and accidents. Get good medical care without worrying about expensive treatment. Common man has to stretch to uncomfortable financial limits to get proper treatment for himself and his family. If you earn more than 5 lakhs per year, you get a cover of at least 5 lakhs. Anything below that, take a cover equal to your annual income.

12. Innovative Insurance

13. Voice of the legendary singer LataMangeshkar is very precious and hence her voice has been insured by HDFC . This indeed is very innovative which has been contemplated with due honour for the maestro. Olympic Bronze medalist Vijender Singh has his hands insured. The insurance company who has insured his hands is the prolific company of BAJAJ ALLIANZ

14. CNTD… The legendary leg spinner from Australia , Shane Warne got his middle finger insured. The company to have insured the finger is Tim Mc Graw Insurance company. This happened during the last Ashes test

15. Cntd….. The famous footballer from England David Beckhamm has also taken up the insurance David Beckhamm has had the insurance of his entire body for a worth of $100 million of insurance He also has a insurance done for his limbs also

16. Insurance that can be done: Home Maker Insurance: To insure the life of person who requires it the most as she insures everyone’s life in the family with some multiple benefits and options

17. Cntd… Family Health Insurance: Instead of making individual health insurance for all the members of the family , the insurance can be done for all the family members together paying the same premium

18. Cntd… Pets Insurance: This is the product which would take care of your pets This includes pets from business point of view(cows in case of poultry form) as well as from the humanity point of view like that of your home pets like dog ,cat, parrot etc

19. Cntd.. Hybrid Insurance: For daughter’s education you pay premium and get a fixed amount for her higher education as well as an amount to bear the expenses of her marriage For your son you pay premium for his higher education and on maturity you get the lumpsump amount for higher education as well as the monthly installments for a few years till the time he finds a job.