Life insurance plan benefits

 Life insurance plan benefits 

 What is life insurance?

 Life insurance is a contract between the insurer and the policyholder. The life insurance policy pays a lump sum to the named beneficiaries at the time of the insurer's death in lieu of premiums paid by the insurer during his lifetime.

 For the contract to take effect, the life insurance application must accurately disclose the insurer's past and present health conditions and high-risk activities.

 Key takeaways

 Life insurance is a legally binding contract that provides the death benefit to the policyholder when the insurer dies.

 For a life insurance policy to take effect, the policyholder must pay a premium in advance or pay a regular premium over time.

 When the insured dies, the policy's designated beneficiaries will receive the face value or death benefits of the policy.

 Life insurance policies expire after a certain number of years. Permanent life insurance policies will remain in effect until the insurer dies, stops paying premiums or hands over the policy.

 A life insurance policy is as good as the financial strength of the company that offers it. State Guarantee Funds can pay claims if the issuer is unable to.

Types of Life Insurance

 Different types of life insurance are available to meet all types of needs and preferences. It is important to consider whether to choose temporary or permanent life insurance, depending on the short- or long-term needs of the person to be insured.

Launched in India in 1986, the health insurance industry has seen rapid growth in the country. To date, 30 insurance companies in the country offer health insurance products.

 Of these, 25 public insurance companies in India offer health insurance plans and 5 are separate health insurance companies. A general insurance company deals with various insurance products such as travel insurance, motor insurance, health insurance, rural insurance in addition to life insurance, whereas a separate health insurance company operates only on health insurance.

 India's first health insurance companies based on CSR

IFFCO Tokyo General Insurance

Care Health Insurance

Magma HDI Insurance

Oriental Insurance Company

New India General Insurance

Bajaj Alliance General Insurance

Max Bupa Health Insurance