Important General Insurance Policies,Mba1st,2028

8/7/2019 Important General Insurance Policies,Mba1st,2028

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Submitted to

Mr. Jitender kaushal

Submitted By

Aashish Kaushal

MBA 1st

Roll no : 2028



� Insurance is defined as the equitable transfer

of the risk of a potential loss, from one entity to

another, in exchange for a premium.

� Insurance rate is a factor used to determine the

amount, called the premium, to be charged for a certain amount of insurance coverage



� General Insurance provides much-needed protectionagainst unforeseen events such as accidents, illness,fire, burglary et al. Unlike Life Insurance, GeneralInsurance is not meant to offer returns but is aprotection against contingencies. Almost everything

that has a financial value in life and has a probability of getting lost, stolen or damaged, can be coveredthrough General Insurance policy.

Property (both movable and immovable), vehicle, cash,household goods, health, dishonesty and also one's

liability towards others can be covered under generalinsurance policy. Under certain Acts of Parliament,some types of insurance like Motor Insurance andPublic Liability Insurance have been made compulsory.



� Major insurance policies that are covered under General Insurance are:

Home InsuranceEvery man has a dream to own a house one day. For an ordinaryperson it takes a whole lifetime of savings to build a house. Andone cannot predict a natural calamity like earthquake.

Health InsuranceIt is said that a healthy mind resides in a healthy body. Hence it is

very important to stay healthy. These days life is very fast andstressful.

Motor InsuranceLegally, no motor vehicle is allowed to be driven on the roadwithout valid insurance. Hence, it is obligatory to get the vehicleinsured.

Travel InsuranceTravel and tourism is one of the most fast growing sectors aroundthe world. With rise in standards of living, more and more peopleare embarking on journeys and exploring new places.



� Some of the well known Insurance Policy India are:

Social Security Group Scheme ± a scheme covering

the age group of 18-60 years and an insurance of Rs.5000 for natural death and of Rs.25000 on due toaccidental death.

Shiksha Sahyog Yojana ± a scheme providing aneducational scholarship of Rs.300 per quarter per child

is given for a period of four years.

Jan Arogya Bima Policy ± a scheme for the adults upto the age of 45 years is Rs. 70 and for children it is Rs.50. The limit coverage is fixed at Rs.5000 per annum.

Mediclaim Insurance Policy ± a scheme covering theage group from 5-80 years with a tax benefit of up toRs 10,000.



� Jana Shree Bima Yojana ² this is a coverage of Rs 2,000on natural death and Rs 50,000 for accidental death.

The premium amount is fixed at Rs. 200 for singlemember.

Videsh Yatra Mitra Policy ² a scheme coveringmedical expenses during the period of overseas travel.

Bhagya Shree Child Welfare Bima Yojana ² a schemecovering one girl child in a family upto the age of 18whose parents age does not exceed 60 years, with a

premium of Rs.15 per annum.

Raj Rajeshwari Mahila Kalyan Yojana ² a schemeproviding protection to woman in the age group of 10to 75 years with an insurance of Rs. 25,000 and

premium Rs.15 per annum.



� Ashray Bima Yojana ± a scheme covering workers in

case of loss of jobs.

Personal Accident Insurance Scheme for Kissan Credit

Card ± a scheme covering all the KCC holders up to an

age of 70 years. Insurance coverage includes 50,000for accidental death and 25,000 for partial disability.



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Important General Insurance Policies,Mba1st,2028