Life Insurance in the present era has become important as it provides financial assistance in critical time. Life Insurance is a contract in which the beneficiaries of the insured person receives money from the insurance company in case of death of the insured person. Different types of life insurance policies offered by companies in India are:
- Term Life Insurance Policy – Under this policy, beneficiaries of the insured person receive money in case of his/her death.
- Money Back Policy – Under this policy, the insured person receives money during the period of the policy and in case of death, his/her beneficiaries get the insured amount.
- Endowment Policy – Under this policy, the insured person gets money during the period of the policy in intervals and in case of death of the insured person or on the maturity of the policy, a lump sum amount is given to the beneficiaries.
- Unit Linked Investment Policy (ULIP) – Unit Linked Investment Policies offers the dual benefits of investment and insurance as in this policy one part of the premium goes as an investment in the fund and the second part is for the insurance cover.
- Whole Life Policy – Whole Life Policies offers insurance cover for the entire life, i.e. there is no fixed duration. In case of death of the insured person, the insured amount is paid to his/her beneficiaries.
The awareness regarding life insurance is growing swiftly among people, which has resulted in an increase in the sale of life insurance policies. Both public and the private insurance companies have entered in this sector, which is full of demand and potential. This post lays down under the list of Top 10 Life Insurance Companies in India.