What is Life Insurance?

Life with its fascinating moments also has its share of uncertainties hence it becomes very important to plan for the future. Life Insurance essentially is the provision of Financial Protection to your family or dependents in the event of an unanticipated event or untimely death. This financial protection that the Life Insurance Company offers you is on the basis of a premium which is to be periodically paid by you to the Life insurance Company. The premium paid thus helps the life insurance company to cover the risk it takes to insure your life and in turn entitles your family to a fixed lump sum of money. The premium you pay depends on a number of factors like age, health and the amount of cover to want after a fixed tenure.

Various Indian life insurance companies

Life Insurance Corporation of India: LIC a term that is almost synonymous with Life Insurance today. LIC was established in 1956 and till present day is the largest Life Insurance Company in india. LIC enjoyed almost a monopoly status in Life insurance till the last decade. LIC offers a wide range of Life insurance policies out of which it's most famous is the Whole Life with Profit Plan. This plan is very flexible starting from the age of 18 till the age of 60 one can enroll for this policy. This plan also provides the benefit of huge dividends with comparatively low contributions as premium. The unique feature of this plan is that it can give coverage to an individual for his entire life and the age limit of the payment of premium can stretch up to 80 years. But the returns can come in only after the death of the individual. Lic's second popular Life insurance policy is the Anmol Jeevan Regular Premium plan which provides a cover of Rs 10, 00,000 for a premium of Rs 3,260 for tenure of 20 years. LIC is India's most trusted brand and there is no taking away credit from it no matter how many new private companies make their entry into the Insurance Market. LIC has it's loyals who know that it can depend on someone with their hard earned income it is none other than the Life Insurance Corporation of India. 

Bharti AXA Life Insurance Company Limited: One of the simplest and yet important plans introduced by Bharti AXA is know as the Secure Confident Plan. This is a long term Life insurance plan with riders. The Secure Confident Plan provides coverage of Rs 10, 00,000 at the payment of a premium of Rs 2850 for tenure of 20 years. 

Kotak Life Insurance: Kotak Life Insurance is one of India's leading Life Insurance Companies. It is a joint venture between two corporate giants Kotak Mahindra Bank and Old Mutual Plc, of South Africa one of the leading Insurance companies of the world.Due to a strong investment pedigree of the Kotak group, Kotak Life insurance can afford to offer a comprehensive variety of products and services that best suit the diverse needs and risk management profiles of the investors with lucrative returns that all investors look for. Kotak Life Insurance offers life insurance plans under two broad categories Traditional Plans and Unit Linked Plans. The Traditional plan is meant for investers who are totally averse to risks, whereby their investments are prevented from being exposed to equities and the ULIP's as the name suggest is meant for exposure to equity. This plan is mainly suited for investers who are looking at long term returns.

Max New York Life Insurance: With its vision of being the Most Admired Life Insurance Company of India Max New York Life Insurance believes in satisfying their customers through quality and business excellence. Along with its umpteen numbers of policies Max New York Life Insurance offers one of the best Life Insurance policies in the country. This Company provide for both long term and short term life insurance plans. However the best still remains to be the Whole life plan which offers insurance cover till the age of 100. The whole life plan provides an insurance cover that is guaranteed for life. The policy builds cash and also helps the insured with regular bonuses. The plan also allows one to purchase further bonuses which will be paid along with the Base policy or in the event of an unfortunate demise. This is a dual benefit plan which provides financial protection plus higher returns.

Bharti AXA Life Insurance Company Limited: One of the simplest and yet important plans introduced by Bharti AXA is known as the Secure Confident Plan. This is a long term Life insurance plan with riders. The Secure Confident Plan provides coverage of Rs 10, 00,000 at the payment of a premium of Rs 2850 for tenure of 20 years. 

Hence it would be wrong to say that one company is better than the other because every insurance company today has something more to offer. They all have their experts who know how to use your hard earned income in the best possible manner so that you can reap the best possible benefits and also add to the goodwill of your insurance company.
 

 Source :-internet media