Scribd
Upload
278 views15 pages

Life and Health Insurance Overview

Life insurance and health insurance help protect against financial risks. Life insurance provides a death benefit to beneficiaries and can also offer a savings component. It covers risks of dying early or living too long. Health insurance covers costs of hospitalization, outpatient care, donor expenses, and more. Both individual and family plans are available. While only a small portion of Indians currently have health insurance, the market is growing rapidly as more recognize the risks of large medical bills. Insurance can help protect against financial hardship from medical costs or loss of income due to death.

Uploaded by

Rahul Saxena
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
278 views15 pages

Life and Health Insurance Overview

Life insurance and health insurance help protect against financial risks. Life insurance provides a death benefit to beneficiaries and can also offer a savings component. It covers risks of dying early or living too long. Health insurance covers costs of hospitalization, outpatient care, donor expenses, and more. Both individual and family plans are available. While only a small portion of Indians currently have health insurance, the market is growing rapidly as more recognize the risks of large medical bills. Insurance can help protect against financial hardship from medical costs or loss of income due to death.

Uploaded by

Rahul Saxena
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Life

insurance
and health
insurance

This Photo by Unknown Author is licensed under CC BY-ND


Life
Insurance
• Everything in life is
fine till the time you
are around but what if
you are not around ?
Reasons for not buying life Insurance

Procrastination

Ignorance

Lack of financial knowledge

Good Health

Insurance provided by the employer


Destitution
Disease
Disability
Death

Risk covered in Life insurance


Principle of utmost good faith

principle of Insurable interest

Law of large number

The principle of a contract


Basic elements of most Insurance plans

LI offers various plans covering the risk of dying early and living too long.

Death Cover- Amount paid to the nominee/beneficiary in case of death of the life
insured during the time of the policy.

Maturity benefit- Amount paid on the maturity of the policy if the life insured
survives through the term of the policy.
Policies like money-back also make periodic payments to the life insured during
the term of the policy before maturity.
Types of product

Life insurance plans

Traditional plan Unit linked plan

Term Whole life Endowment

Money back Pension


Scope of Life Insurance in India
The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business and
engages with its customers.
Life insurance industry in the country is expected to increase by 14-15% annually for the next three
to five years.
Why should you buy health insurance ?

74% of Indians will not be covered by private insurance to meet their future
medical expense during retirement.
65% have paid for and will continue to pay for their medical expenses out of their
own pocket.
53% of Indians are unprepared for any large unexpected medical expense.

Cost of healthcare concerns on healthcare costs differ by age.


37% of 25-29 years old are concerned
Rising to 64% for those aged over 60.
Hospitalization

OPD &IPD

Donor expense

Domiciliary treatment

Cumulative Benefit
. Day-care treatment

Restoration policy
Basic Terminology Co-payment policy
Type of claim

1) Cashless- Directly settles bills with hospital.


Treatment at only network hospital.
Claim will be settled instantly.

2) Reimbursement- Policyholder pay the bill which are


then reimbursed by insurance company.
Treatment can be taken at any
hospital.
Claim settlement takes time.
Types of health insurance

Individual
Family floater plan
Group health insurance

Indemnity policy- Only


compensates to the amount of
actual economic loss, up to the
limiting amount of the insurance
policy.

Benefit policy- In this a Lum sum


payment of a stated amount of
monetary benefit is given upon the
occurrence of when the event
insured event occurs . The payment
is not based on the amount of
losses incurred but on the amount
agreed at the start of the policy.

This Photo by Unknown Author is licensed under CC BY-ND


Scope of Health Insurance in India

In India, Only 1.1 billion of the Indian


population which is less than 15% of the
Indian population is covered through health
insurance.

A recent study conducted by the strategic


consulting and market research firm
BlueWeave Consulting revealed that the
India health insurance market is estimated
to grow at a CAGR of 10.1% during the
forecast period of 2021-2027.
THANK YOU

You might also like