WEEKWISE SYLLABUS CLASS : XI (VOCATIONAL) SUBJECT : LIFE INSURANCE (786) TIME : 3 HRS. M.M. : 100 THEORY 60 PRACTICAL

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1 WEEKWISE SYLLABUS CLASS : XI (VOCATIONAL) SUBJECT : LIFE INSURANCE (786) TIME : 3 HRS. M.M. : 100 THEORY 60 PRACTICAL 40 THEORY PRACTICAL Unit-1 : Introduction to Insurance and Practice of Insurance to (1 st Term) 1a) What is Insurance? Overview of the Indian Insurance Market, Growth of Insurance business in India, organizational structure of the Life Insurance Corporation of India (LIC). 1. Visit the websites of 5 different insurance companies offering Life Insurance. Get details on the various policies offered by them. b) Postal Life Insurance Organisational structure of Postal Life Insurance. c) Main Characteristics of Insurance, Classification and types of Insurance. d) Economic Basic of Life and Health Insurance, Costs and Benefits of Insurance to Society. e) Appointment of Life Insurance agents and their functions Need of an agent in Life Insurance selling. 1

2 f) Appointment of agents Remuneration to agents Trends in Life Insurance distribution channels. Unit-2 : Fundamental of Computer Applications TO REVISION TO ST TERM EXAMINATION to (2 nd Term) 2a) Introduction 2. Prepare a Comprehensive report for each of these companies covering the following : 2a) Insurance Products best suited for the different life stages take 5 examples like young executive having joined job after studies, young married woman with 1(one) small child, middle aged man having two school going children and 1 dependent parent. Elderly lady staying along with no dependents, member of the armed forces in Mid 30s. b) Basic of Internet 2b) From the chart above, recommend the best suited Life Insurance Policy to each of them to AUTUMN BREAK 2

3 2c) Basic Tools and Calculation of Excel TO SECOND TERM THEORY 2c) List the documents to be submitted for applying for each type of insurance and help them fill out the application form relevant insurance company d) Power Point Presentation 2d) Explain the claims procedure along with requirements for claiming insurance at the time of occurrence of the insured event. Unit-3 : Plans of Life Insurance and Group Insurance 3a) Different types of Life Insurance Plans Term Plan, Endowment Plan, Money Back Insurance Plan Whole Life Insurance Plan, Unit Linked Insurance Plans (ULIPs), Joint Life Insurance Plans Child Insurance Plans. b) Rider Benefits. c) Industrial Life Insurance MWP Policies, - Keyman Insurance, Health Insurance and its types. d) Importance of group insurance scheme Main features of group insurance schemes Eligibility conditions in group insurance. e) Different types of group insurance schemes Group Term Insurance Scheme Group Gratuity Scheme Group Superannuation Scheme. 3

4 f) Types of group superannuation scheme Group Leave Encashment Scheme Employees Deposit Linked Insurance Scheme Group Insurance Scheme in Lieu of EDLI Social Security Scheme. Unit-4 : Annuities, Premiums and Bonuses 4a) Understand the concept of annuity Different types of annuity plans. b) Advantages and disadvantages of annuity Annuity Vs Life Insurance important terms used in annuity. c) Concept of Premium Different types of Premium. d) Different factors considered in calculating premium. e) Bonus in Policies Different types of bonus in Life Insurance Policies. Unit-5: Applications, Acceptance and Policy Documents 5a) Fundamental of Life Insurance Contracts Principles of utmost good faith. b) Insurable interest Life Insurance Policy application and process. c) Proposal form and related documents. + Revival of ULIPS IRDA guidelines ULIPS. 4

5 d) Importance of a Policy document Format of a Policy document. e) Policy Schedule and its various components. f) Conditions and Privileges in a Policy document Duplicate Policies. Unit-6 : Premium Calculations, Assignment, Nomination and Surrender of Policy 6a) Premium Calculations Surrender Value and non-forfeiture options. b) Revival of lapsed Policies and its types Revival of Postal Life Insurance Policies. c) Assignment of Life Insurance Policies Conditional, Assignment Absolute Assignment Process of Assignment. d) Nomination Process of Nomination Features of Nomination Assignment Vs Nomination. e) Surrender of Policies Foreclosure of Insurance Policies. Unit-7 : Linked Life Insurance Policies and Policy Claims 7a) Concept of Unit-linked Policies ULIP Premium and its break-up. b) Types of fund in ULIPS Traditional Plans Vs ULIPS. 5

6 c) How ULIPS Work Top up and NAV, Features of ULIPS. Revival of ULIPS TRDA guidelines ULIPS. d) Different types of policy claims Survival Benefits Death Claims Maturity Claims. e) Submission of Proof of title at Claim Processing Stage Early Claims and non-early claims, Documents required for processing early claims. f) Death due to un-natural causes or accidents Nomination Assignment Waiver of evidence of title Claims concession clause and Extended Claims Concession Clause Presumption of Death. g) Insurance Riders Accidental Death Benefit rider Permanent Death Benefit Rider I.R.D.A. regulations w.r.t claim payments TO WINTER BREAK TO REVISION IIND TERM TO IIND TERM EXAMINATION TO PREPARATION AND DECLARATION OF RESULT 6