Accounts Ppt[1] Final

8/3/2019 Accounts Ppt[1] Final

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WHAT IS INSURANCE?

Insurance plans also called as a Risk Cover Plans,which means to financially compensate for lossesthat occur uncertainly through accident, illness,

theft, natural disaster. It is a contract between the insurer and the insured

where the insurer agrees to pay the insured forfinancial losses arising out of any unforeseen

events or risk in future in return for a regularpayment of premium.


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TYPES OF INSURANCE

LIFE INSURANCEGENERAL INSURANCE

Home insurance

Fire insurance

Marine insurance

Property insurance

Medical insurance Vehicle insurance, etc.


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LIFE INSURANCE

Contract between the policy Owner and theInsurer

Policy owner agrees to pay stipulatedamount

It is one kind of protection and investment


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NEEDS OF LIFE INSURANCE

Life Insurance is a product which secureour life

More than 20 Life Insurance companies inIndia

As per IRDA out of 100 crore people, only13% people are insured

It also secure the future of our family


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HEALTH INSURANCEInsures the health of a person.

Different forms include insurance against diseases, overallhealth insurance, accident insurance etc

The most rapidly growing sector in the insurance sector in themodern times.

There have been instances of exploiting of the insuree invarious cases.

Proper insurance for health can provide long term benefitslike savings of expenses of costly treatments, life expectancyrises etc.


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AUTO INSURANCE

Vehicle insurance is the insurance purchased for cars,trucks, and other road vehicles.

Its primary use is to provide protection againstphysical damage resulting from traffic collisions and

against liability that could also arise therefrom. Auto Insurance in India deals with the insurance

covers for the loss or damage caused to theautomobile or its parts due to natural and man-madecalamities.

In India it is a compulsory requirement for all newvehicles used whether for commercial or personaluse.

The claims of the Auto Insurance in India can be

accidental, theft claims or third party claims.
http://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/Truckhttp://en.wikipedia.org/wiki/Traffic_collisionhttp://en.wikipedia.org/wiki/Legal_liabilityhttp://en.wikipedia.org/wiki/Legal_liabilityhttp://en.wikipedia.org/wiki/Traffic_collisionhttp://en.wikipedia.org/wiki/Truckhttp://en.wikipedia.org/wiki/Automobilehttp://en.wikipedia.org/wiki/Insurance


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IMPORTANCE OF AUTO INSURANCE

it can financially protect a driver to pay off hismedical bills due to his automobile accident.

It can be used to finance in repairing thedamaged parts of the vehicle.

It can also financially help the passengerstravelling in that vehicle.


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PROPERTY INSURANCE

Provides protection against most risk toproperty such as fire, theft etc.

Protect the owner against the propertydamage

It also includes fire insurance, floodinsurance, earth-quake insurance


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IMPORTANCE OF PROPERTY INSURANCE

Controlling of huge expense challenges

Recover the damages of unexpectedsituations

Insurance company bear the burden oflarge damages which may be occur infuture


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HOME INSURANCE

Home insurance provides coverage fordamage or destruction of the policyholder'shome.

The home insurance policy insures thestructure of home for its reconstructionvalue and not for market value.

Market value is a combination of cost ofland, demand & supply scenario, etc.


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BENEFITS OF HOME INSURANCE

The three benefits of homeowners insuranceinclude :

protecting your home,

protecting your personal property, and

providing liability coverage


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GENERAL LIABILITY

Liability insurance protects the assets of abusiness when it is sued for something it did(or didn't do) to cause an injury or property

damage.

Along with property and worker'scompensation insurance, it is essential for

most companies.


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IMPORTANCE OF GENERAL LIABILITY

INSURANCE

It provides the companies with high risk anumbrella coverage for their assets.

claims include bodily injury, propertydamage, personal injury, and advertisinginjury (damage from slander or falseadvertising).


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INSURANCE- KIND OF INVESTMENT

Insurance also serves as an excellent taxsaving mechanism. The Government of India has offered tax

incentives to life insurance products in orderto facilitate the flow of funds into productive

assets.Life insurance policy

Payment of life insurance policies premium isexempted under Section 80C of Income Tax

Act. Upto Rs 100,000..


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MEDICLAIM INSURANCEPOLICY Exemption under section 80D of Income Tax

Act.

Provides a deduction of upto Rs. 35,000.00(Rs15,000.00 for premium payments towards

policies on self, spouse and children and(read as in addition to) Rs. 15,000.00 forpremium payment towards non-senior citizendependant parents or Rs. 20,000.00 for

premium payment towards senior citizendependant parents).


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Unit linked insurance plan (ULIP) is life

insurance solution that provides for thebenefits of risk protection and flexibilityin investments.

Such policies encourage people toinvest their money in capital market andenjoy the benefits with security againstmassive losses.


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CONCLUSIONS

Life is a roller coaster ride and is full of twists and turns.You cannot take anything for granted in life. Insurancepolicies are a safeguard against the uncertainties oflife. Insurance is system by which the losses sufferedby a few are spread over many, exposed to similarrisks. Insurance is a protection against financial lossarising on the happening of an unexpected event.Insurance policy helps in not only mitigating risks butalso provides a financial cushion against adversefinancial burdens suffered.

Accounts Ppt[1] Final

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