A Study On Insurance : For Risk-cover And Saving Plans
A Study On Insurance : For Risk-cover And Saving Plans . Sharma Vijaykumar Ramchandra Malegaon, Dist. Nashik. (M.S.) Email : sharmavr4@gmail.com Introduction:
Before 1956 many insurance companies were in the field of Life Insurance Business. But between 1956 to 1999 there was no alternative of LIC of India to insurance business. Recently after Insurance Regulating Development Authority (IRDA) act coming into existence some private companies are enter into this field. Due to this LIC of India will have to change in service rendered aspect and try to be more efficient.
In this article I have tried to compare some insurance plans which are recently treated as best plans in the market. From this one policy is covering the risk of policy holder only and another is for saving and getting some money during and after the time limit that is money back policy.
Introduction : In this study we try to compare some concept in differect companies for the following policies.
1) Money Back Policies: Unlike endowment insurance policies, where the survival benefits are payable at the end of the endowment period, money-back policies provide for periodic payments of partial survival benefits during the term of the policy, as long as the policyholder is alive. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises the full sum assured, without deduction of any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.
2) Term Life Policy: This policy covers risk only during the selected term period. If policyholder survives the term, the risk cover comes to an end. A term policy is designed to meet the needs of people who are initially unable to pay the larger premium required for a whole life or an endowment assurance policy. No No surrender, loan
Before 1956 many insurance companies were in the field of Life Insurance Business. But between 1956 to 1999 there was no alternative of LIC of India to insurance business. Recently after Insurance Regulating Development Authority (IRDA) act coming into existence some private companies are enter into this field. Due to this LIC of India will have to change in service rendered aspect and try to be more efficient.
In this article I have tried to compare some insurance plans which are recently treated as best plans in the market. From this one policy is covering the risk of policy holder only and another is for saving and getting some money during and after the time limit that is money back policy.
Introduction : In this study we try to compare some concept in differect companies for the following policies.
1) Money Back Policies: Unlike endowment insurance policies, where the survival benefits are payable at the end of the endowment period, money-back policies provide for periodic payments of partial survival benefits during the term of the policy, as long as the policyholder is alive. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises the full sum assured, without deduction of any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.
2) Term Life Policy: This policy covers risk only during the selected term period. If policyholder survives the term, the risk cover comes to an end. A term policy is designed to meet the needs of people who are initially unable to pay the larger premium required for a whole life or an endowment assurance policy. No No surrender, loan