IC 38 TRAINING

IDBI FEDERAL LIFE INSURANCE

 INTRODUCTION-INSURANCE

 Modern insurance started at london - Llyods

coffee house.
 Definition of insurance: Sharing the losses
of few; shared by many.
 Worlds first insurance company – Amicable
Society for a perpetual Assurance
Company.
 First insurance company in india – Oriental
Life Insurance Company (British)
 INTRODUCTION-INSURANCE

 First insurance company in india by indians-

Bombay Mutual Assurance company
 First General insurance company in india –
Triton Insurance Company.
 In 1956, Sep 1st – Joined all insurance
company into LIC formed.
 1972-- GIBNA- General Insurance Business
Nationalisation Act.
 1973-- GIC-- 1) Oriental General Insurance
2) New India Assurance 3)United India
 INTRODUCTION-INSURANCE

1973-- GIC-- 1) Oriental General Insurance
2) New India Assurance 3)United India 4)
National Insurance.

LIC – 1956-1999

Malhotra Committee – 1999 – IRDA

IRDA - Insurance Regulatory & Development
authority.

74% - India 26% - Foreign (Solvency Issue)

2014- IRDAI - Insurance Regulatory &
Development authority of India.
 INTRODUCTION-INSURANCE


FDI- 49%

IRDAI

1) Life Insurance- 24 (1- public limited, 23-
private sector)

2) General – 33

Without IRDA concern- Central govt
authority “Postal Life insurance”.

Banking Regulatory- RBI

Share market regulatory- SEBI(BSE,NSE)
 INTRODUCTION-INSURANCE

 Risk – Event makes an loss.

 Peril – The factors increasing for an event.
 Example- Blood cancer- Risk

Smoking - Peril
 INTRODUCTION-INSURANCE

 Risk – Event makes an loss.

 Peril – The factors increasing for an event.
 Example- Blood cancer- Risk

Smoking - Peril
 RISK BURDEN
 Primary Burden Of  Secondary Burden of
Risk Risk (Stress)
 Once the event has  To maintain reserve
Happened the loss of funds for future
event calculated. expenses.
 Eg: Accident  Eg: Child education
 RISK MANAGEMENT
TECHNIQUES
1) Risk Retention – one has to bear the risk at
oneself.- Risk financing-Self insurance.
2) Risk reduction – To reduce the possiblity of
losses. Eg: mobile fall from the table.
3) Risk control – To reduce the severity of
losses. Eg: Mobile case, Tampered Glass.
4) Risk Transfer – Insurance.
 INTRODUCTION-INSURANCE
 Insurance Company Sponsored
Schemes(Without Government supported)
 1) JAN AROKYA
 2) JANATHA PERSONAL ACCIDENTAL
PLAN.
 TAX BENEFITS

1) INCOME TAX ACT – SEC 80 C

INVESTMENTS FOR TAX REDUCTION
UPTO 1.5 LAKHS.

2) Sec 80 D(health insurance premiums)

Ceiling amount – Rs 55000.

3) Sec 10 D – exemption from income.

Life insurance(Maturity and death benefit)
CHAPTER 2 CUSTOMER SERVICE
 CUSTOMER LIFE TIME VALUE
 Total economic benefits received from
customer through his lifetime.
 3 types of customer life time value
1) historical value- Past premium/policy should
be completed.
2) Present value- Future premium/Policy to be
continued
 3) Potential Value – More than one value
policy to a customer.
 NEED BASED SELLING (MUST)
 CHAPTER 2 CUSTOMER
SERVICE
 To be a perfect Insurance agent-
SERVQUAL MODEL
 1) Trustworthiness
 2) Responsiveness
 3) Empathy(To understand the feelings of
proposer).
 CHAPTER 3 GRIEVANCE
REDRESSAL FORUM

Policy holder protection act – 2002

1) IGMS- Integrated Grievance Management
System.-- Launched by IRDAI

IGMS-(Toll free no, Email id)

Answer time: Within 1 year rejection of
complaint.

