#1
6th June 2017, 11:26 AM
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Life Insurance MBA Project
I am in final semester of MBA Program. I have to submit a major project on Life Insurance. I don’t have any idea how to make it. So will you please help me to provide sample Life Insurance Project for MBA students to take tentative idea?
Last edited by Rajkumar Agarwal; 6th June 2017 at 11:30 AM. |
#2
6th June 2017, 11:31 AM
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Re: Life Insurance MBA Project
As you are looking for Major Project on Life Insurance for MBA Students, so I am providing complete project: Major Project on Life Insurance for MBA Students INTRODUCTION ABOUT LIFE INSURANCE What is Life Insurance? “Insurance is a contract between two parties where by one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called “insured” a fixed amount of money on the happening of a certain event.” Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premium to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the insurance companies act as trustees to the amount collected. For example, in a life policy, by paying a premium to the insurer, the family of the insured person receives a fixed compensation on the death of the insured. Similarly, in car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage. Why should you take Insurance? Insurance is designed to safeguard oneself and one’s family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen event. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death. Certain insurance contracts are also made compulsory by legislation. For example, motor vehicles act 1988 stipulates that a person driving a vehicle in a public place should hold a valid insurance policy covering “act” risks. Another example of compulsory insurance pertains to the environmental protection act, wherein a person using or carrying hazardous substances (as defined in the act) must hold a valid public liability (act) policy. Who provides Insurance? In India, prior to liberalization insurance protection was made available through public sector insurance companies, namely, life insurance Corporation of India (LIC) and the four subsidiaries of General Insurance Corporation of India (GIC). By the passing of the IRDA Bill, the Insurance sector has been opened up for private companies to carry on Insurance business. Insurance contracts are based on good faith i.e. the details furnished by the proposals are accepted in good faith and this will form the basis of the contract. Types of Life Insurance Policies: Term Life Insurance Endowment Insurance Whole Life Insurance Term Life Insurance: Term Life Insurance furnishes protection for a limited number of years ate the end of which the policy expires. The face amount of the policy is payable only if the insured’s death occurs during the stipulated term, and nothing is paid in case of survival. Term product prices are more easily compared than prices of other life products as term policies are usually simpler than other policies. Types of Term Life Insurance: Level Face Amount Non-Level Face Amount Endowment Life Insurance: Endowment policies, promises not only to pay the policy face amount on the death of the insured during fixed term of years, but also to pay the full face amount at the end of the term if the insured survives the term. Types of Endowment Policies: Single Premium Endowment Policy Semi Endowment Policy Modified Endowment Policy Last edited by Rajkumar Agarwal; 6th June 2017 at 11:51 AM. |
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