Life Insurance Products in India
Life insurance in India offers financial protection and future security through diverse products like term plans, endowment, and annuities. Choose from government or private insurers to safeguard your family's well-being and achieve long-term goals.
Natural accidents and disasters lead to unfortunate loss of lives or partial disability for individuals, which in turn have a lot of implications on their social well being. They lose their earning capability. As the money inflow to the household gets stalled, the family has to face hardships making the survival of the dependants difficult. Risks can never be predicted in today's fast life and death/disability may occur when one least expects it.
To address this need, life insurance products originated. Though individual lives cannot be estimated accurately in terms of money, a rough calculation can be done based on their income potential, the amount to be earned in the future years and expenditure level. Hence, the sum assured (or the amount guaranteed to be paid in the event of a loss) is by way of a 'benefit' in the case of life insurance. The various life insurance products provide a definite indemnity to the dependants in case of death of the insured or the sum can be paid to the person in case of disability. The sum assured will be commensurate with the living standards of the dependants. A means of securing the future of one's family, life insurance also gives the scope to secure the future of the insurer.
An individual can also invest for the future, when he retires and ceases to earn and has no other means of income by purchasing an annuity product.
Life insurance is a type of contract between an insurance policy holder and an insurer, where the insurer promises to pay the designated beneficiary a sum of money upon the death of the insured person. However, the benefits are as per the terms of the contract and the premium paid.
Types of Life Insurance:
A number of life insurance products, which offer protection and also coupled with savings are currently present in the market.
- Term insurance product - Provides a fixed amount of money upon death during the period of contract.
- Whole life insurance product - Provides a fixed amount of money upon death.
- Endowment Assurance product - Gives a fixed amount of money either on death or during the period of contract or at the expiry of contract if life assured is alive.
- Money back assurance product - Gives not only fixed amounts, which are payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract.
- Annuity product - Gives a series of monthly payments on stipulated dates provided that the life assured is alive on the stipulated dates.
- Linked product - Provides not only a fixed amount of money on death but also sums of money which are linked with the underlying value of assets on the desired dates
Conclusion:
Different insurance houses provide customised life insurance products targeted at the different segments of the society like children, youth, women, middle-aged persons, old people, rural people, film actors and unorganized labourers.In India IRDA regulates the life insurance companies and their portfolio of products.
The products can be purchased from registered life insurers notified by the IRDA. Insurers appoint insurance agents to sell their products and individuals who are interested in purchasing life insurance products can get their help to understand the features of the products and opt for one that is well suited to their needs.
Life insurance policies are meant to offer protection and security to families and ensure overall well-being of the society.
LIC | Government | Jeevan Arogya Plan Bima Account Plans | Children Plans | Plans for Handicapped dependentsEndowment PlusEndowment Assurance plansPlans for high worth individualsMoney Back plansSpecial Money back plan for womenWhole life plansTerm Assurance PlansJoint Life PlanAviva Secure PensionReliance Life Care for You plan |
Reliance | Private | Protection Plans | Child Plans | Savings and Investment PlansLife Partner Plus PlanTM |
MaxNewYork | Private | Max New York Life Platinum Protect | Max New York Life Shiksha Plus IIMax New York Life College Plan | 20 Year Endowment (Par)Endowment To Age 60 (Par) |
Aviva | Private | Aviva LifeShield PlusAviva Life ShieldAviva Life Shield AdvantageAviva Life Shield PlatinumAviva-i-Life | Aviva Young Scholar AdvantageAviva Young Scholar Secure | Whole Life (Par)Aviva Freedom Life AdvantageAviva Dhan VriddhiAviva Money BackAviva LifeSaver AdvantageAviva LifeBond AdvantageAviva Dhan VarshaAviva Sachin Extra Cover AdvantageAviva Pension BuilderAviva Secure Pension |
Bharati AXA | Private | Bharti AXA Life Elite SecureBharti AXA Life Secure ConfidentBharti AXA Life Family Income SecureBharti AXA Life Protect PlanBharti AXA Life Premium Waiver Rider | Bharti AXA Life Child Plans | Bharti AXA Life Wonder Years Retirement PlanBharti AXA Life Guaranteed Plans |
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