2) COPA- 1986 (Consumer protection act)

3) Legal aspects: a) District level – Upto
20Lakhs
b) State level- 20- 1 crores.
 CHAPTER 3 GRIEVANCE
REDRESSAL FORUM

3) Legal aspects: a) District level – Upto
20Lakhs
b) State level- 20- 1 crores.
c) National level – More than 1 crores.
4) OMBUDSMAN:

17 Stations in india

Claim limit-30lakhs.
 CHAPTER 3 GRIEVANCE
REDRESSAL FORUM
 He has no legal authority
 Written complaint only
 Territory Limits
 Duties:
a) Recommendation--- Within 30 days
Acknowledge time-- 15 days.
 Award--- Within 90days
 CHAPTER 3 GRIEVANCE
REDRESSAL FORUM
 Insurer to honour the award – 15 days.
 If the policy holder accepts the insurer to
honour the award in 15 days.
 CHAPTER 3 GRIEVANCE
REDRESSAL FORUM
 If Policy holder did not accept the
ombudsman decision/award he goes to the
legal forum.
 Before submitting the complaint to
ombudsman he shouldn't go to court.
 CHAPTER 4 Legal ASPECTS-
Agents
 1st APR 2016- Agent Appointment letter—
Insurer---12Months(Validity)
 Types of agent:
 1) Individual Agent- 1 Life (or) 1 General
 2) Composite agent/broker – Anyone Life
and one general insurance business.
 Applications Forms:
 a) Agent – Form 1 (A)
 b) Broker – Form 1 (B)
 c) Cancellation – Form 1(c)
 CHAPTER 4 Legal ASPECTS-
Agents
 4) Registration Fees: Rs 250
 5) If license damaged/Lost- Penalty amount
– Rs 50
 6) Qualification: 1) Minimum age 18 Yrs
completed
2) Maximum age – No limit.
3) Education : Minimum 10th pass.
4) 25 hours training to be completed.
5) clear the IC 38 exam.
 CHAPTER 4 Legal ASPECTS-
Agents
 5) Within 15 days – Exam should be written
policy holder (or) not also in 15 days.
 Insurance act-1938
 Section 27-- where have to invest.
 Voluntary windup-- section 52(h)-- Policy
protection act
 Agent Licensing: Section 42 of insurance
act 1938.
 Agency Portal: 1) Centralised list of agents
(All active agents details)
 CHAPTER 4 Legal ASPECTS-
Agents
 Agency Portal: 1) Centralised list of agents
(All active agents details).
2) Blacklist—Terminated agents—Ins act 42—
42(3)---Termination--- 5 years.
 Assurance—Will happen.
 Insurance—May happen.
CHAPTER 5 Insurance Contract
 Between Insurer and policy holder.
 Indian Contract Act—1872
 Types of Contract
 1) Assurance contract
 2) Indemnity Contract
 CHAPTER 5 Insurance Contract
 ASSURANCE  INDEMNITY
 All life insurance  Actual losses only
contracts compensated(All
 Death is certain but general insurance
timing of death is contract except
uncertain. accident personal
 Long term contract insurance policy) are
 Premium same for indemnity contract.
entire term.
 Short term contract
 Premium changed
every year
CHAPTER 5 Insurance Contract
 Level Premium
a) Term component- Death benefit
b) cash value component - Maturity benefit.
 CHAPTER 5 Insurance Contract
 Insurance follows Mutuality concept.
 Diversification- A fund can be invested in
different sectors.
 To reduce investment risk.
 Basic Principles:
 [offer-Proposer & Acceptance-Insurer]
 1) Condition- Counter offer
 2) Consideration : Policy holder – Premium
Insurer – Promise to indemnify
3) Agreement between Parties:
 CHAPTER 5 Insurance Contract
 3) Agreement between Parties:
 (“CONSENSUS-AD-IDEM)”(Proposer &
Insurer)
 Same understanding with same sense.
 4) Free consent:
a) Coersion
b) Undue influence
c) fraud
5) Capacity to contract
a) Age(to be completed 18Yrs)
 CHAPTER 5 Insurance Contract
