What is meant by a term insurance?

What is meant by a term insurance?


Term insurance is one of the purest form of insurance. This insurance is excellent oppurtunity for a person to save his family in an economical way. In this insurance there is no survival or maturity benefits. The claim amount is given to the nominee of the policy holder on his death. The major advantage of this insuance is that it gives a very high economical protection for a family at a very cheaper rate. A post has been made with an illustration of term insurance along with the benefits. This insurance is suitable for the buiseness people and economically worth people.

 

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Insurance domain in india:

Indian insurance market is a very wide and diversed market where various variety of clients are available. It is up to the insurance companies to find their niche and stand strong on that. There are many successful insurance companies in India. For a greater period od time it was LIC of India a government of India enterprise that dominated the market. Now also it has around 16 crore policy holders. But after the reign of globalization the Indian insurance market was opened to private companies from in and out of India. From then onwards the private insurance companies also strongly competing in the Indian market. As a result of the people of India are getting wide combination of plans. Among this LIC of India since it is government of India enterprise has plans to cover people of different levels of society. The main motto of this blog is to explain the various plans, formalities and benefits of the plans of LIC of India.

 

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