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.
Life insurance for senior citizens is extremely important to make them feel protected. Everybody wants to be cared for in their old age. Senior citizens tend to feel very lonely and helpless as they are not in a position to help themselves, either financially or physically. So, one of the best ways to take care of them and make them feel financially and mentally secure is to buy insurance policies for them. the main reason is that these policies can serve as a replacement for their income to support them and their family. Because, after retirement, the inflow of money suddenly stops. Sometimes, upon the death of a senior member, the spouse and children may suffer a lot due to the lack of money. So, to avoid such financial tension, insurance policies are very important as they act as a channel for savings and an income source at the end of the policy term. Also, cash received from these policies can be used to pay off any other existing debts like outstanding loans, medical expenses etc.
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