 5) Capacity to contract
a) Age(to be completed 18Yrs)
b) To be sound minded
c) Not disqualified by law.
PEP: Politically exposed person
6) Legality: Contract should be legal.
 CHAPTER 5 Insurance Contract
 Special Features
 1) Atmost good faith—“UBERIMA FIDES”
 To disclose the material facts.
 To be existence at the introduction of policy
and renewal of policy(discontinued policy)
 Breaches of Utmost Good Faith:
 1) Misrepresenation.(With/Without
intention)
2) Without Intention.
3) Concealment(with intention)
 CHAPTER 5 Insurance Contract
 Within three years of policy
 INS act 1938-sec45
 Indisputability clause
 Premiums holded by the company.
2) INSURABLE INTEREST
(Financial relationship between proposer and
insured)
1) Life Insurance – at the introduction of
policy.
2) General Insurance- at the introduction of
policy and at the claim stage.
 CHAPTER 5 Insurance Contract
3) Marine Insurance – at the stage of claim.
 Proximate Cause
 Only used at accident cases.
 Ex:Fall from horse
 Insurance Contract-Utmost good
faith(UBERIMA FIDES)
 Commericial contract: Buyer
Beware(CAVEAT EMPTOR)
 Free look in period(cooling off period) – 15
days.
Charges to be deducted:
 CHAPTER 5 Insurance Contract
 Charges to be deducted:
1) Risk Premium – 15 days
2) Registration & stamp duty
3) If medical expenses any
CHAPTER 6 HUMAN LIFE VALUE
 Human Life Value:(HLV)
Measurement tool for person how much
insurance needs
 Proposed by Hubner
 HLV= Annual income x 10 to 15 times
 HLV = (Annual income -Expenses)/(Bank
Interest rate)
 CHAPTER 6 RISK OF HLV
 1) Die to early-cannot be avoided- Term
insurance covers only death benefit-No
loan.
 2) Living too long- Retirement plans
 3) Disability – Rider(attachment of policy to
primary policy)- disability(accidental, critical)
 Rider:
 CHAPTER 6 RISK OF HLV
 Rider:
1) Rider should be inserted at the introduction
stage.
2) Rider sum assured should not cross the
base plan.(Rider less than or equal to Base
plan money)
3) specific reason for rider benefit.
4) In a policy term, Rider benefited then it
should exit from the base policy. Base
policy will continue.
 CHAPTER 7 Financial Planning
 Types of Goals:
1) Short term Goals(Within 1 year)
2) Midterm Goals(Within 5 year)
3) Long term Goals(10 years and above)
 Life Stage:
1) 0-25 yrs – Learner
2) 25 Yrs – Earner (With/Without dependant)
3) 25-30 Yrs- Partner(Single and double
income)
4) 30-35 Yrs - Parent
 CHAPTER 7 Financial Planning
 Life Stage:
5) 35-55Yrs – Provider
6) 55 Yrs – empty set
7) 60 Yrs & Above – Retirement stage-Estate
Planning.
 Financial Products:
1) Transaction Products- Bank Deposits
2) Contingency Products – Insurance
3) Wealth accumulation products-Shares,
Gold.
 CHAPTER 7 Financial Planning
 Financial Service advisory:
1) Cash Planning – emergency (6 Months
salary) should be there.
2) Insurance Planning: Life, health
3) Investment planning
4) Retirement Planning(Phases: a)
accumulation, b) conservative c)
Distribution)
5) wealth accumulation
6) Tax planning- Not for Tax evasion
 INSURANCE PRODUCTS
TRADITIONAL PRODUCTS-Bundle,Longterm,Investment NON TRADITIONAL
CHAPTER 8,9 INSURANCE PRODUCTS
risk-Insurer PRODUCTS-2010-IRDAI- un
bundle,shortterm,
investement risk- Policy
holder
TERM INSURANCE(NO WHOLE ENDOWMENT Univers Variable ULIP-
LOAN) LIFE PLANS al Life Life Unit
INSURA insuranc Insuranc Link
NCE(LO e e Insuranc
AN (Americ e Plan
AVAILA a)
BLE)

