Insurance ?

Definition: A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contractbetween the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event.

Description: Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate. Broad categories include life, health, motor, travel, home, rural,commercial and business insurance

The Insurance Regulatory and Development Authority, an agency of the Government of India, is the regulatory body for the insurance sector's supervision and development in India.

GRATUITY & SUPERANNUATION POLICIES:

Gratuity denotes an amount, which is paid in one lump sum along with other due retirement/ terminal benefits by an organization to an employee on retirement, resignation or termination of his services. It is at the rate of 15 days of wages/salary for each completed year of service.

Superannuation is an organizational pension program created by a company for the benefit of its employees. It is also referred to as a company pension plan. Funds deposited in a superannuation account will grow typically without any tax implications until retirement or withdrawal.

Companies Related To Insurance:

1. Aviva India

2. Bajaj Allianz Life Insurance

3. Bharti AXA General Insurance

4. Edelweiss Tokio Life Insurance Company Limited

5. Exide Life Insurance

6. HDFC Standard Life Insurance Company

7. ICICI Prudential Life Insurance

8. IDBI Federal Life Insurance

9. IndiaFirst Life Insurance Company

10. Kotak Mahindra Old Mutual Life Insurance

11. PNB MetLife India Insurance Company Limited

12. Reliance Nippon Life Insurance Company Limited

13. Royal Sundaram Alliance Insurance

14. SBI Life Insurance Co.Ltd

15. Future Generali India Insurance

16. Cholamandalam MS General Insurance

17. Cigna TTK