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Study of Customer Response and Current Market Scenario: ULIP

Rs. 500.00

Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another.
Insurance is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond the human control. Secondly insured person should not make any gains out of insurance.

It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating assets. Unlike the physical assets, which decrease in value with passage of time, the individual becomes more experienced and more matured as he advances in age. This raises his earning capacity and the purpose of life insurance is to protect the income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of savings in certain cases.

How insurance works?
Suppose there are 1000 persons all aged 35 years and healthy lives. They are insured for one year against the risk of death. Each person is insured for Rs. 50,000. If the past experience indicated that 4 out of 1000 persons, at this age are expected to die during the year, expected amount of death claim to be paid to the family of four persons would come to Rs. 2,00,000. The contribution to be paid by each of the 1000 persons will come to Rs. 200 per year. Thus, all the 1000 persons share loss caused to the 4 unfortunate families. 996 persons who survived till one year have not lost anything as they secured peace of mind and a feeling of security of their family.
While insurance cannot prevent accidents or premature death, it can help protect the family of the decreased against the loss of income caused by the death of the main breadwinner. In return for specified payments, insurance will provide protection against the incidence of an uncertain event- such as premature death. The business of insurance company called insurer is to bring together persons who are exposed to similar risks, collect contribution (premium) from them on some equitable basis and pay the losses (claims) to the unfortunate few who suffer.

Number of Pages of Project Report:106
Package Includes: Project Report
Project Format: Document (.doc)

Table of Contents of Project Report:
1. Executive Summary
2. Objectives
3. Theoritical Overview
- Introduction - Basics Of Insurance
- Need Of Life Of Insurance
- Roles Of Insurance
- Types Of Life Insurance
4. Findings General
- History Of Insurance
- Present Status Of Insurance Industry
- Role Of Irda
- Why Private Insurance
- Health Awareness And Growth Of Life Insurance
- Challenges Before Insurance Industry
- Icici Prudential Intro
- Meaning Of Unit Linked Insurance Plans
- Features Of Unit Linked Insurance Plans
- Product Profile Of Icici Prudential
- Swot Analysis Of Icici Prudential
- Comparative Study
- Tax Planning Solutions Available In The Market
- Asset Allocation
- Market Interface

5. Findings
6. Limitations
7. Recommendations
8. Conclusions
9. Bibliography
10. Annexure

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