Decreas Return Increasi Money Normal Fixed No Lock In

ing term of ng term back Endow payment changes period
insuranc premiu Insuranc Plan ment
e m[ROP] e
EX: If loan PAR NON No Partial
MRI- amount PLAN- PAR flexible withdra
Mortage increase BONUS PLAN- Premiu wal
redempt s sum GUARN m Death
ion assured TEED benefit
Insuranc increase RETUR SA
e Plan s N (OR)FV
premiu whichev
m also er is
e m[ROP] e
EX: If loan PAR NON No Partial
MRI- amount PLAN- PAR flexible withdra
Mortage increase BONUS PLAN- Premiu wal
redempt s sum GUARN m Death
ion CHAPTER 8,9 INSURANCE PRODUCTS
assured TEED benefit
Insuranc increase RETUR SA
e Plan s N (OR)FV
premiu whichev
m also er is
increase higher
s
Loan Maturity Maturity
amount benefit=SA+Bonus benefit,
decreas Death fund
es sum benefit=SA+bonus value=to
assured Loan=Minimum 3 tal no of
decreas yrs to be paid unitsx
es but 80-90% surrender NAV –
premiu value Net
m assest
remains value
same
CHAPTER 8,9 Insurance Products
Settlement period - From the date of maturity next 5years called
as settlement period.its for the benefit of market utilization
Fund Switching - To handle investment risk (Insurer or fund
manager will do this)
Funds in ULIP
Equity – Growth fund – 100% shares
Debt Fund – Debenture – Bonds
Balanced Funds – Mixture of Equity & Debt (return will be
moderate)
Sectoral fund
CHAPTER 8,9 Insurance Products
Charges in ULIP
Policy allocation charges
Mortality Charges
Fund management charges
Policy admin charges
Surrender charges
*After 5 years NIL
*Below 5 years discontinuous fund
 CHAPTER 8,9 Insurance Products
IRDA GUIDELINES PREMIUM VS SUMASSURED
AGE PREMIUM TYPE SUMASSURED
Single/Regular

