Life Insurance Policy is an agreement between the insured and the insurance company where insurer (insurance company) agrees to pay the nominee of the insured a lump sum amount in the event of any mishap with the insured.This policy helps to provide financial protection to your family or dependants after you. You pay a small amount for a specified tenure and insurance company pays back Lump sum amount (coverage amount) to your nominee (mentioned in the policy) in the event of any mishap with you.
Term Insurance is the most affordable form of Life Insurance Plan. It provides you high risk cover by paying out lesser premium.
This plan covers you for Life and thus you pay the regular premium until you die. Your nominee gets the full sum assured at the event of your death.
Unlike Term Plan, endowment plan pays you out sum assured along with the profits in both the cases- death and survival.
Provides financial coverage to your child's future needs and allows you to plan his/her future in a better way and stabilize way.
This plan assists you in securing your post retirement life financially. Choose from multiple options.
This plan helps you in enhancing your wealth, savings and get an insurance coverage as well.
This Plan provides you both investments as well as insurance. The performance of this plan is linked with the market.
This is a variant of endowment Plan. A portion of sum assured is paid out at regular intervals.
Life insurance in India is dominated by LIC (the largest public sector company in India) with a market share of 72.7% in FY13. Total premium in FY13 for the industry stood at INR 287,202 Cr (Close to USD 48 Billion). LIC is the only public sector life insurance company and has been able to dominate the market even after IRDA allowed private companies to enter the market in 2001. There are about 23 private companies. Life insurance was primarily sold through agents, however with increasing number of online products coupled with Internet penetration, online purchase is on the rise. Most companies have launched online plans including LIC, which recently launched an E-Term plan.
LIC is the only public company offering life insurance plans in India.
Following chart provides market size in terms of premium for all private companies offering life insurance plans in India. Click on the logo to know more about the company and its product offerings.
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Aggregate Rating for
Term Insurance
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