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Mahesh Kumar Sarva, Lovely Professional University Unit 8: Life Insurance

Unit 8: Life Insurance Notes

CONTENTS
Objectives
Introduction

8.1 Meaning and Definition of Life Insurance
8.2 Life Insurance is a Scientific Concept
8.3 Classification of Policies Prevailing in Market

8.3.1 Basic Plans of Life Insurance
8.3.2 Children Policies
8.3.3 Postal Life Insurance
8.3.4 Retirement Provision
8.3.5 Group Insurance

8.3.6 Non-traditional Products
8.3.7 Other Insurance Products in India
8.3.8 Plans Offered in the Current Market in India

8.4 Annuity
8.4.1 Need of Annuity Contracts
8.4.2 Difference between Annuity Contract and Life Insurance Policies
8.5 Mortality Tables
8.5.1 The Measurement of Mortality - Mortality Tables

8.5.2 Sources of Mortality Tables
8.5.3 Description of a Mortality Table
8.5.4 Application of the Theory of Probabilities to the Mortality Table

8.6 Role of LIC
8.6.1 Objectives of LIC
8.7 Summary
8.8 Keywords
8.9 Review Questions

8.10 Further Readings

Objectives

After studying this unit, you will be able to:

Explain the meaning of life insurance
Discuss if life insurance is a scientific concept

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