Life Insurance Products

what is a product?
A product is the output or results of certain labour or efforts
It means "to bring forth" or "to create"

Two types of products

Tangible
refers to physical objects that can be directly perceived by touch

Intangible
refers to products that can only be perceived indirectly

Life Insurance is a Intangible Product

Financial Planning Types

Cash Planning

Managing cash flows has 2 purposes

1. Firstly one need to manage income and expenditures flow including establishing and maintaining a reserve of liquid assets to meet unanticipated or emergency needs.
2. secondly one need to systematically create and maintain a surplus of cash for capital investment

Investment Planning

Investment Planning is  a process of determining the most suitable investment and asset allocation strategies based on an individual's risk taking appetite, financial goals and the time horizon to meet those goals

Insurance Planning

Insurance Planning involves constructing a plan of action to provide adequate insurance against such risks.  The task here is to estimate how much insurance is needed and determining what  type of policy is best suited

Retirement Planning

It is the process of determining the amount of money that an individual needs to meet his needs post retirement and deciding on various retirement options for meeting these needs.

Elements of Financial Planning

• Investing
• Risk Management
• Retirement Planning
• Tax & Estate Planning
• Financing one's needs

The Challenges facing our society and our customers

• Disintegration of the joint family
• Multiple Investment Choices
• Changing Lifetyles
• Inflation
• Other contingencies and needs

Risk Profile & Investments

One’s Investment style also changes to keep pace with the risk profile

Risk Profile

Aggressive

Progressive

Secured

Conservative

Investment Style

Accumulation

Consolidation

Spending

Gifting