Life Insurance Ulip

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CONTENTS

Sr.No.Particulars
Page No.
1.Introduction
1.
2.Types Of Insurance
2.
3.LIC4.

4.ULIP
5.
5.Buying ULIP--- An Important Note
20.
6.Types Of ULIP Plans
21.
7.How It Differ From Mutual Funds
23.
8.Systematic Planning Of ULIP
24.
9.5 Points To Selecting A ULIP
30.
10.Case Study
34.
11.Is Investment In ULIP A Risky Option
40.
12.Important News
43.
13.
Six Points To Note After Selecting A ULIPs44.
14.
Prominent Companies In ULIP48.
15.
Future Of ULIP49.
16.
Bibliography50.

Introduction to Insurance
What is insurance –
The business of insurance is related to the economic value of the assets. Every asset has a value. The asset would have been created through the efforts of the owner. Every asset is expected to last for a certain period of time during which it will perform. After that benefit will not be available. None of them will last forever. The owner of is aware of this and so he can manage the affairs and ensure by the end, the substitute is available. Thus he makes sure value or income is not lost. However the asset may get lost earlier. An accident or some unfortunate event may destroy it or make it non-functional. In that case the owner and those deriving benefits there from, would be deprived from the benefit and the planned substitute would not have been ready. This is an adverse or an unpleasant situation. Insurance is a mechanism to reduce such situation.

Brief History of Insurance
The business of insurance started with marine business. Traders used to gather at Lloyd` s coffee house in London agreed to share their losses to goods while being carried by ships. The losses used to occur by pirates who robbed on the high seas or because of spoiling the goods or sinking the ship. The first insurance policy was introduced in 1583 in England. In India the, insurance begin in 1870 with life insurance being transacted by English company, The European and the Albert. The first Indian insurance company was Bombay Mutual Assurance Society Ltd., formed in 1870. This was followed by Oriental Life Assurance Co. in 1874, The Bharat in 1896 and The Empire of India in 1897. Later the Hindustan cooperative was formed in Calcutta, the United India in madras, the Bombay life in Mumbai, the National in Calcutta, the New India in Mumbai, the Jupiter in Mumbai and Lakshmi in New Delhi. By the year 1956, when the life insurance was nationalized and the Life Insurance Corporation was formed. Types Of Insurance

Insurance Are Of Various Types-
Some of Them Are –
1- Business Insurance
2- Dental Insurance
3- Deposit Insurance
4- Earthquake Insurance
5- Flood Insurance
6- General Insurance
7- Group Insurance
8- Health Insurance
9- Home Insurance
10-Keyman Insurance
11-Life Insurance
12-Loan Protection Insurance
13-Marine Insurance
14-Parametric Insurance
15-Perpetual Insurance
16-Pension Term Assurance
17-Pet Insurance
18-Protection And Indemnity Insurance
19-Return Of Premium Life Insurance
20-Reinsurance
21-Safe Funded Health Care
22-Term Life Insurance
23-Terrorism Insurance
24-Title Insurance
25-Trade Credit Insurance
26-Travel Insurance
27-Universal Life Insurance
28-Vehicle Insurance
29- Vision Insurance
30-Wage Insurance
31-Whole Life Insurance
32-Workers Compensation Insurance

Life insurance

As the business of ULIP is linked to life insurance I would like to brief about a bit of life insurance. A human being is an income generating asset. One` s manual labour, professional skills and business acumen are the assets. This asset can also be lost through early death, or through sickness or disabilities caused by accidents. Accidents may or may not happen. Death will happen but the timing is uncertain. If it happens at the time of one` s retirement, when it could be expected that the income of the person would normally cease, the person...
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