What is life insurance (Definition of life insurance)
Life insurance is an agreement that says that in exchange for money from you while you are alive, the life insurance company will pay a sum of money to the people chosen by you at the time of your death. Life insurance in hindi
Those who do not know about life insurance, they think that how can one insure life because there is no bus on life, no one can buy it with money, then how is life insured?
So tell you that no company can save life with life insurance, just after any kind of mishap, it supports the family in the financial problems that come to the family.
If in other words, if something untoward happens to the person who has life insurance, then in that case the life insurance provider company can provide that amount to his family according to the life insurance policy plan for that person. Is. So that even after earning a person, his family does not have to face financial crisis due to a dam.
Life Insurance – Meaning
Life insurance can be defined as a contract between the policyholder and the insurance company, where the insurer undertakes to pay a sum of money in exchange for cash, after the death of the insured or after this period. specific. Here at ICICI Prudential Life Insurance, you pay premium for one term and in return, we provide you life insurance. This life cover secures the future of your loved ones by paying premiums in unfortunate events. In some policies, you will receive an amount called maturity value at the end of the policy term.
Why should one get life insurance ? Why life insurance is important
If my personal opinion is asked, then I would say that life insurance should be done by every person who takes care of the family or in other words, who earns to help the family financially. Because no one can control life, if you live in a rented house or you have any kind of debt like home loan, personal loan or any other type of loan then you must get life insurance. Because it helps your family in any kind of mishap and gives them financial support. A sensible person helps his family in life and after life, this is also the tag line of a very famous life insurance company.
How to get life insurance ? – How can i get life insurance
There are many life insurance companies in India that give life insurance to you. You can apply for life insurance by going to Direct In, apart from this, you can also apply online, when you apply online, one of their agents will come to you, as well as you can also call the company’s toll free number. request can be made. For this, some of his service continues. For example, the person who is getting life insurance, his age should be between 20 to 60 years, he should not have any kind of life-threatening disease and he should be mentally healthy, if you fulfill all these conditions then you can get life insurance. can apply for. Names of some life insurance companies –
List of Life Insurance Companies | Claim Settlement Ratio |
AEGON Life Insurance | 97.11% |
Aviva Life Insurance | 90.60% |
Bajaj Allianz Life Insurance | 91.67% |
Bharti AXA Life Insurance | 92.37% |
Birla Sun Life Insurance | 94.69% |
Canara HSBC OBC Life Insurance | 94.95% |
DHFL Pramerica Life Insurance | 90.87% |
Edelweiss Tokio Life Insurance | 93.29% |
Exide Life Insurance | 96.40% |
Future Generali India Life Insurance | 89.53% |
HDFC Standard Life Insurance | 97.62% |
ICICI Prudential Life Insurance | 96.68% |
IDBI Federal Life Insurance | 90.33% |
IndiaFirst Life Insurance Company Ltd – India First | 82.65% |
Kotak Life Insurance | 91.24% |
Life Insurance Corporation of India (LIC) | 98.31% |
Max Newyork Life Insurance | 97.81% |
PNB MetLife Insurance | 87.14% |
Reliance Life Insurance | 94.53% |
Sahara Life Insurance | 90.21% |
SBI Life Insurance | 96.69% |
Shriram Life Insurance | 63.53% |
Star Union Dai-ichi Life Insurance | 84.05% |
Tata AIA Life Insurance | 96.01% |
Note – At present, there are a total of 24 life insurance companies in India. Out of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company, all others are private insurance companies. Many of these are public/private sector banks and national/international. There are joint ventures between insurance-financial companies.
Private life insurance companies in India got access to the life insurance sector in the year 2000. Most of the private players have tied up with international insurance giants for their life insurance.
How much life insurance should be taken ?
This is a very big question in the mind of those taking life insurance that how much money should we get life insurance. We cannot put value in such t life because life is precious but I will tell you such an equation which will make it easy for you to calculate the amount of life insurance –
Life insurance amount = Income per year * 8 – (your saving) – (your loan)
According to this, you make 8 times the amount you earn in a year, after that whatever is your savings, which is the amount of investment you have in bonds, mutual funds, property purchased by you for investment. Subtract it from that. After this, whatever debt you have on you like home load, personal loan, apart from this, add any kind of loan to it, in this also add the work you have to do like the cost of son’s education, sister’s plain amount etc. Then the amount that will come out will be your actual life insurance amount.
How many types of life insurance are there?
Types of life insurance in Hindi Life insurance is seen as an investment plan. Which is used to save and increase money for the future. Along with this, many people also use it to save tax. Because the government also gives exemption in tax on many types of life insurance policies, there are 2 big advantages of investing through life insurance , the first advantage is that it allows you to save money for the future and increase it. It also gives you a comprehensive life coverage for a fixed time frame period.
Life insurance plans mainly provide opportunities to make money in 2 types, first Unit Linked Insurance Plans or ULIP, it depends on the performance of the market, if the market behavior is good and it grows at a fast pace then take the policy. The one also gets good returns but the risk is high in this and the second is the traditional endowment plan which offers you a fixed return in a limited period of time. For this , term insurance is also taken in life insurance which is Provides only life cover covert does not get any return to the policy holder on maturity.
Types of Life Insurance
• Term Insurance Term Insurance
• Endowment Plan Endowment Plan
• Unit Linked Insurance Plans ULIP Unit Linked Insurance Plans
• Money Back Policy Money Back Policy
Term Insurance – In a term insurance policy , only the person getting life insurance gets a fixed amount of insurance on his death, to the member of the family nominated by him, in other words only life insurance ( Life insurance cover is given, apart from this, there is no return and benefit of any kind. Term insurance policy is cheaper than other insurance policies and no part of premium or premium paid is invested in it.
Endowment Plan – The main difference between endowment plan and term insurance is that in endowment plan, when the policy matures in the policy, you get the return and bonus on it according to the policy. Depends on the investment scheme as per the policy. Linked bonus is declared by the company on completion of one year period. According to this plan, a low investment is made on the balance amount after deducting the tax and expenses of the investment and the return received by this is given to the insured.
Unit Linked Insurance Plans (ULIP) – Unit Linked Insurance Plans commonly referred to as Unit Linked Insurance Plans are a type of coverage plan that provides coverage in which the premium is paid by the investor. The money is kept in the stock market. Each ULIP has a separate fund in which they invest. Individuals, who invest in a best investment plan, get a certain number of units of the fund. These investments are based on the correlation of the fund value of the funds in which they are investing and the premiums the investors have put in .
Money Back Policy – In Money Back Policy, some part of the policy is invested in liquid assets and others are kept under cover like an insurance regulator. With this, a bonus is received on the amount invested and the risk is also reduced, which makes life insurance more attractive.
In all these life insurance, you can take any one according to you, the Government of India also gives tax exemption on all these plans, so we can say that the benefits in terms of life insurance tax are also slow.