26-07-2012, 04:36 PM
emerging trends in insurance
![Microsoft Word Document .doc](https://seminarproject.net/images/attachtypes/doc.gif)
Objective
The project was conducted after taking into consideration the changing face of the life insurance sector. The objective for conducting this project was
• To understand the life insurance sector in India.
• To learn about LIC & ICICI prudential.
• To know the scope of life insurance in India.
To realize the masses how carrier can be developed generating huge income from insurance
Scope
The project gives brief description of the following -
• What is insurance?
• Effect of liberalization
• Trends in insurance sector
• Impact of budget on insurance sector
• Product offered by LIC & ICICI Prudential
• Impact of financial crisis on LIC
Limitation
• Life Insurance is a vast subject. It is not possible to provide information regarding all the different types of policies which provides different benefits. The project would have been much better if the comprehensive study of all the different types of policy provided by different companies is undertaken.
Insurance Indemnifies Assets & Income
Every Asset has a value and generates Income to its Owner. There is a normally expected Life-time for the Asset during which time it is expected to perform. If the Asset gets lost earlier, being destroyed or made Non-functional through an Accident or other unfortunate event the Owner is Prejudiced. Insurance helps to reduce CONSEQUENCES of such Adverse Circumstances which are called Risks
Insurance is the science of spreading of the risk
It is the system of spreading the losses of an Individual over a group of Individuals
Insurance is a Method of sharing of financial losses
of a few from a common fund formed out of Contribution of the many who are equally exposed to the same loss
What is uncertainty for an Individual becomes a certainty for a Group. This is the basis of All Insurance Operations. Thus insurance convert uncertainties to certainty