Life insurance is a contract that pledges
payment of an amount to the person assured (or his
nominee) on the happening of the event insured
The contract is valid for payment of the insured
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it
Among other things, the contract also provides for the
payment of premium periodically to the Corporation by
the policyholder. Life insurance is universally
acknowledged to be an institution, which eliminates
'risk', substituting certainty for uncertainty and
comes to the timely aid of the family in the
unfortunate event of death of the breadwinner.
By and large, life insurance is civilization's partial
solution to the problems caused by death. Life
insurance, in short, is concerned with two hazards
that stand across the life-path of every person:
That of dying prematurely leaves a dependent family to fend for itself.
That of living till old
age without visible means of support.
Life insurance in
India made its debut well over 100 years ago
In our country, which is one of the most populated in
the world, the prominence of insurance is not as
widely understood, as it ought to be. What follows is
an attempt to acquaint readers with some of the
concepts of life insurance, with special reference to LIC.
It should, however, be clearly understood that the
following content is by no means an exhaustive
description of the terms and conditions of an LIC
policy or its benefits or privileges.
In case of insurance, it is easy to acquire loans on
the sole security of any policy that has acquired loan
value. Besides, a life insurance policy is also
generally accepted as security, even for a commercial
See more about insurance Click here ....