Below 45 Single 125% of premium

Above 45 Single 110% of premium

Below 45 Regular Annual premium x

10 times

Above 45 Regular Annual premium x 7

times
 CHAPTER 10 Insurance
Applications
 MW pact—1874- sec(6)-Married women
 Beneficiary: Married Men
 Benefit only for wife & children
 Both Maturity & death Benefit
 No nomination, Assignment loan
 Free from court attachments.
 Policy-State level trust-trustee-Wife/chidren
 MW pact—1876- sec(6)-Married men
 Beneficiary: Married Women
 CHAPTER 10 Insurance
Applications
2) Keyman Insurance:
Eg: hotel-chef-keyman
 CHAPTER 11 Premium & Bonus
1) Premium – Pricing for Insurance
2) Premium & Bonus calculating person-
Actuary.
3) Company's table[Premium printed in
insurer's table]- office premium(or) tabular
premium.
4) Premium Rebate(discount)
a) high sum assured
b) Mode rebate---HY/YY.
5. Loadings:
 CHAPTER 11 Premium & Bonus
5. Loadings:
a) Monthly mode
b) Physical & occupational hazard
c) rider
d) Bonus
Premium:
1) Risk Premium – Mortality rate x SA
2) Net Premium = Risk Premium-
(Expenses+Investment)
3) Total Premium = Risk Premium+Net
premium+ Loadings.
 CHAPTER 11 Premium & Bonus
 Premium Components: (For actuary)
1) Mortality: If mortality rate increases, Price
of premium is increases.
2) Interest: If interest is high, Interest amount
becomes low.
3) Reserve fund
4) Expenses
5) Bonus
 CHAPTER 11 Premium & Bonus
 Bonus:
 Valuation= Asset- Liabilities.
 Insurance company valued their assets by
Book value.
 Assets-Liabilities = Positive = Surplus
 90% =Bonus
 10%= Share holders.
 CHAPTER 11 Premium & Bonus
 Types of Bonus:
1) Reversionary Bonus: a) Simple – Sum
assured
b) Compounded – sum assured + Bonus(Last
year)
2) Terminal Bonus(A particular % of bonus
from declared all bonus value in tenture)
 CHAPTER 12 Documentation &
Proposal Stage
1) Prospectus- Plan & Company details
a) Benefit illustration:
IRDA Projected rate of returns
Minimum= 4%, Maximum = 8%
2) Proposal Form: Common Proposal form”-
IRDAI-2013
“Vernacular Language”
 3) Agents Report: Agent is a Primary
Underwriter.
4) Moral Hazard Report: Company Branch
sales Manager
 AGE PROOF
 STANDARD  NON STANDARD
 School & College  Voter Id
certificate  Village panchayat
 PAN card Certificate
 Passport  Horoscope
 Driving License  Self affidavit
 Central Govt
Employee ID Card
 RC, Baptism
certificate
 RC, Marriage Cert
 CHAPTER 12 Documentation &
Proposal Stage
6) Medical Report: a) High SA b) Age is
high
7) AML(Anti Money Laundering)
Prevention of Money laundering(2002)-PMLA,
For insurance company-2005
 To prevent Money Laundering:
1)PCO(Principal Complaint officer)- For every
Insurer
2) Every agent and employees Should attend
AML Training.
 CHAPTER 12 Documentation &
Proposal Stage
 To prevent Money Laundering:
3) Punishment for Money Laundering :
a) (5-7)Years Imprisonment
b) Upto 5 Lakhs Penalty
 KYC DOCUMENTS:
1) Photo
2) Id Proof [Name & Photo]
3) Address Proof
4) Age Proof
5) Income Proof (Payslip, ITR)
 CHAPTER 13 Policy Conditions-I
(Before Bond)
 FPR – First Premium Receipt
