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Life Insurance is a contract for payment of a sum of money to the perso, assured, on the happening of the event isured against. usually the contract provides for the payment of an amount on the date of maturity or at specific dates at the periodic intervals or at unfortunate death, if it occurs earlier.
 
Life Insurance is Imageuniversally acknowledged to be an institution which eliminates 'Risk Substitution'. Right LIC Policies come to the timely aid of the family in the unfortunate event of the death of the bread earner. Life insurance was not attractive as an investment.However as of today many new LIC policies have come up, in which even the survival benefits are quite attractive and at time, returns are reasonably high. (Unit Linked Products)
 
Why Life insurance ?
  1. Dying prematurely leaving a dependent family to fend for itself.
  2. Living during old age without visible means of support
LIC-Superior from other forms of savings 
  1. Protection - Savings through Life Insurance gurantee full protection against risk of death of the saver.
  2. Aid to thrift - It encourages thrift. Long term savings can be made in a relatively 'painless' manner because of easy installment facility.Premium can be paid through monthly quarterly, halfyearly or yearly.
  3. Liquidity - Life Insurance policy is generally accepted as security for a commercial loan.
  4. TaxRelief - Tax relief in income tax is available for amount paid by way of premium for Life Insurance subject to the income tax rates in force.
  5. Money when you need it - A suitable insurance plan or contricution of different plans can be taken out to meet specific need that are likely to arise in future such as Children's education, marriage provision or even periodical needs for cash over a strech of time.
  6. insurance policies through settlers - Settlers provides all the kinds of insurance plans to suit each individual through the following companies. These are the leading insurance policy providers in india:
LIC of india
ICICI Prudential Life Insurance Co. Ltd
HDFC Standered Life Insurance
 
 
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