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.
Group Leave Encashment Plan is a non–linked non-participating, fund based Variable Insurance Product. This plan helps to meet the employer's Liability for providing Leave Encashment facility to their employees. Leave Encashment Group Plan is designed to cater to the needs of Employee's leave encashment liabilities increasing over the period of time. This product is designed to reduce the financial strain on the employer by helping them fund their Leave encashment liabilities payable to employees.
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