Claim Settlement Ratio is one of the key considerations while selecting an insurance product. In India insurance regulatory body, Insurance Regulatory and Development Authority (IRDA) provides claim settlement ratio for different insurers in its annual report.
Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Term Insurance from LIC
Life Insurance Corporation (LIC) is India’s largest insurer. Apart from plethora of endowment, money back policies LIC also have 2 term insurance policies in its kitty.
Only difference between these two term insurance policies is the range of
Term insurance is best life insurance
Term insurance policies are designed for financial protection of family members in absence of breadwinner because of untimely death. It is the pure and best form of life insurance because only purpose of term insurance is to ensure family’s financial protection, no-more-no-less. With the death of the breadwinner of the family, income also dies and proceeds from term insurance can be used to meet the financial requirement of the family.
Why this is called term insurance? Because they are offered for a specific term or period. In India most term insurance policies are offered for maximum term of 25-30 years.
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