This course is a planned sequence of instructions consisting of Units meant for developing employability and vocational competencies of students of Class XI opting for vocational subject along with general education subjects. Part B has four units - Introduction; Life Insurance; Annuities and Unit Linked Policies; and Post - Issue Matters.

Part B: Vocational Skills (50 Marks)

Unit-1: Introduction (10 Marks)

  • Concept of Insurance.
  • Need for Insurance.
  • Brief history of Insurance industry in India.
    1. Enactment of Insurance Act, 1938.
    2. Nationalization of Life Insurance Companies in 1955.
    3. Nationalization of General insurance Companies in 1972.
    4. Malhotra Committee Report – Opening up of Insurance sector to Private Companies in 2000.
    5. Setting up of Insurance Regulatory and Development Authority in 1999.

Unit-2: Life Insurance (20 Marks)

  • Present Organizational set-up of Insurance Companies in India - L.I.C. and Private Companies with foreign joint ventures, selling Insurance through Agents and Banks.
  • Objectives of Life Insurance - Protection and Investment.
  • Different types of Life Insurance Policies – Chief characteristics and similarity.
  • Basic Pre-requites for Life Insurance - Insurable Interest and utmost Good Faith.
  • Procedure for taking a policy.
    1. Selection of the Plan.
    2. Consultation of Premium tables.
    3. Filling up of Proposal Form.
    4. Document regarding proof of age.
    5. Important clauses of the Policy - eg. Suicide Clause.
    6. Nomination

Unit-3: Annuities and Unit Linked Policies (10 Marks)

  • Concept of Annuity.
  • Objectives of Annuity.
  • Procedure followed for obtaining Annuities.
  • Meaning of Unit Linked Insurance Policies.
  • Procedure for obtaining Unit linked insurance Policies.

Unit-4: Post - Issue Matters (10 Marks)

  • Lapse of the Policy due to Non-Payment of Premium.
  • Revival of the Lapsed Policies.
  • Surrender of the Policy - Payment of surrender value.
  • Assignment of the Policies.
  • Settlement of claims - Procedure to be followed.