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04 06 08
What is Insurance?
Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.
that pays a beneficiary in the event of your death as long as the policy is in effect.
buy for those people you leave behind. Life insurance covers your expenses such as funeral and medical bills. You may also need to leave financial support to your family.
HISTORY
Some of the important milestones in the life insurance business in India are: y 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
y
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
type of life insurance. You buy coverage for a certain amount of time, such as 10, 15, 20 or 30 years. If you die before the term is over, your beneficiary gets the benefit stated in your policy. If you live beyond the term, the policy expires.
age of 20 you will not have any life insurance beyond the age of 50
unprecedented growth of 200% and attain a size of Rs. 2000 billion by 2009-10 y A private sector insurance business will achieve a growth rate of 140% as a result of aggressive marketing technique being adopted by them against 35-40% growth rate of state owned insurance companies. y In rural markets, the share of private insurance players would increase substantially as these have been able to generate a faith among their rural consumers.
Conclusion
y In life we don't appreciate things like Health,
small moments of happiness, nature, time spend with our family which are most wonderful and real things in life.
"what you are losing" to "what you are gaining" , once you do this with Term Insurance your Life will become wonderful