Comparison between Life and General Insurance Products NUR ATHIRAH BINTI ROSLI (08DPI20F2001) YUVAMALAR A/P PARANJOTHI (08DPI20F2006) IRDINA ADRIANA BINTI ROZI-AI (08DPI20F2007) FARISYA BINTI GAHDZALI (08DPI20F2008) NURIN DARWISYAH BINTI SARAZIM (08DPI20F2017) Group 3:
Prepare all insurance products that shared from the panel in seminar talk programme. Ascertain all product detail in term of features and scope of coverage. Differentiate TWO (2) characteristics of life assurance and general insurance. Examine claim documents and procedures required by life and general insurance policies. 3 5 7 8 Contents
Types of life insurance: Life Insurance Life insurance is a contract between a life insurance company and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid by the policyholder during their lifetime. To ensure that your immediate family has cash and income after your demise so that they can easily pay bills, taxes and other obligations. To ensure that you immediate family members are able to maintain their standard of living upon your demise. For your children to have money for education. For you to have a savings plan for the future so that when you retire, you have a constant source of income. You can claim tax relief on the premiums that you pay, subject to certain terms and conditions. You may want to buy a life insurance policy for the following reasons: The important of life insurance: What is life insurance? Term insurance Whole life insurance Endowment insurance Life annuity insurance Investment-linked insurance
Types of general insurance: General Insurance General insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident. General insurance should be your priority as your assets may get damaged due to an accident or theft. Let’s understand its importance with an example: Mr. ABC has got a new car, and he is slated to hit the roads. But while driving, his car suddenly gets hit by the other vehicle trying to overtake. This dislocates the left mirror of his car. Mr. ABC is stress-free as he has motor insurance, which will provide financial cover for the damages and he doesn’t have to pay for the damages. This shows how general insurance can help to eliminate the dent in your pocket by providing cover for tangible assets. What is general insurance? Fire insurance Motor insurance Marine insurance Liability insurance Others insurance
Features Whole Life Term Life Affordability -Highly premiums especially policies with limited payment term as it is front loaded -Cheap premiums -The shorter thr term of coverage,the lower the premium -Premiums will increase after term expired Payment term -Limited payment term of 10/15/25 years or -Till age 65/75/85 -Same as coverage term -Policy will lapse if premiums are not paid Term of coverage -Whole pf life -Depends on term chose -Most term plans cover till age 65,75 or 99 Flexibility -Automatic Premium Loan to prevent policy lapse -Policy loan available -Can be used for retirement funding when protection needs is no longer requirred -Able to choose coverage term to meet specific needs like mortgage loans -Some he option to renew when term ends cash value -Guaranteed + projected nonguaranteed at 3.25% and 4.75% investment returns -No cash returns -Some have option to get back total premiums paid without interset when term ends Life insurance & General insurance features and coverage LIFE INSURANCE
Features and Coverage; GENERAL INSURANCE Fire Insurance Motor Insurance Marine Insurance Liability Insurance
GENERAL INSURANCE CHARACTERISTICS LIFE ASSURANCE SHORT TERM CONTRACT TERM OF CONTRACT LONG TERM CONTRACT The amount payable under life insurance is confined to the actual loss suffered. POLICY VALUE It can be done for any value based on the premium policy. DIFFERENTIATE 2 CHARACTERISTICS OF LIFE ASSURANCE AND GENERAL INSURANCE
• DULY FILLED IN AND SIGNED CLAIM FORM • ORIGINAL POLICY CERTIFICATE • DEATH CERTIFICATE ISSUED BY THE LOCAL AUTHORITY • FIR • POST-MORTEM REPORTS • HOSPITAL DISCHARGE SUMMARY • KYC DOCUMENTS (LIKE A COPY OF PHOTO ID AND ADDRESS PROOF) OF A BENEFICIARY • COPY OF CANCELLED CHEQUE AND BANK STATEMENT LIFE INSURANCE Examine claim documents and procedures required by life and general insurance policies. DOCUMENTS THAT ARE REQUIRED
DULY FILLED AND SIGNED CLAIM FORM TAX RECEIPT COPY OF THE INSURANCE POLICY COPY THE VEHICLE’S REGISTRATION CERTIFICATE (RC) LICENSE COPY OF THE DRIVER DRIVING THE VEHICLE AT THE TIME OF THE ACCIDENT COPY OF THE FIR/POLICE PANCHANAMA REGISTERED AN ESTIMATE OF THE VEHICLE REPAIR COST REPAIR BILLS AND PAYMENT RECEIPTS (ORIGINAL) VEHICLE INSPECTION ADDRESS DETAILS GENERAL INSURANCE Examine claim documents and procedures required by life and general insurance policies. DOCUMENTS THAT ARE REQUIRED FOR MOTOR INSURANCE