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Life Insurance in India


  • Life insurance is an agreement between an individual and a life insurance company that guarantees the payment of money in case of death of the insured person or at the end of specified terms.
    There are some basic principles that one needs to know before opting for life insurance in India. Buying life insurance is something that one should never take lightly, as there are different life insurance plans available in India and depending on the individual requirements and affordability one choose the policy appropriate for his needs. So, before buying you should have a complete look at your personal finances.
    Life insurance protection in India is available through Public sector Insurance Companies, namely, Life Insurance Corporation of India and the four subsidiaries of General Insurance Corporation of India. All Life insurance schemes in India are offered by The Life Insurance Corporation of India.
    In order to get insurance you can approach the Insurance Companies directly, through Insurance Agents of the concerned companies or intermediaries. The procedure involves the proposer to complete a proposal form from giving full details. Insurance contracts are based on good faith, so the details furnished by the proposer are accepted in good faith and this will form the basis of the contact.
    Also one of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. So, the amount invested in life cover is eligible for deduction of the amount from taxable income.
    Remember, life insurance is a financial planning of your family for a better tomorrow. Insurance is desired to safeguard oneself and one’s family against possible losses on account of risks and perils. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death.
     

    Life Insurance in India