In India, there are many people who buy a life insurance to secure their future. It is a means to protect their family in case of any adverse situation. A life insurance, can be termed, as a contract between an individual (the insured) and the person who insures (the insurer) him, wherein the insured pays a premium to the insurer. In return, the insurer pays a certain amount of money to the beneficiary of the insured, upon the death of the insured.
There are 23 Life Insurance Companies in India . Out of these, Life Insurance Corporation is the single public sector insurance company, while the rest are private companies. All the insurance providers in India are regulated by the IRDA. The IRDA overlooks the functioning of the insurance companies. There are so many insurance products available in the market that it becomes difficult to choose from them. Today, in the fast paced life that everyone lives, it becomes difficult to take time out and hunt for the right insurance product. One can simply, compare the services offered by the insurance companies online. Every dealer has an active web portal on the internet. Not only this, they can also apply for it online.
One of the many private companies that provide life insurance in India is the Max Life Insurance. Max Life Insurance is a joint business enterprise between Mitsui Sumitomo Insurance Company Limited and Max Life Insurance Company. They started their operations in April 2001. In mid-2012, the Mitsui Sumitomo Insurance Company bought out their stake out of New York Life Insurance Company. As a result, the company name was renamed Max Life Insurance Company. The Max Life Insurance provides retirement solutions and life insurance for protection and long-term savings, both unit-linked insurance plans and traditional. Theirs is a business which is determined in providing excellence to customers through a customer centric approach, strong human capital, investment expertise and financial stability, and advice based sale process.
Life insurance today is not only a means of protecting their future, but, is also a good tax saving option. The premium paid for the life insurance is eligible for deduction from the Income Tax paid by an individual. There are certain provisions given by the government under which an individual can avail this tax benefit. There are many banks also that provide insurance to individuals. It is best to first inquire and then make an informed decision.
About the Author
I am financial advisor at India’s First Financial Helpline. My aim is to provides information about insurance and its plans to people. In this article you have found information about insurance and its plans.
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