RISK MANAGEMENT AND

INSURANCE
TERM PAPER

Presented by,
Kavya S

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 INSURANCE

Insurance is a means
of protection from
financial lots. It is a
form of risk
management
primarily used to
hedge against the risk
of certain loss

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OVERVIEW OF INSURANCE INDUSTRY

• The insurance industry of India consists

of 57 insurance companies of which 24
are in life insurance business and 33 are
non- insurers.
• Among the life insurers LIC is the sole
public sector company.
• In non life insurers there are six public
sector insurers.
• Other stake holder in Indian insurance
market includes brokers, surveyors, and
third party administrator servicing health
insurance claims.
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 CLASSIFICATION OF INSURANCE INDUSTRY

INSURANCE

Standard Direct Domestic

Excess lines Alien
lines sellers

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KOTAK LIFE
INSURANCE

Presented by,
Kavya S

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ABOUT THE COMPANY

• Kotak Mahindra life insurance

company limited is a private life
insurance company in India.
• The company was founded in 2001.
• It caters to 15 million customers with
232 branches in around 167 cities
and town with 99,275 agents.
• The company offers various offers
like protection plans, investment
plans, child plans and retirement
plans.
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 HISTORY
• Kotak Mahindra group was founded
in 1985 as a provider of financial
services.
• In February 2003, Kotak Mahindra
finance ltd, the group’s flagship
company, received banking license
from reserve bank of India to
conduct banking operations in the
country and was renamed as Kotak
Mahindra bank

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PRODUCT AND SERVICES
• Kotak Mahindra
insurance’s products
include term plans,
savings, children,
retirement and
investment plans.
• The company
currently has 32
products including 9
group products, 10
ULIPs and 18 rider
options
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 KOTAK MAHINDRA INSURANCE PRODUT
PORTFOLIO
The life insurance plans provide a pure risk cover
plan that helps you with high level of protection at
nominal costs

1) KOTAK PREFERRED E – TERM PLAN

• The premium paid under this scheme can either be
paid for entire duration of plan or one lump sum
amount on commencement of plan.

• Under this scheme the company offers preferential

scheme for non- smokers and women lives

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 KOTAK GRAMIN BIMA YOJANA

• The Kotak Gramin Bima

Yojana is a life insurance
plan meant especially for
the rural populace.
• This is an affordable that
is available in a single
premium mode and
offers both death and
maturity benefits.
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 BENEFITS

• The nominee gets a minimum maximum

sum of 500% of the Entry age 18 years 45 years
single premium paid
Maturity 60 years
on death age
• On maturity, the Policy term 15 15
in years
policyholder gets
200% of single Premium Single play Single pay
paying
premium paid term in
years
Sum 7500 1,00,000
assured on
death

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KOTAK LIFE INSURANCE PENSION
PLANS

KOTAK E – LIFE
TERM INCOME
KOTAK LIFE
TIME INCOME

• Fixed pay
• Continuos for • Immediate
lifetime upto the annuity plan
death • Single premium
• Ensures life
independance
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 KOTAK CHILD PLANS

• Entry Age - 18Years

• Max age of Maturity is
70 years
Kotak Headstart • Policy Term- 25 years
Child Assure is a • Regular Premium-Min:
unit-linked dual Rs. 20,000 p.a.
benefits plan to • Premium paying policy
help secure – yearly or half yearly.
child's future
financial needs.

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KOTAK SARAL SURAKSHA PLAN

Kotak Life Saral Suraksha is one of

the simplest pure Term Plans where
the nominee would get the Sum
Assured as death benefit if the life
insured dies within the policy tenure.

Hence there is no maturity or

survival benefit in this case. Premium
can be paid one time or over 5 years
but benefit remains for 5 years or 10
years as chosen.

