Celebrate your life with life insurance policy

                                                                                         

Life insurance policy is an agreement between two parties agree to compensate on uncertainty of life, property or wealth in exchange of a fixed amount called premium. It is also the transfer of risk from one entity to another in exchange for a premium and duty of care. Life insurance is risk mitigation tool and also a tax saving tool.

Few years back, life insurance services in India were limited to big cities and towns with only Life Insurance Corporation of India providing the service. The lack of awareness of life insurance did not allow it to grow in rural and urban India. There were also lack of other life insurance agencies and corporations at that time. With the emergence of private corporation in the life insurance sector, the market has seen a boom. Now a days, all the big insurance companies are operating in India. The potential in the market is making these companies to come out with new and attractive life insurance plan.

Insurance is generally of two kinds, life insurance and general insurance. Life insurance policy covers life protection, retirement plan, children education and wealth creation. And in life protection, various things is covered, like term insurance, whole life policy, endowment policy, annuities and pension plan. The general insurance covers fire (covers all fire-related risk), marine (covers perils of travel) and miscellaneous. Miscellaneous category covers personal accident, business and risk mitigation, insurance of property, buildings, motor vehicles, factories, airplanes, home assets, flats and its contents, travel related accidents and losses and fidelity insurance of key employees.

With almost 14 big insurance companies in India offering multiple options to meet the insurance need of the consumers, Insurance companies are working aggressively in taping the market with various products and policy. Now the question arises that for which policy and plan one should go for. One needs to do the life insurance comparison before entering into any term or policy. Life insurance is totally dependent on individuals needs and requirements as to what suits the individual best. For each category of policy, one can have the life insurance comparison of all the big companies, which is available on the company's website or you can call the executive.

Choosing the best investment company depends on its performance and cost of its product and the service. Because of the stiff competition in the market, there are various companies providing best insurance plan in india. The Tata AIG Life's InvestAssure II has done well in the last few year with annual return of 72 percent. The Kotak Platinum advantage ULIP products is doing well along with its Child Plan and Term Policy.

In general insurance category, ICICI Lombard is doing well because of its comprehensive product line, instant online policy issuance, lightning fast claims settlement and simple and fast documentation. The Aviva life insurance has various attractive products for the consumers, like Lifelong Policy, Lifesaver or Easylife Plus, Young Achiever, Lifebond and Lifebond Plus, Pension Plus, Lifeshield, Freedom Lifeplan and Lifebond 5. All these Aviva life insurance products are doing well and are very good products.

With the rebate in income tax act under section 80 C or 80 CCC (1) and section 10 (10) D in India, more and more people are investing in life insurance these days.

Like many other countries in the world, life insurance is made compulsory by the government in India for taking care of the people's health. India needs to be more focused in that direction and ensure for the healthy upbringing of the people.

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