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Life Insurance Definition | List of Life Insurance Plans, Companies

What is Life Insurance?

Life Insurance is the contract between the Policyholder and the Insurance Company (Insurer) which provides the guarantee assured money to the nominated beneficiary in case of unfortunate demise of the Policyholder during the term of the policy. LifeInsurance Plan is the most secure and safest way to protect your dependents or family against financial contingencies that may arise due to a sudden event. In interchange, the Insured agrees to pay a predefined sum of money in the form of premiums either as a lump sum or on a regular basis. Other events such as critical illness or terminal illness can also activate the payment.

Life Insurance Policy Details

There are different Policies in Life Insurance which provides the financial assistance to the Life Assured family in case of unfortunate incidents. The List of Types of Insurance Policies for life are

  1. Term Insurance Plans.
  2. Money Back Plans.
  3. Endowment Insurance Plans.
  4. Whole Life Insurance Plans.
  5. Pension Plans.
  6. Child Insurance.
  7. Ulips – Unit Linked Insurance Plan.

Life Insurance Policies

Term Insurance:

Term Plan is the cheapest and simplest Insurance that offers financial protection for a specified tenure. The Term Insurance Policy provides lump sum amount to the Nominee after the death of the Policyholder to lead a stable life. The Premium Amount is low and the Insurer pays nothing if you survive the policy term i.e. there is no Maturity Benefit with the Term Plan.

Money Back Plans:

The Plan provides periodical payment to the Policyholder during the policy tenure as long as the Life Assured is alive. The Maturity Benefit is provided in the fixed interval of time as a survival benefit. On the event of the death of Policyholders, lump sum amount is provided along with the death benefit.

Endowment Insurance Plans:

The Plan provides the dual benefit of both investment and insurance. Some Part of the Premium is allocated towards sum assured and remaining is invested in the asset markets. The lump sum amount is paid at the time of death or for a specific term. The Bonus is available periodically in the Endowment Insurance Plan either at the time of Maturity or on the death of the Insured.

Whole Life Insurance:

The Whole Life Insurance offers lifetime coverage to the person or upto 100 years whichever is earlier. After the death of the Policyholder, the Nominee receives the sum assured along with the bonus.

Pension Plans:

People want to lead a secure life after the retirement. The Pension Plans helps the Policyholder to lead a happy and secured life even after the retirement. The Nominee receives the sum assured as regular pension after the death of the Insured.

Child Insurance:

The Child Insurance Plans provides a secured life to your child at certain uncertainties that arise in life. The Cost of education is increasing day by day which becomes a burden for the parents. On the death of the Insured, the child receives the sum assured in regular intervals as specified by the Insured while buying the Child Plan.

Unit Linked Insurance Plans (ULIPs):­

In ULIP Plans the Term Insurance and mutual Fund are covered under a Single Plan. The Policyholder does not participate in the Profits of the Plan but receives the returns on the Sum Assured for which the Insured Chosen.

Life Insurance Companies

There are many Life Insurance Companies in India which offer the best Insurance Plans for the Customers life. The Major Insurance Companies for life are SBI Life, LifeInsurance Corporation of India, Bharti AXA, Bajaj Allianz, Max Life, HDFC Life, ICICI Prudential, Reliance Life, IDBI Federal, Tata AIA Life, Birla Sun Life, Aviva Life Insurance, Aegon Religare. Among all these LIC is the top Life Insurance Company in India. The Details regarding the Life Insurance Corporation of India is available here.

LIC:

Life Insurance Corporation of India is the largest Public Insurance Company in India with Headquarters in Mumbai. LIC was founded on September 1st, 1956 under the LIC of India Act. LIC has 8 Zonal Offices with more than 2048 branches all over the country. It offers the best Plans for the Customers with an asset value of Rs 1,560,482 Crores.

List of Best Insurance Companies

  1. LIC of India.
  2. Tata AIA Life.
  3. SBI Life.
  4. Aviva Life.
  5. Aegon Religare.
  6. Birla Sun Life.
  7. HDFC Life.
  8. ICICI Prudential.
  9. Bharti AXA.
  10. Bajaj Allianz.
  11. IDBI Federal.
  12. Reliance Life.
  13. Max Life.
  14. Shriram Life.
  15. Star Union Dai-ichi.
  16. Sahara India Life.
  17. Kotak Life.
  18. PNB Metlife.
  19. IndiaFirst Life.
  20. Future Generali.
  21. Exide Life.
  22. Edelweiss Tokio Life.
  23. Canara HSBC OBC Life.
  24. DHFL Pramerica.