1 Chapter 9 Life Insurance 2 Content 1. Meaning of Life Insurance 2 Types of Life Insurance 3. Policy Features 4. Annuities 5. Permanent Health Insurance.

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Presentation transcript:

1 Chapter 9 Life Insurance

2 Content 1. Meaning of Life Insurance 2 Types of Life Insurance 3. Policy Features 4. Annuities 5. Permanent Health Insurance 6. Group policies

3 1. Meaning of Life Insurance Life insurance refers to an individual who ensures his life or limb as the subject matter of insurance.

4 2 Types of Life Insurance Types Whole-Life Insurance Pure Endowments Endowment Insurances Term Insurance

5 3. Policy Features Features Surrender Values Non-forfeiture Paid-up Value Suicide Other Restrictions

6 4. Annuities 4.1 Immediate Annuities An immediate annuity is a contract when the first payment falls due either the moment the purchase price is paid in advance or after the regular interval prescribed in the policy in arrear. The frequency of payment is usually monthly, quarterly or half-yearly. As the benefits vest immediately the policy is secured by a single premium.

7 4. Annuities 4. Annuities 4.2 Deferred Annuities Non-returnable Returnable without Interest Returnable with Interest

8 classification Disability Insurance Friendly Societies and Permanent Health Insurance 5. Permanent Health Insurance Policy Conditions

9

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