What is Life Insurance

Life insurance is an agreement or contract between the person insured and the insurance company . According to this contract, if the person insured dies in an accident, the nominee (family member) is paid a certain amount by the insurance company. However, for this, the insured has to pay money in the form of regular premiums for a certain period of time, which acts as a financial security for the insured’s next of kin. If you also want to get then in this post we are going to give information about what is life insurance

Those people who want that their families do not have to face financial problems after them, then they must get their life insurance done . Apart from financial security, life insurance policy also helps in saving tax. If you are also thinking of getting your life insurance, then first of all, what is life insurance or life insurance (What Is Life Insurance) and what are the benefits of getting life insurance, etc.  

What is Life Insurance

Life insurance is a contract or agreement between the policyholder and the insurance provider. In which if an accident occurs with the policyholder and he dies, then the life insurance company provides that amount to the family of that person according to the life insurance policy made by that person. So that even after the death of the earning person, his family members can be helped. It comes in handy to help the family financially. If you have any kind of loan or you live in a rented house then you must get life insurance.

SBI Life Insurance

SBI Life Insurance Company , one of the most trusted life insurance companies in India, was incorporated as Life Insurance Companies of India in October 2000 and registered with Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Gone. It provides services like Life Insurance, Pension Plan, Child Plan, Investment and Savings Plan etc. to its customers. The user can take any plan as per his convenience, offline or online by contacting its official website.

How to Buy Life Insurance

There are many insurance companies in India from where you can get life insurance. You can also get insurance by visiting these companies and you can also apply online if you want. On applying online, an agent of the insurance company comes to you so that you can get the insurance done online. You can also send a request for life insurance on the company’s Toll Free Number. For this, you have to fulfill some of their conditions like your age should be between 20 to 60 years. You should not be suffering from any kind of deadly disease and at the same time be mentally healthy.

  • Life insurance amount

How much life insurance you should take depends on your annual income, how many liabilities you have, and how many people in your family depend on your income. You should take a life insurance cover amounting to ten to fifteen times your annual income.  

  • Life Insurance Companies

Next, you have been told the names of some popular life insurance companies from where you can take life insurance.

  • SBI Life Insurance
  • Aviva Life Insurance
  • Bajaj Allianz Life Insurance
  • Bharti AXA Life Insurance
  • Canara HSBC OBC Life Insurance
  • India First (IndiaFirst Life Insurance Company Limited)
  • PNB MetLife Insurance
  • Reliance Life Insurance
  • Kotak Life Insurance
  • Life Insurance Corporation of India (LIC)

Types Of Insurance

Keeping in mind the needs and preferences of the users, many types of life insurance plans have been created, some of which Life Insurance Ke Prakar has been told to you  below. 

1. Term Insurance:

Term insurance policy provides life cover for a period of time. In the event of the death of the insured during the term of the policy, the sum insured is paid to the nominee of his family. In this policy, you get cover for the period you choose.

2. Endowment Policy:

This policy is for the whole life. After the death of the policyholder, the beneficiary gets the full amount. If a person takes this policy, then he gets two types of benefits, first benefit of insurance and second benefit of investment.

3. Money Back Life Insurance:

In a money back policy, a fixed part of the sum assured is paid to the insured during the specified period of time during the insurance period itself. In the event of death of the policyholder, the full sum assured along with life benefits is paid to the nominee.

4. Unit Linked Insurance Plan:

In this, both your insurance and investment needs are met. The premium paid by you is deducted from the insurance and management expenses and charges and the balance amount is invested.