Life Insurance

Paper Code: 
FSI 416
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

The objective of this course is to understand the importance of Life insurance.

9.00
Unit I: 

Life Insurance : Meaning, Need, Functions
Development of Life insurance in India.

10.00
Unit II: 

Important plans: Whole life policies/plans(with profit),the limited payment, ,The single premium limited premium payment Convertible whole life policies.
Endowment assurance policies : The endowments assurance (without profit),with profit, single premium (without profit),Limited payment with and without profit
Combination of whole life and Endowment plans, children’s assurance plans. Distinction between endowment and whole life policies

8.00
Unit III: 

Term Insurance: Meaning, straight term,(temporary), Renewable term, Convertible term, Term plan Vs. traditional plan .Annuities : Definition, Need, Annuity Contract Vs.Life insurance, Classification of Annuities.

9.00
Unit IV: 

Group Insurance: Definition, Characteristics, Group Insurance Vs Individual insurance, Insurable groups, Principles of Group insurance, Advantages of Group Insurance scheme, Group insurance scheme of LIC

9.00
Unit V: 

Unit link plans: Features of ULIP, Net Asset Value (NAV),ULIP Vs. Traditional Plans, Charges, Annuities and Pensions.

Essential Readings: 

• MJ Mathew,”RiskManagement and Insurance”,RBSA Publications,Jaipur.
• Neelam C.Gulati,”Principles of Insurance Management”,Excel books

References: 

• Karam Pal,B.S.Bodla,M.C.Garg,”Insurance Management:Principles & Practices, Deep& Deep Publications

Academic Year: 
2018-2019
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