Page 156 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Unit 8: Life Insurance

S/390, AS/400 (iSeries) and NetFinity, in addition to using a broad variety of IBM Notes
middleware technologies. Clients benefit from this alliance by virtue of CSC having early
access to IBM’s technologies and the subsequent ability to leverage these unique
technologies into insurance applications by CSC.

It is no surprise that more than five of the top private life Insurance companies in India
like ICICI Prudential, Tata AIG, ING Vysya, AMP Sanmar, IFFCO Tokio, etc. now run on
IBM eServer iSeries. This makes iSeries the most preferred platform, in the Insurance
Services Sector in India.
Details

Application CSC application for insurance
O.S. i5
Platform S/390, AS/400 (iSeries)
Netfinity (xSeries)
The result - Life made easy
The benefits of server consolidation include - low total cost of ownership, increased
availability, better manageability, enhanced scalability and freedom from redundancy.
The robust and secure IT infrastructure deployed by IBM enables Sahara to cut down the
go-to-market time substantially and offer new customised products that they are planning
to launch into their market soon.
Questions
1. What difficulty Sahara India Life Insurance was facing in serving the customers?

2. Discuss the benefits of solution provided by IBM.
8.7 Summary

Life insurance is protection against financial loss resulting from insured Individual’s
death.

The elements of life insurance are risk coverage and savings for future.
Usually people look at investment in life Insurance as risk cover/investment, combination
of both the above, adequately long term, safe investment, moderate yield and tax savings.

A life insurance contract is an aleatory contract. It is based on the possibility of a chance
occurrence and, in all likelihood, one side will benefit more than the other.

The two concepts, term insurance and pure endowment are the basic elements of every life
insurance product. By combining these two elements in different proportions different
products of life insurance are developed, and the proportion of these two elements in the
mixture depends on the different needs of individuals.
Micro insurance is a term increasingly used to insurance characterized by low premium
and low caps/coverage.
Annuity literally means ‘an annual payment’, but can be described as periodical payments
depending on the status, time or life.

The annuity is beneficial to those who do not want to leave amount for others but to use
their money during their lifetime.

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