What Is Life Insurance? Information about Life Insurance

What Is Life Insurance?: Life insurance or life insurance is a contract between the policyholder and the insurance company. If you also want to get Information about Life Insurance, then in this article you have been told about it in full detail.

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 premium for a fixed time, which acts as a financial security for the insured after his family. If you also want to get Information of Life Insurance, then in this post we are going to give information about What Is Life Insurance (Information about 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.

How To Get 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.

How Much Life Insurance Should Take?

How much life insurance you should take depends on how much 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 of India Corporation (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 are mentioned 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 only till the period you choose.

2. Andoment Policy:

This policy is up to full age. The beneficiary that is after the death of the policyholder receives its full amount. If a person takes this policy then he gets two types of benefits. The first advantage of insurance and the second benefit investment

3. Money Beck Life Insurance:

A fixed part of the sum insured in the money Beck Policy is given to the insurance holder during the fixed period during the insurance period. In the event of the death of the policy holder, the entire insurance amount is paid to the nomine with the benefits of life.

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.

Benifits of Life Insurance

If you have taken life insurance, then we are telling you what benefits you would get from it.

  • The biggest advantage of life insurance is that it provides financial security to your family.
  • This can bring regular income to your family. It also helps in health and healing.
  • Tax benefit is also available on premium payment under section 80ccc, 80c and 80d of Life Insurance Policy Act, 1961.
  • Long term savings can be made.
  • It is necessary in the education of children.

Information about 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 Insurance Regulatory and Development Authority of India in March 2001. (IRDAI) has been registered. 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.


Before taking advantage of any insurance plan, the person taking the policy is medically examined. This test is done to ensure that the insured is not suffering from any serious or chronic illness. If you have now decided to get your life insurance policy, then choose a good policy only.

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