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.
- Enactment of Insurance Act, 1938.
- Nationalization of Life Insurance Companies in 1955.
- Nationalization of General insurance Companies in 1972.
- Malhotra Committee Report – Opening up of Insurance sector to Private Companies in 2000.
- 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.
- Selection of the Plan.
- Consultation of Premium tables.
- Filling up of Proposal Form.
- Document regarding proof of age.
- Important clauses of the Policy - eg. Suicide Clause.
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.