a) The contract has began
b) The risk has started
 RPR - Renewal premium Receipt
 Policy Document:(It is the evidence of
Insurance contract)
1) Policy document should be attested by
authorized signature.
2) Policy document should be stamped by
Indian Stamp pad
 CHAPTER 13 Policy Conditions-I
(Before Bond)
POLICY DOCUMENT
1.SCHEDULE 2.STANDARD- 3.SPECIFIC
GENERAL PROVISONS
PROVISONS
A) BASIC DETAILS RIGHTS & EX: PREGANCY
PREVILEGE LADY POLICY
B) OMBUDSMAN
STATIONS
 CHAPTER 14 Policy Conditions-II
(After Bond)
1) Grace Period- One month (or) 31 days
If someone dies in grace period, the unpaid
premium will be deducted, remaining sum
assured will be awarded.
REVIVAL
ORDINARY SPECIAL LOAN CUM INSTALLMEN
REVIVAL REVIVAL REVIVAL T REVIVAL
1) REVIVAL WITHIN 3 1) MIN 3 YRS
CHARGES YRS OF PREMIUM TO
POLICY BE PAID
2) 1 OR 2 YRS 2) 80-90%
DECLARATIO PREMIUM SURRENDER
N OF GOOD PAID VALUE OF A
HEALTH POLICIES LOAN
CHAPTER 14 Policy Conditions-II
(After Bond)
3) NON FORFEITURE BENEFITS:
a) Paid up value
b) Surrender value
 Paid up value > surrender value
4) Nomination
INS ACT-1938-Sec 39
a) In a policy, If proposer and insured person
are same, the nominee is included
b) More than one nominee applicable
c) whoever can be nominee
d) Nominee has no rights in the policy (partly
or whole)
CHAPTER 14 Policy Conditions-II
(After Bond)
e) More than one nominee, claim amount will
be provided as jointly.
f) If nominee is minor, appoimntee should be
appointed
g) If appointee is no more, claim will be
provided to legal hire.
 Charges in Nomination done through
endorsement(Additional paper)
 Any changes in the policy document can be
done through the endorsement
 CHAPTER 14 Policy Conditions-II
(After Bond)
5) Assignment:
 [Assigner (Policy holder) ----- assignee(New policy holder)]
 INS Act 1938-- sec38
ASSIGNMENT
CONDITIONAL ABSOLUTE ASSIGNMENT
ASSIGNMENT
EX:LOAN EX: GIFT
If the assignment is made One way
nomination(nominee) will be
cancelled
If the assignment is made in
the insurance company,
nominee will not be cancelled
(two way)
 CHAPTER 15 UNDERWRITING
RISK CLASSIFICATION
STANDARD PREFERRED SUBSTANDA DECLINED
LIVES RISKS RD LIVES LIVES
If the If the If the If the
proposer's risk proposers risk proposers risk proposers risk
is is lower than is just little very higher
corresponding the mortality higher than than the
to mortality table mortality table mortality table
table
Mortality Lower Higher Rejected
premium premium premium
1) Extra
Premium
When Risk is
Permanent
 CHAPTER 15 UNDERWRITING
RISK CLASSIFICATION
STANDARD PREFERRED SUBSTANDA DECLINED
LIVES RISKS RD LIVES LIVES
If the If the If the If the
proposer's risk proposers risk proposers risk proposers risk
is is lower than is just little very higher
corresponding the mortality higher than than the
to mortality table mortality table mortality table
table
Mortality Lower Higher Rejected
premium premium premium
1) Extra
Premium
When Risk is
Permanent
 CHAPTER 15 UNDERWRITING
Process
Underwriting Level
Field (OR) Primary Department (OR) Secondary Level
Level
Agent Underwriter

