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Project on Insurance
PRINCIPLES AND PRACTICES OF
BANKING & INSURANCE
FIRST YEAR BANKING AND INSURANCE (F.Y.B&I)
Presented by :
Smita Vakkar - 08
Shylaja Menon - 24
Kalavati Nawoo - 30
Bhavya Narayanan - 42
Swati Naryanan - 44
Purav Gandhi - 55
INDEX
• INTRODUCTION OF INSURANCE
• INTRODUCTION ON SBI LIFE
INSURANCE
• CURRENT STATUS OF SBI LIFE
INSURANCE
• PRODUCTS:
1. INDIVIDUAL PRODUCTS
SBI LIFE – HORIZON
SBI LIFE – UNIT PLUS
SBI LIFE – UNIT PLUS CHILD
2. PENSION PRODUCT
o SBI LIFE -- UNIT PLUS II PENSION
o SBI LIFE – LIFE LONG PENSION
3. SBI SHIELD PRODUCT
4. PROTECTION CUM SAVINGS
PRODUCT
o SBI LIFE – SUDARSHAN
o SBI LIFE – SCHOLAR
5. MONEY BACK POLICY PRODUCT
o SBI LIFE – MONEY BACK
o SBI LIFE – SANJEEVAN SUPREME
6. HEALTH PRODUCT
• CONCLUSION
• ACKNOWLEDGEMENT
• BIBLOGRAPHY
INTRODUCTION OF INSURANCE
Insurance, in law and economics, is a form of risk
management primarily used to hedge against the risk of
contingent loss. Insurance is defined as the equitable
transfer of the risk of a loss, from one entity to another,
in exchange for premium. The insurance rate is a factor
used to determine the amount, called the premium, to
be charged for a certain amount of insurance coverage.
Risk management, the practice of appraising and
controlling the risk, has evolved as a discrete field of
study and practice.
INDIVIDUAL PRODUCT
PRODUCT TYPE:
It is a unique, non-participating Unit Linked Insurance Plan.
Features
Maturity Benefits:
At the end of the term you will get the fund value.
Increasing Death Benefit:
Product type:
This is a non-participating individual unit linked
product.
Features:
• Unmatched Flexibility to match your changing
requirement
• Choice of 5 investment funds: you can change the
allocation percentage when you want, 4 switches free
per annum
• Choice of term : Limited term or whole life.
Features
• Market related returns to match increasing cost of
education
• Peace of Mind by giving you triples benefits.
• Loyalty units to celebrate your child reaching 18
years.
• New Investment Fund (Equity Optimizer Fund) in
addition to existing funds.
• Pay Premium for a limited period and reap benefits
over a long time.
• Flexible plan which adapts to your changing needs as
and when you want.
Pension Products
• SBI Life - Unit Plus II Pension
• SBI Life - Lifelong Pensions
Product type:
This is a non participating Unit Linked Pension product.
Features
• Choice to invest & control five different funds as per
your risk appetite.
• Flexibility to choose between two options
• Pure Pension
• Pension cum Life Cover
• No medical required for Pure Pension, automatic
acceptance facility.
• Flexibility to increase regular contribution.
• Top up payments: any amount, anytime.
Death Benefit:
Product Type:
This is a Pension product.
Features
• A maximum of Rs. 1,00,000 p.a. paid as a
contribution on a pension plan is fully deductible
from the taxable income
• Minimum Guaranteed returns of 4% p.a. on your
Personal Pension Account
• It is an extremely flexible plan.
Benefits
Tax Benefit
Tax exemption u/s 80 CCC (1) of IT Act.
Maturity Benefit
You can get maturity benefits only after the accumulation period is o
Bonus)
Policy term:
Pure Pension
Pensio with life
n cover
Minimum 2 years 5 years
Years
Maximum 52 52 years
Years years
requirements. Under this product, you can opt for gradual increase o
Under both the options, you pay the same amount of premium throug
entire term of the policy. If you opt for an increasing cover now you w
require a fresh policy later. This will avoid the hassles of taking anot
of the insurer.
Key Features:
It offers you life insurance cover at the lowest cost for a
selected term.
It is available in 3 options to suit your requirement.
Level Premium throughout the chosen term with increasing
premium payment.
Key Features:
It offers you the option of tailoring your policy according
to your requirement and needs, by opting for various
extra covers (Riders) that are offered.
This is a unique product that offers you an innovative
cover (plan B) which helps you to protect your savings
against 'the financial consequences of inflation' with
constant premium for the entire duration of the plan.
It gives you protection against unfortunate terminal or
dreaded illness.
It is an insurance plan which could also act as a hedging
instrument.
With this plan you can plan your children's future
education, marriage expenses or even your own
retirement - in a most flexible manner.
Product type:
It is a traditional endowment plan i.e. saving - cum
protection product.
Key Features:
The plan has a number of moneyback options specially
suited to your needs.
The cover is available at competitive premium rates.
It has guaranteed cash inflows which can meet your various
financial obligations.
In addition to normal death cover, the plan also provides
you 4 additional covers.
Product type:
It is a Traditional Saving Plan with added advantage of life
cover and guaranteed cash inflow at regular intervals.
Key Features:
The plan
moneyba
suited to
The cover
competiti
It has gua
which can
financial
Product type:
It is a Traditional Saving Plan with added advantage of life cover and
cash inflow at regular intervals.
Benefits
You can pay off all premiums over a short period of time
and be free from paying premiums for the rest of the
policy term, while enjoying all the benefits for the entire
policy term.
Enjoy the benefits of bonus additions for the entire term
of the policy.
Convenient premium payment options: Single and
Multiple premium payment.
Maturity Benefit
At the end of the growth period, you would receive
guaranteed payout in 5 years or 10 years, depending on
the plan option chosen by you. The bonuses declared by
the company get accumulated for the entire term of the
plan and you would receive total bonus along with the
final installment of Survival benefit.
Death Benefit
In the unfortunate event of death during the term of the
plan, the nominee would receive sum assured + vested
bonuses, besides receiving of the survival benefit already
paid.
Health Products:
Financial planning is incomplete without planning health insurance. D
today’s
Key Features:
• Simultaneous safety and protection
Against 9 Critical Illnesses
• Simplified joining process
• Guaranteed renewability till 65 years
age
• Tax benefit under section 80D of IT A
1961
Eligibility:
This plan is offered to different groups like employee-employer
relationship, credit life groups, customers of bank / financial
institutions, depositors groups etc.
SBI Life will issue a Group Master Policy to the Group Master
Policyholder based on details contained in the proposal form.
Group Members may be enrolled either on a voluntary or
compulsory participation basis as decided by master
policyholder.
Group Size:
Minimum 50 members
Age:
CONCLUSION:
SBI LIFE, the best life insurance company in India offers a wide
variety of Products for Individuals and Groups viz... TERM
INSURANCE, ENDOWMENT POLICY, CHILD PLANS, RETIREMENT
PLANS, PENSION PLANS etc.
THUS, you can go for SBI LIFE INSURANCE plans, so that you can
secured and TENSION FREE LIFE AND LIFE FULLY.
ACKNOWLEDGEMENT
BIBLIOGRAPHY
The information regarding project has been collected from
various resources:
Websites :
• www.sbilife.com
• www.wikipedia.com
• www.google.com
• www.sbibank.com