Thread: Life Insurance Companies in India

Life insurance is a kind of contract between an insurer and the policy owner where the insurer or the company makes an agreement to pay sum of money when the insured individual either dies or suffer from grave illness, gets severely hurt in accidents or any such other event that falls under the category that is claimable.

The life insurance policies vary with companies. The terms and conditions though differ but the basic may remain the same. The insurance companies or parties with whom the insurance is done are liable to pay money or benefit the designated beneficiaries if any such event occurs which is covered under the life insurance policy bought the policy holders. Life insurance is thus a kind of security and peace of mind for individuals who can provide security to his family and children in case he suffers from some kind of mishap.

The main purpose of life insurance is to provide benefit to the policy holder on specific events and typically pay the lump sum amount to help the policy holder in adverse situations or the policy holders beneficiaries in case of his/her death. The Govt. of India has passed two acts in 1912 – the Life Insurance Companies Act and the Provident Fund Act to regulate insurance business. According to this act in India the insurance sector had two state insurers – life insurers that are from the Life Insurance Corporation of India (LIC) and the General Insurers from the General Insurance Corporation of India (GIC).

But from 2000 the subsidiaries we de-linked from the parent company and declared as independent companies. Today there are numerous life insurance companies in India to offer some excellent life insurance coverage to the citizens.

Bajaj Allianz Life Insurance Company Limited, ING Vysya Life Insurance Company Ltd, Max New York Life Insurance Co. Ltd, Tata AIG Life Insurance Company Limited, Birla Sun Life Insurance Co. Ltd, Life Insurance Corporation of India, ICICI Prudential Life Insurance Co. Ltd., HDFC Standard life Insurance Co. Ltd, SBI Life Insurance Co. Ltd and alike.

I have an insurance but it was a built in as a government worker..I am not insured on those private insurance firms..do you?

Some make up instances and incidences to calim for their policy amount.