Life Insurance Corporation Of India

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12/07/2012 12:30

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Would you like to ask us questions about the services we have available? Please contact us. We...
12/07/2012 12:29

Welcome to Our New Website

We would like to announce the launch of our new website. You can find information about all the...

 

What Is Life Insurance?

 

Life insurance in India made its debut well over 100 years ago.


Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

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.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. 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. 
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

  1. That of dying prematurely leaving a dependent family to fend for itself.

  2. That of living till old age without visible means of support.



 

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Dinesh Tiwari 9212355151