Underwriting Decisions

Numerical Method Judgement Method

Based on Negative EX: Diabetic patient

factors policy
 CHAPTER 16 CLAIMS
CLAIMS
SURVIVAL DEATH CLAIMS
CLAIMS
1. Maturity benefit Early Death Non Early Death
2. Loan 1. Within 3 Yrs of 1. After 3 Yrs of
death policy
3. Bonus 2. Sec 45
4. Rider Benefits Applicable
5. Surrender
6. Paided Values
7. Money back 3.Premium holded
Policy- Survival by company
benefit
 CHAPTER 16 CLAIMS
2) Death in Accident:
For additional Medical Report
''INQUEST REPORT'' .
3) Death in Hospital- Discharge Summary
Normal Death: Physician certification is
enough
 Presumption of death: (Missing person)
7 years- Indian Evidence act- Rule no 72
 CHAPTER 16 IRDA Guidelines
Claim
 1) Additional Documents-15 Days
 2) From the documents received claim
settlement time- 30days
 3) Investigation – 6 Months
 4) Delayed Claims:
a) Company-bank Interest rate+2%
b) Claimant- bank Interest rate.
CHAPTER 17-21 HEALTH INSURANCE
 Morbidity rate- Disease-Health Insurance
 Mortality rate- Death- Life Insurance
1) Inpatient
2) Outpatient
3) Day Care Centre- Less than 24 hours
treatment
4) TPA – Third Party Administrator
Service provider for health(Behalf of
Insurance company to the policy holder &
hospitals)
 CHAPTER 17-21 HEALTH INSURANCE
 4) TPA – Third Party Administrator
Service provider for health(Behalf of
Insurance company to the policy holder &
hospitals)
Licensed by IRDAI
 5) PPN - Preferred Provider Network
HEALTH INSURANCE CLAIMS
CASHLESS REIMBURSEMENT
NETWORK HOSPITALS NON NETWORK HOSPITAL
& MEDICLAIM& Critical Illness
Fixed Payout
 CHAPTER 17-21 HEALTH
INSURANCE
 7) Domiciliary hospitalization
Minimum 3 days treatment from home.
a) Patients critical condition of health
b) bed facility is unavailable in hospital
 8) Hospital: Population < 10L= 10 beds
Population > 10L = 15 beds
 9) Types of health Insurance:
a) Individual health Plan(self)
b) Family Floater health Plan(Self,
Spouse,Child,Parent, Parent in Law)
c) Group health Insurance (Organization)
CHAPTER 17-21 HEALTH INSURANCE
 Pre exit – waiting period- (1-4) Years
 No claim Bonus- 30 days Revival.
 Renewal time- 15 days
 Types of Health Care:
a) Primary Health care- Anganwadi(PHC)
b) Secondary Health care (GH Hospital)
c) terriorty health Care- Metro city GH
 CHAPTER 17-21 HEALTH INSURANCE
TYPES OF HEALTH INSURANCE PLANS
INDEMNITY FIXED PAYOUT CRITICAL ILLNESS POLIC
HEALTH PLAN POLICY
ACTUAL LOSSES 1) NO OF DAYS CERTAIN NO OF CRITICAL ILL
HOSIPITALISED X SUM ASSURED
FIXED PAYOUT

1) MEDICLAIM- 2) IN CASE OF ICU 2 BENEFIT 100% SA

COMMERICIAL TIMES X FIXED
HEALTH INSURANCE- PAYOUT
1986
INTRODUCED BY GOI 3) POST
HOSPITALIZATION
BENEFIT=60DAYS, PRE
HOSPITALIZATION
BENEFIT= 30 DAYS
 CHAPTER 17-21 HEALTH INSURANCE
GROUP INSURANCE
ESI-1948 CGH
EMPLOYEE STATE CENTRAL GOVERNMENT
INSURANCE CORPORATION HEALTH SCHEME
BLUE COLLAR WORKERS WHITE COLOUR JOB
SALARY:22000 CONTRIBUTION
CONTRIBUTION: MIN 15-150RS MONTHLY
EMPLOYEE-1.75%
EMPLOYER-4.75%
STATE GOVERNMENT
PROVIDED MEDICAL
EXPENSES-12.5%
 LAW AND YEAR
SECTION 27 INVESTMENT PROCESS
SECTION 54 VOLUNDARY WINDUP
SECTION 113 GUARANTEED
SURRENDER
SECTION 80D HEALTH INSURANCE
SECTION 10D INSURANCE
RETURNS(MATURITY,
DEATH)
SECTION 39-1938 NOMINATION
SECTION 45-1938 INDISPUTABILITY CLAUSE
MW PACT 1874(6) MARRIED WOMEN POLICY
MW PACT 1876(6) MARRIED MEN POLICY
 PM HEALTH INSURANCE
SCHEMES
JAN AROGYABIMA POLICY 70 YRS, 5000 RS

UNIVERSAL HEALTH ACCIDENT,DISABILITY,100

INSURANCE FAMILIES OR INDIVIDUAL
SCHEME(UHIS)
RASHTRIYA SWASTHYA 30000RS
BIMA YOJANA(RSBY)
PRADHAN 200000RS
MANTRISURAKSHABIMA
YOJANA(PMSBY)
PRADHAN MANTRI JAN LIFE INSURANCE-30000
ACCIDENTAL INSURANCE-
DHAN YOJANA(RMJDY) 100000RS