1yes of lnsurunce !"#$ "&'()*&+$ ls u contruct between un lnsurer und ollcyholder seclfylng u sum to be uld to u benefclury uon the lnsured's deuth 1he +,&-)*+- ls u ollcy whlch stutes the umount to be uld to the benefclury uon the lnsured erson's deuth Llfe lnsurunceA .$&$/+"*)0 ls the recllent of uny ollcy roceeds lf the lnsured erson dles A 1$2$&1$&- ls u erson who relles on someone else fnunclullyLlfe lnsurunce vhole llfe ollcy Lndowment ollcy Money buck ollcy Annultyjenslon ollcy Unlt llnked ollcles 'eevun suuthl ollcyjjolnt llfe ollcy Llfe lnsurunce Murlne (erlls of seu, dumuges to shl, curgo & ussengers) llreAutomobllePersonul uccldent (Rlsk to llfe or dlsublllty due to uccldent) MedlculjEeulth (slckness & hosltullsutlon, yeurly ollcy) CrojCuttle (loss due to nuturul culumltles, ests, deuth of cuttle) lldellty guuruntee (loss due to emloyees dlshonesty) 8urglury Cenerul lnsurunce voyuge ollcy: lor un entlre voyuge lrresectlve of tlme tuken 1lme ollcy: Comensutlon only lf loss occurs durlng suld tlme frume Mlxed ollcy: voyuge cum tlme ollcy vulued ollcy: : Amount uyuble ls fxed whlle tuklng ollcy. lrresectlve of uctuul umount of loss, the vulue wlll be uld 1yes of murlne lnsurunce Unvuluedjoen ollcy: Loss exumlned und comensutlon uld uccordlngly 8lunket ollcy: Amount ls fxed whlle tuklng ollcy und entlre remlum ls uld ut the sturt lloutlng ollcyjCen cover ollcy: lor ull shls on ull journeys Seclfc ollcy: lnsurunce of u seclfc umount whlch ls less thun the vulue of roerty, underlnsurunce Comrehenslve ollcy: Also covers rlsks llke theft, thlrd urty rlsk und loss whlle buslness ls closed down due to fre vulued ollcy: Amount uyuble ls fxed whlle tuklng ollcy. lrresectlve of uctuul umount of loss, the vulue wlll be uld lloutlng ollcy: Proerty ut dlerent luces, eg. Coods ln dlerent wurehouses 1yes of fre lnsurunce Provlde llfe lnsurunce ut reusonuble cost lnvest urorlutely to dlstrlbute hlgh returns to ollcy holders Muke chunges ln soclul und economlc envlronment of the country LlCCbjectlves Long term lnvestments of remlums collected Underwrltlng of securltles Clvlng louns - lndustrlul, ugrlculturul, houslng und to government Purchuse of debentures und bonds to fnuncebunks llke lL8l und lClCl Soclul orlentutlon Servlces by LlC LlC lnvested more thun ,6c crores, ln lnfrustructure sector ls Rs.6,6 crores ln soclully orlented sector llke wuter, drulnuge & houslng etc, LlC hus lnvested Rs.,6 crores durlng zcc,c8 1otul lnvestment ln thls sector ls Rs.z,z crores 1otul lnvestment ln Nutlon 8ulldlng Actlvltles ls ,,6,ccc Crs. 8lrlu Sun llfe lnsurunce Comuny Llmlted 8ujuj Alllunz Cenerul lnsurunce 8hurtl AA Cenerul lnsurunce luture Cenerull lndlu lnsurunce lClCl Lomburd Royul Sundurum Aegon Rellgure 1utu AlC Cenerul lnsurunce Aollo Munlch Eeulth lnsurunce Mux 8uu Eeulth lnsurunce Rellgure Eeulth lnsurunce Comuny Ltd Prlvute luyers Llerence between llfe lnsurunce und generul lnsurunce Pre lndeendence, locul resldents were churged u dlerentlul remlum ln 6, llfe lnsurunce comunles were nutlonullsed und consollduted lnto LlC 1he SLR wus hlgh ut 6 ut thut tlme LlC wus unuble to reduce the remlums und hence lncreuse urtlclutlon Luld buck uttltude of LlC durlng monooly uto Reusons for slow growth of lnsurunce ln lndlu Lurlng monooly, LlC dld not develo udequute roducts for chunglng needs 1lll 8c, lurge oulutlon llved below overty llne und dld not fnd lnvestment ln lnsurunce uttructlve Lue to hlgh lnfutlon, turgeted sum ussured lost lts urchuslng ower Post rlvutlsutlon, the sector ls growlng slowly but surely lLl ermlt ln lnsurunce sector lncreused from z6 to ln 'uly zc, ls un encouruglng ste 8uncussurunce 8uncussurunce, l.e., bunc ussurunce, refers to bunks selllnglnsurunce roducts 8uncussurunce term frst ueured ln lrunce ln 8c 8unks ure belng used us un eectlve ulternute chunnel to dlstrlbute lnsurunce roducts elther us 'stundulone lnsurunce roducts' or 'uddons to the bunk roducts' 1he concet 1he strutegy of buncussurunce hus been hlghly successful ln Luroe lrunce und Portugul ure most successful ln buncussurunce whereln us much us ,c of the lnsurunce roducts ure sold through the bunklng chunnel ulone ln Suln, ubout of the lnsurunce roducts ure sold through the bunks 8unklng servlces huve suturuted 8uncussurunce hels dlverslfy the bunk's uctlvlty Eels to retuln customer loyulty lncreused revenue, but no lssue of lncreuse NPAs Eels lnsurunce frms wlth uddltlonul dlstrlbutlon chunnel ut lower cost ProsSome lnsurunce roducts resembled term deoslt oerlngs of bunk - ercelved us u threut by bunklng sector (cometltlon) Reslstunce from lnsurunce ugentsjbrokers due to urehenslon of loss of buslness lnltlul slow growth z8 scheduled bunks, of whlch 88 were commerclul bunks und 6 were Reglonul Rurul 8unks (RR8s) 1,c,z bunk omces ,c of the brunches ln rurul und seml urbun ureusc ure ln urbun und metroolltun ureus. 1he oulutlon served by u bunk brunch = 6ccc A survey conducted by llCCl reveuled thut er cent of the resondents huve referred bunks selllng lnsurunce roducts Scoe ln lndlu? Referrul model - Cnly references shured, lesser commlsslon Cororute ugency - bunk stu trulned to sell lnsurunce, hlgher commlsslons, bunk goodwlll ut stuke 'olnt ventures - counters selllng lnsurunce wlthln the bunk, bunk hus stukes ln lnsurunce buslness L.g. lClCl 1yes