Life Insurance-PPP

Project

Done By:

Name: Sarthak Sogani

Roll No.: 95

Q1) Having a nice and long Beard and Muscular body is a dream for many teenagers and fat men. As major of the population of male gender including kids, teenagers and even adult thought that girls like beard and muscular body and society also bullies and make fun of fat people so everyone is trying hard to make muscular body and long beard, and even many people waste lots of money on gym and on gym and protein products. So, I would to create a general insurance product that gives the policyholders insurance against the risk of their beard and muscular body, and if anybody wants to take gym membership or anybody wants to do plastic surgery of his beard than insurance company can help.

This is a product that we can sell to teenagers and men all above the age 16 years. Many customers will be attracted to this product if proper awareness is created about it, since most of the bodybuilders or actors fear having any loss to their body or beard or anybody wants to do any expense on body or beard. This will need lots of marketing.

This product seems to be profitable and easily marketable. The risk factor in this case could be whether anything happens to their beard or because of any product their body is affected.

The best distribution channel that we can use is the gym, salons or any beauty contest. It can give information to their gym members and anyone who comes to salon. We can also use special agents as they can have face to face interaction with people and explain to them what the product is in customer’s language. It is easier to convince people and give full information through face to face detailed sessions. We can also use online platforms to approach customers especially the younger ones.

We can also expand the product in the future. We can start by providing insurance for moustaches or abs, obliques, thigh.

India is a country in which people thinks first about their prestige and status and everyone has a fear that society will bully them and they will remain single. As common person thought that girls like beard and muscular body. Teenagers want girlfriend men wants to get married. Hence I believe it would be easy to convince people to buy our product. There must be people who have had bad experience and want to insure their beard and muscular body. I believe that there is a very hopeful market for this product in India.

Q2)

Month	What happened?	Which insurance would cover this?	Did Jamie have coverage?	How much will Jamie have to pay?(If she has insurance, what is her copay or deductible?)
January	Jamie got sick and visited the doctor. Without insurance, the appointment cost Rs.120 and the antibiotics cost Rs.110	Medical insurance	Yes	She has to pay Rs.40
March	Jamie fell on ice while hiking and had to get stitches in the emergency. Without insurance, the procedure cost Rs.250.	Medical insurance	Yes	She has to pay Rs.100
July	A kitchen fire in the apartment next door caused the sprinkler system to activate in Jamie’s apartment as well. Her couch, her television, her computer, and her bookcase were ruined. The cost of the damage was Rs.2500.	Renter’s insurance	No	She has to pay Rs.100
September	Jamie hit a deer while driving home from work. She wasn’t hurt, but the damage to her car was Rs.3400.	Auto insurance	Yes	She has to pay Rs.300
October	Jamie got dirt in her eye while picking fruit at a local farm. She went to the eye doctor when her eye became red and swollen, the doctor prescribed eye drops. Without insurance the appointment cost Rs.150, and the eye drops cost Rs.90.	Vision insurance	Yes	She has to pay Rs.40

1. Over the time span of the whole year Jamie had to spend Rs.2980 on the claims and considering the premium on the auto insurance of Rs.889 it would be a total of RS.3869. Had she not taken any of these insurance policies, she would have had to pay a total of Rs.6620. This means that she would have had to pay Rs.2751 extra than she did now.

2. In the past year, as with many other people, one of my friends lost her father due to Covid-19. The family consisted of the parents and two children. The elder one is a medical student attending college in Prague, while the younger one is a high school student. As he was the only breadwinner in a family of four it created a huge financial burden for the family. Of course a term life insurance would be very helpful, but even products like endowments and child care riders would be very helpful in instances like these.

3. Dear cousin,

How are you? I hope you are doing well. I believe that it would be in your best interest if you buy insurance policies. Though they seem to be like an unnecessary cost, they are actually quite helpful. For instance, I accidently hit a deer on my way home from work and it ended up damaging the car. Due to my insurance coverage I only had to pay Rs.300. In the absence of the cover I would have had to pay Rs.3400 instead. So I ended up saving Rs.3100. In another instance, there was a kitchen fire in the apartment next door that set off the water sprinklers in my apartment and as a result my couch, television and computer were damaged. I do not have a renter’s insurance so I had to Rs.2500 to repair the damages. In case I would have had a renter’s insurance I would only have had to pay Rs.192 as premium for the insurance. I hope my advice is helpful. Stay in touch.

Your cousin,

Jamie.