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KEY FEATURES OF KOTAK SARAL SURAKSHA

• It is a pure Term Insurance Policy with

Death Benefit only and no Maturity
Benefit
• No Medical Tests would be required for
this plan
• It has minimum documentation
requirement.
• Surrender Benefit is available to Single
Premium Policies only

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 KOTAK PLATINUM PLAN

• Kotak Platinum Unit Linked Insurance Plan is a

simple Unit Linked Insurance Plan or ULIP.
Thus, it is a Non-Traditional Insurance Plan
without Bonus facility.

• In this plan, premium needs to be paid for the

entire policy tenure under Regular Payment
Option or for a limited period for Limited
Payment Option.

• If the Life Insured dies within the policy tenure,

higher of the Sum Assured or the Fund Value is
paid to the nominee as Death Benefit.
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BENEFITS YOU GET FROM KOTAK
PLATINUM INSURANCE POLICY

Death Benefit – In case of death of the Life Insured

within the Policy Tenure, the nominee gets the
higher of the Sum Assured and the Fund Value.

Maturity Benefit – When the policy matures, the

Fund Value, inclusive of all Loyalty Additions, is
paid to the policyholder as Maturity Benefit.

Income Tax Benefit - Life Insurance premiums

paid up to Rs. 1,50,000 are allowed as a deduction
from the taxable income each year under section
80C.

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KOTAK WEALTH INSURANCE PLAN

• Kotak Wealth
Insurance Plan is a unit
linked insurance plan
(ULIP) such that if the
Life Insured dies within
the policy tenure, the
nominee would receive
Triple Death Benefit.
• The nominee would
receive Sum Assured,
Fund Value and Lump
Sum Benefit of all
future premiums paid.
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 Riders – There are 3 riders available in
this policy

1. Kotak Accidental Disability

Guardian Benefit (ADGB)

2. Kotak Critical Illness Benefit

(CIB)

3. Kotak Accidental Death

Benefit (ADB)

SAMPLE ILLUSTRATION OF PREMIUM AMOUNT IN KOTAK

WEALTH INSURANCE PLAN

Age = 35 years
Premium = Rs.50,000
Sum Assured = Rs 12,50,000
Policy Term = 20 yrs
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KOTAK CRITICAL ILLNESS BENEFIT RIDER

critical illnesses are always associated

with an increased cost of treatment along
with a long and expensive recovery
process.

A basic health insurance policy may not

be sufficient to cover all medical costs,
especially in case of critical illness or
accident which require a long term
treatment.

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CRITICAL ILLNESS THAT ARE COVERED

cancer

kidney failure

major burns

brain surgery

Blindness

Goodpasture’s Syndrome

Open heart replacement

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GROWTH OF THE COMPANY
• As per march 2019, market share of Kotak
life insurance increased by 1.6%.
• The company garnered a total premium of
Rs.8132 crore.
• The company has net worth of Rs. Multi
thousand crores and assets under
management of Rs.25,936 crore as on 31
march 2019.

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REVIEW OF INSURANCE BUSINESS IN INDIA

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TOP INSURANCE COMPANIES IN INDIA

1. Life Insurance Corporation of India

(LIC)
2. ICICI Prudential Life Insurance
3. SBI Life Insurance
4. HDFC Standard Life Insurance
5. Max Life Insurance
6. Bajaj Allianz Life Insurance
7. Birla Sun Life Insurance
8. Tata AIA Life Insurance
9. Reliance Nippon Life Insurance
10. PNB Metlife India Insurance
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WORLD'S TOP 10 INSURANCE COMPANIES

• AIA Group Ltd

• AIG
• Allianz SE
• AXA
• Berkshire Hathaway
• China Life Insurance
• ING Group
• Ping An of China
• MetLife
• United Health Goup
• The Bottom Line
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EMERGING TRENDS IN GENERAL INSURANCE

• Artificial intelligence, advance

analytics and big data are
empowering providers with
diagnostic descriptive, prescriptive,
models.

• This enables to access customers on

multiple parameters, automate
processes such as complex writing,
fraudulent high risk claims detection.

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Thank you

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