Awareness About Life Insurance & General Insurance

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INTRODUCTION

1.1 IMPORTANCE
The process of insurance has been evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. The insurance principle comes to be more and more used and useful in modern affairs. Not only does it serve the ends of individuals, or of special groups of individuals, it tends to pervade and to transform our modern social order, too. The insurance provides safety and security against the loss on a particular event. In case of life insurance payment is made when death occurs or the term of insurance is expired. The loss to the family at a premature death and payment in old age are adequately provided by insurance. In other words, security against premature death and old age sufferings are provided by life insurance. Similarly, the property of insured is secured against loss on a fire in fire insurance. In other insurance, too, this security is provided against the loss at fire, against the loss at damage, destruction or disappearance of property, goods, furniture and machines, etc. The security wish is the prime motivating factor. This is the wish which tends to stimulate to more work, if this wish is unsatisfied, it will create a tension which manifests itself to the individual in the form of an unpleasant reaction causing reduction in work. The security banishes fear and uncertainty, fire, windstorm, automobile accident, damage and death are almost beyond the control of human agency and in occurrence of any of these events may frustrate or weaken the human mind. By means of insurance, however, much of the uncertainty that may be eliminated and individual feel secure about future. The elements of protection and investment are present only in case of life insurance. In property insurance, only protection element exists. In most of the life policies elements of saving predominates. These policies combine the programs of insurance and savings. The saving with insurance has certain extra advantages such as systematic saving is possible because regular premiums are required to be compulsorily paid. Individuals unwilling or unable to handle their own funds have been pleased to find an outlet for their investment in life insurance policies. Endowment policies, multipurpose policies, deferred annuities are certain better form of investment. The elements of investment i.e. regular saving, capital formation, and return of the capital along with certain additional return are perfectly observed in life insurance. 1.2 OBJECTIVES

1.2.1: To study the awareness of Life insurance.
1.2.2: To study the awareness of General insurance.
1.2.3: To identify the criteria followed by common people to select a insurance company. 1.3 SCOPE:
1.3.1: The internship was conducted at Times Financial Services. 1.3.2: The project is based on Insurance awareness among people. 1.4 DATA COLLECTION:
1.4.1: Primary data in the form of questionnaire.
1.4.2: Data is also taken from website.
1.5 LIMITATION:
1.5.1: The study is limited only to Pune.
1.5.2: Sample size is small.
1.6 CHAPTER SCHEME
1.6.1: Introduction
1.6.2: Review of Literature
1.6.3: Analysis and Interpretations
1.6.4: Finding and Suggestion

REVIEW OF
LITERATURE

2.1 Overview of Insurance
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Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the...
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