The General Insurance Company offers to secure the· education of dependent children under this policy. If the assured parent/legal guardian goes through any bodily injury resulting solely and directly from accident due to external, violent and visible means and if such injury shall within twelve calendar months of its occurrences be the only direct cause of his/ her death or permanent total disablement, the insurer shall indemnify the insured student in respect of all covered expenses to be incurred from the date of occurrence of such accident till the expiry of policy or completion of the duration of covered course whichever occurs first and such indemnity shall not exceed the sum assured as stated in the policy schedule.

Under this policy, the assured sum or policy money is payable in monthly or annual instalments after the assured attains a certain age. The policy is useful to those who prefer a regular income after a certain age.

The policy which is taken up jointly on the lives of two or more persons is known as Joint Life Policy. On the death of the person, the assured sum or policy money is paid to the other survivor or survivors. The premium is paid jointly or by either of them in installments of lumpsum.

(i) Life Insurance may be defined as a contract in which the insurance company called insurer undertakes to insure the life of a person called assured in exchange of a sum of money called premium.
(ii) The premium may be paid in one lump sum or monthly, quarterly, half yearly or yearly.
(iii) The Insurance company in consideration promises to pay a certain sum of money either on the death of the assured or on expiry of certain period.
Importance of Life Insurance :
1. Life insurance provides protection to the family at premature death of an individual.
2. It gives adequate amount at an old age when earning capacities are reduced.
3. Life insurance is not only a protection but is a sort of investment because a certain sum of money is returnable to the assured at the time of death or at the expiry of a certain period

(i) Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by a fire during a specified period up to the amount specified in the policy.
(ii) A claim for loss by fire must satisfy the following two conditions :
(1) There must be actual loss; and
(2) Fire must be accidental and nonintentional.
(iii)The Essential elements of Fire Insurance Contract are:
(1) The insured must have insurable interest both at the time of insurance and at the time of loss.
(2) The contract is based on utmost good faith.
(3) It is based on the principle of strict indemnity,
(4) Fire must be the proximate cause of damage or loss.