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Life Insurance in India |
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Life Insurance in India is mainly governed by Life Insurance Corporation of India(LIC). LIC plays a pivotal role in insuring the life of the citizens of India.
Life Insurance in India is of immense help to the family of the deceased. Human beings may face death at any point of time.
Accidents may also occur to any member of the family. Life insurance minimizes the financial loss that affects the members of the family after the demise of the earning member of the family.
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Some of the life insurance policies of India are as follows:
Endowment Policy:
A fixed amount is deposited through installments for a particular period. The policy matures after a certain interval of time and the money along with the incentive is paid back to the owner of the policy.
Life-term policy:
This policy covers the entire life of the person. The family receives the money after the demise of the owner of the policy.
Money return policy:
The matured money is paid back to the insurance -holder when he/she is alive for a particular period of time. The money is given to the policy-owner after a certain period of time. In case of the sudden death of the person, the family of the policy-owner receives the money along with the bonus.
Insurance for employers:
The employees of the company have to pay a minimum sum as premium. The employees can also reap the benefits of tax rebate from the insurance policy. It is meant for those who cannot afford to pay high installments.
Pension Policies:
The insurance-holder has to pay the premiums for a fixed period. The policy allows the owner to receive a certain amount as pension after retirement. The amount may be received monthly, quarterly, half yearly of annually.
Short Duration Policy:
The policy is paid by the owner of the insurance for a specific period of time.
This policy immensely benefits the persons who are unable to pay exorbitant premiums.
Policies for Loans:
The policies are availed by the persons who are taking the loans. The policy minimizes the financial risks associated with the loans.
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