Life Insurance
63Meaning of Life Insurance
This is a contract where insurer agrees to pay a specified amount on the death of the assured or on the expiry of a certain fixed period, whichever is earlier. With this consideration, the insurer collects premium from the insured. The amount of policy should be settled to be paid, whether there is death or not. Here, Life Insurance is also said to be "Life Assurance".
Benefits of Life Insurance
The important benefits of Life Insurance area as follows:
1 Protection
Life Insurance gives protection to the family members and also the person who have taken the life policy. The insured sum amount will be paid to the nominee who can be the members of the family, when there is an event of death of the policy holder.
2 Investment
The Life Insurance is one of the form of an Investment. If the insured wants to get the fixed insured amount in a certain year or age, he can make his policy matured at that year or age. The time of maturing can be in a short or long term policy period. When he attains the maturing period, he will be paid that fixed amount with bonus sometimes. In case of event of death of policy holder, the insured sum will be paid to the nominee.
3 Convenience
There is an element of convenience in the life insurance. The insurance holder can take the endowment or whole life policy and the insurance premium amount is paid according to his convenience. The premium might be payable yearly or half yearly or quarterly or even monthly.
Life Insurance Companies
In India, the life insurance business is being undertaken by Life Insurance Corporation (LIC) of India and twelve private insurance companies. The companies are -
1 Bajaj Alliance Life Insurance
2 Birla Sun Life Insurance Co. Ltd.
3 HDFC Standard Life Insurance Co. Ltd.
4 ICICI Prudential Life Insurance Co. Ltd.
5 Tata AIG Life Insurance Co. Ltd.
7 Om Kotak Mahindra Insurance Co. Ltd.
8 Max New York Life Insurance Co. Ltd.
9 ING Vysya Life Insurance Co. Ltd.
10 Aviva Life Insurance Co. Ltd.
11 AMP Sanmar Assurance Co. Ltd.
12 Met Life India Insurance Co. Pvt. Ltd.
These are the twelve private limited companies which offer Life Insurance in India rather the LIC.
ashishkelkar 2 months ago
Hey,
Thanks for sharing the valuable information. I’d like to suggest Bharti AXA Life to the list of leading companies that provide life insurance. They have various plans for term life insurance plan, saving and child plans; each of them have different plans under it. Life insurance is a great plan to invest in as it ensures financial security to you and your family. Not many are aware of its benefits; hence, masses should be educated on the same.
http://www.bharti-axalife.com/life-insurance-plans