In this article, I explain to you about life insurance & its types and the top 10 life insurance companies in India. This post work as a guide for those who are willing to understand life insurance.
Life insurance is a shield of trust against financial crisis to your family in your absence. Even nowadays life insurance has become one of the top investment tools, where one can get good money with life cover.
More than half of the people are not aware of the types of life. Learn about the policies and choose the one that suits you.
TYPES OF LIFE INSURANCE
- Endowment plan
- Money back policy
- pension scheme
- Term insurance
- ULIP plan
- Group plan
1. Endowment Scheme
1. Endowment Scheme:
The Endowment Plan is a participating non-linked plan that offers an attractive combination of security and maturity benefits. Generally it provides financial protection to the insured’s family in case of the indefinite death of the policy holder. In addition lump sum amount is paid under this scheme at the time of maturity.
Announce bonuses in this policy every year. The declared bonus is not immediately payable. Bonus is payable only when the policy matures or the policyholder dies.
India’s LIC, endowment policy still plays a major role in insurance policies.
2. Money Back Policy:
A money-back policy is a popular insurance policy. It provides life coverage during the term of the policy and maturity benefits are paid in installments through survival benefits at regular intervals, rather than receiving a lump sum at the end of the term. It is an endowment scheme with the benefit of liquidity.
Announce bonuses in this policy every year. The declared bonus is not immediately payable. Bonus is payable only when the policy matures or the policy holder dies. The bonus is also calculated on the full sum insured.
3. Pension Scheme:
Pension Scheme is best suited for senior citizens and those planning for a safe future, so that you never miss the best things in life.
This pension scheme helps a person save money for future so that life after retirement can be secured.
4. Term Insurance:
Term insurance is security and traditional scheme that provides financial protection to the insured’s family in case of unfortunate demise with very little investment.
It is a pure life insurance policy. Under this policy, against the payment of regular premiums, the insurer agrees to pay the sum assured to your beneficiaries in the event of your premature death during the policy period. However, nothing is payable to you, , if you survive till the end of the policy term.
5. ULIP Scheme:
Life Insurance Companies In india– Unit linked insurance plan (ULIP) is a combination of insurance and investment. Returns in ULIPs depend on investment performance. This ULIP plan is more expensive than term and endowment plan. A portion of the premium paid is assigned towards life cover, while the remaining portion is invested in various equity and debt schemes. ULIP performs the way mutual funds do.
6. Group Planning:
Group planning is a safeguard for groups of people. The scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at a very low cost indeed.
SOME OTHER CATEGORIES OF INSURANCE
- Whole Life Policy : Whole Life Insurance is a life insurance policy that is guaranteed to remain in force for the entire life of the insured, provided the required premium is paid, or matured. To date.
- Critical Illness Life Insurance : is a type of insurance policy that provides protection in the event of a serious illness or injury. If the policy holders are victim of any illness or injury. Cancer, heart attack, serious illness, organ transplantation etc…
- Income protection insurance: There is a type of insurance to give you some cover if you cannot earn income for sickness or injured people due to some reasons.
Life Insurance Companies In India – Top 10
1) LIC of India
Life Insurance Corporation of India or LIC for short is synonymous with this most trusted brand. It is a public sector undertaking headquartered in Mumbai. He has the best settlement ratio over 98% and is the most prominent player in the industry since 1956.
2) SBI Life Insurance Company
Headquartered in Mumbai, it is a joint venture between SBI and BNP Paribas Card if in the ratio of 74:26, making it a powerful player in the market. It has an edge with its presence in the banking sector of the country.
3) Birla Sun Life Insurance Company
A joint venture between Aditya Birla Group and Sun Life Insurance is a good network and one of the most innovative schemes in the market. It is also reputed to be a leader in introducing ULIPs in the insurance sector.
4) Reliance Life Insurance Company
Since its inception in 2001, this Navi Mumbai-based life insurance company has been able to establish a niche for itself in the life insurance industry. Apart from a good claim settlement ratio, their complaint resolution is 99%.
5) Tata AIA Life Insurance Company
Tata AIA Life Insurance Company is a globally renowned Tata group and one of the world’s leading life insurance companies, founded in India in 2001 and operates from Mumbai. They enjoy 100% complaint resolution ratio.
6) ICICI Prudential Life Insurance Company
It is the first private sector insurance company in India which started operations in 2000 as a joint venture between ICICI and Prudential Plc, UK. They are a popular brand among their customers with some innovative schemes like Wealth Builder II.
7) Bajaj Allianz Life Insurance Company
Headquartered in Pune and has earned a name for itself by the customization of its products and the transparent benefits offered to a wide range of customers spanning age and diverse income groups.
8) Max Life Insurance Company
Max Life Insurance Company has been operating in India since 2000 and operates out of New Delhi. He has a reputation for 100% complaint resolution. His term plan to provide a cover of Rs 1 crore is very popular.
9) HDFC Life Insurance Company
HDFC Life Insurance Company is one of the top private insurance providers in India, headquartered in Mumbai. They claim a good network with HDFC channel which is open to them. Their bouquets have some notable demand products and offer many insurance plans.
10) PNB MetLife India Life Insurance Company
This PNB is a joint venture between a public sector banking giant and MetLife a global brand. They claim a good presence through their large network and are known to offer cost-effective plans that suit their need by providing customers with high quality insurance products.
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