Life Insurance
Life insurance or life assurance is a contract between the individual (policy owner) and the insurer, where the insurer agrees to pay a some amount of money upon the occurrence of the insured individual's or individuals' death or other event. In return, the individual agrees to pay a stipulated amount called a premium at regular intervals. In India, which is one of the most populated in the world, the prominence of insurance is not as widely understood. The contract is valid for payment of the insured amount during:
- The date of maturity, or
- Specified dates at periodic intervals, or
- Unfortunate death, if it occurs earlier.
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.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Tax Relief: Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
P> Life Insurance NewsGovt apathy takes the charge off electric vehicle makers
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EXCLUSIVE - Fed group eyes insurance fund for key market
NEW YORK (Reuters) - Banks, investors and industry groups last week discussed creating a backstop insurance fund among other proposals to lessen the risk a distressed dealer could trigger a crisis in the world's largest funding market.
New India to introduce core insurance solution soon
The New Indian Assurance is in the process of implementing the Core Insurance Solution (CIS) to network its offices and automate its operations. New India Assurance chairman and managing director M Ramadoss said all the 26 regional offices and 393 divisional offices and 614 branches will be brought under the CIS system very soon. Ramdoss, who was here on Thursday to preside over the board of directors meeting, said the board has approved the company s third quarter results during which the company has earned a premium income of Rs 7200 crore. The chairman said all the districts in Orissa would ...
Cholamandalam MS to start m-commerce by June 2011
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Insurance bigwigs meet Irda chief over Sebi notice
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Bank fee can recoup AIG bonuses: Geithner
US Treasury Secretary Timothy Geithner on Wednesday said insurer AIG s contracts to pay hundreds of millions of dollars in bonuses were outrageous and appealed to Congress to help recoup payments. Geithner said Congress could help recover the deeply irresponsible bonuses by passing an Obama administration proposal to levy fees on large financial firms. American International Group Inc on Wednesday was expected to pay about $100 million in bonuses to employees of its Financial Products unit, which was responsible for making bad bets on credit default swaps that brought the insurance giant to the brink of collapse. AIG is honoring the ...
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MetLife fourth-quarter profit falls
MetLife Inc s fourth-quarter earnings fell 70 per cent because of investment losses, but its operating profit beat Wall Street expectations by a penny on Tuesday as the credit market began to thaw boosting revenues at the biggest US life insurer. The company also confirmed it was in talks to buy American International Group Inc s American Life Insurance Company unit, but no agreement had been reached. The two US insurers were in talks on a deal that could value ALICO at between $14 billion and $15 billion, according to a source, Reuters reported last month. MetLife management has said in the ...
Max New York Life to infuse Rs 200 cr capital in two months
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Money Off The Shelf
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Aditya Birla Nuvo to invest 8 bln rupees - official
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SBI Life posts net profit of Rs 199 cr in first 9 months
SBI Life Insurance, has clocked a profit of Rs 82 crore in Q3 FY10 while for the first nine-months of this fiscal (FY10), the life insurer posted a net profit of Rs 199 crore. Its total premium collection in the first nine-months stood at Rs 6,087 crore, up 32 per cent, a press release issued stated. New Business Premium grew by 19 per cent to Rs 4,392 crore during the period. Reflecting its superior efficiency in its business operations, the company maintains the lowest expense to GWP (Gross Written Premium) ratio in industry of 7.99, the release said. We remain ...
Bernanke says did not negotiate with AIG lenders
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HIGHLIGHTS - Geithner testimony at House hearing on AIG
WASHINGTON (Reuters) - The following are highlights from a House Oversight and Government Reform Committee hearing on Wednesday with Treasury Secretary Timothy Geithner testifying on the bailout of insurance company AIG.
Measure insurance by core yardsticks
Over the last few weeks, we have seen a sharpening of what could be described as turf war between two financial regulators, the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA).
Insurers, IRDA snub sebi in row over ULIPs
Life insurance companies are planning to challenge the capital market regulator?s attempt to regulate Unit Linked Insurance Plans (Ulips) by citing a technical provision in the Securities and Exchange Board of India (Act) that says insurance plans do not come under collective investment schemes.
Risk of Europe failures rises as economy recovers
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Investor Buffett holds $1 bln stake in Munich Re
FRANKFURT (Reuters) - U.S. investor Warren Buffett has built a $1 billion stake in Munich Re, adding to his array f insurance holdings and boosting shares in the world's biggest reinsurer.
Investor Buffett builds $1 bln stake in Munich Re
FRANKFURT (Reuters) - U.S. investor Warren Buffett has built a $1 billion stake in Munich Re, boosting his insurance holdings by taking a 3 percent stake in the world's biggest reinsurer.
DEALTALK - With AIG, U.S. taxpayers in for long wait
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