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Insurance appears in ancient time also in two ways Non monetary economies Modern monetary economies In India, Modern Life Insurance as an actuarial concept, was introduced in 1818 when Oriental Life Insurance Company began its operations in India.
INTRODUCTION
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person.
Parties to contract There are three parties involved : Policy holder - . The policy owner is the guarantor and he will be the person to pay for the policy. Insured Person - The insured is a participant in the contract, but not necessarily a party to it. Beneficiary - The beneficiary receives policy proceeds upon the insured person's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy.
Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. If the insured's death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim. suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time.
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Suspicious Death
Suicide Case
Most individual insurance agents are poorly trained. Further their reach is limited. The bank can help the insurance company reach the norms of rural and social sector businesses fairly quickly. Customer-focused approach. Good platform for selling the products.
The bank will earn in terms of commissions as well as introductory fee. The bank can cross-sell banking services to the insurance clientele and vice-versa. Retention of existing customers. The bank will also be able to make effective use of some of their surplus staff for insurance activities.
PNBMETLIFE
Punjab National Bank has entered into a strategic alliance with MetLife India Insurance, headquartered in Bangalore and Gurgaon, which has operated in India since 2001 and is an affiliate of MetLife. The new entity, PnbMetlfe markets insurance products through PNB's branches. Through this alliance, MetLife, which is one of the world's largest Insurance companies retails its products through 5600 branches of PNB and has got a much needed brand recognition in smaller towns of India.
Term Insurance
Group
Whole life insurance includes both a death benefit (term insurance) and a savings component that
Builds a tax sheltered cash value amount for the future for the owner of the policy. Generates periodic cash flow payments over the life of the policy for the insurance company to reinvest. Pays fixed death benefit at death.
Group plans
Employees of a corporation offered life insurance or life insurance purchased on life of employee Cash value or term insurance Low cost (term) because of its high volume Can cover group members and dependents
Pure Risk of Life Insurance Policies Pension Commitments and Annuities Contracts
Financial Risk includes Interest Rate Risk Credit Risk Market Risk Liquidity Risk
Credit risk
Mortgages, corporate bonds and real estate holdings can involve default Investment-grade securities Diversify portfolio among debt issuers
Market risk
Exists because events like significant market value decreases reduce capital Economic downturn affects real estate investments
VISION
Our Vision: We provide innovative, excellent and affordable products and services to help Filipino families become financially independent throughout their lifetime Our Vision: Our Core Values:
MISSION
At PNB Life, there is a LIGHT that guides us in everything we do. LOYALTY We are committed to uphold and serve the best interests of our stakeholders. INTEGRITY We are accountable to do what is right according to good corporate governance GROWTH We are determined to enhance all aspects of our business: people, products, services, revenue, and profit. HONESTY We are transparent and truthful in all our business dealings. TEAMWORK We are united and passionate in our efforts to achieve excellence. "Let your LIGHT so shine before men that they may see your good works and glorify your Father, which is in heaven.
Advantages
Risk Cover Planning for life stage needs Protection against rising health expenses Safe and profitable long-term investment Builds the habit of thrift Protection plus savings over a long term Tax Benefits