Insurance Minds

Advantages of Life Insurance

2009-11-28T09:58:00.000-08:00

To why you should have Life Insurance let us take a close look at advantages of life insurance:

Life Insurance has no competition from any other business.Many people think that life insurance is an investment or a means of saving.This is not a correct view.When a person saves,the amount of funds available at any time is equal to the amount of funds available at any time is equal to the amount of money set aside in the past,plus interest.This is so in a fixed deposit in the bank,in national savings certificates,in mutual funds and all other savings instruments.If the money is invested in buying shares and stocks,there is the risk of the money being lost in the fluctuations of the stock market.Even if there is no loss,the available money at any time is the amount invested plus appreciation.In life insurance,however,the fund available is not the total of the savings already made(premiums paid),but the amount one wished to have at the end of the savings period(which is the next 20 to 30 years).The final fund is secured from the very beginning.One is paying for it over the years,out period,if so chosen.The assured fund is not affected.There is no other scheme which provides this kind of benefit.Therefore life insurance has no substitute.

There is no similar to a hire purchase scheme.In a hire purchase scheme,the intended purchase is effected immediately,but the price is paid in instalments later.However, in the event of death,the balance instalments are not exused.They have to paid by the surviving family.In the case of life insurance,the premiums cease on death.There are no outstanding instalments.There is no financial arrangement that can be equal the benefits of life insurance.

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ReInsurance

2009-11-28T00:16:00.000-08:00

You came across this phrase ReInsurance but don't know what it is?Let us have a close look what is ReInsurance?

Insurance companies are taking risks.They have to pay claims as and when they occur.They cannot be sure when the claim will occur and how big the claim may be. This is so because of the very nature of perils.Insurers normally are financially sound enough to be able to pay claims.But there are limits.An event like the tsunami or a hurricane may generate claims amounting the crores of rupees,which may put a very heavy strain on the reserves of the insurer.Insurers protect themselves from such situations,which may be beyond their capacity,by reinsuring the risk with other insurers.If there is a claim,the burden is shared by the primary insurer and the reinsurers.

There are some companies which are exclusively in the business of reinsurance.In India the General Insurance Corporation of India is the national insurer.Reinsurance business is placed globally.When there is a major calamity,the claims affect several insurers all over the world,through the system of reinsurance.

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Who is a Trustee?

2009-11-28T00:03:00.000-08:00

Let us see who is the trustee in this insurance sector:

The insurer is in the position of a trustee as it is managing the common fund,for and on behalf of the community of policyholders.It has to ensure that nobody is allowed to take undue advantage of the arrangemen.That means that the management of the insurance business requires care to prevent entry(into the group)of people whose risks are not of the same kind as well as paying claims on losses that are not accidental.The decision to allow entry is the process of underwriting of risk.Underwriting includes assessing the risk,which means,making an evaluation of how much is the exposure to risk.The premium to be charged depends on this assessment of the risk.The premium to be charged depends on this assessment of the risk.Both underwriting and claim settlements have to be done with great care.

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Premiums in the policy

2009-11-27T23:43:00.000-08:00

Let us see on what basis premiums are calcualted:

Premiums are the amount of money paid yearly or monthly or quaterly based on the policy taken by us.

The premium for insurance is based on expectations of the losses. These expectations are based on studies of occurences in the past and the use of statistical principles.There is,in statistics,a "law of large numbers".When you toss a coin,the chance,or probability,of a head or tail coming up is half.If the coin is tossed 10 times,one cannot be sure that the head will come up 5 times. If the coin is tossed 1 million times,the number of heads variation will be less as a percentage.So also,the larger the numbers(of risks)included in the pool,the better the chnaces that the assumptions regarding the probability of the risk occuring,will be realized in practice.In order to be amenable to statistical predictions,insures have to insure large numbers of risks.The larger the spread of the business,the better the experience in relation to expectations.The probability of risk being the basis of premium calculation,large numbers are necessary to ensure that the premium charged is viable or adequate.

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Classification of Insurance

2009-11-27T23:30:00.000-08:00

Let us a close look how the insurance sector is classified into different categories:

In India, insurance business is classified primarily as life and non-life or general. Life Insurance includes all risks related to the lives of human beings and general insurance covers the rest.General insurance has three classifications they are Fire(dealing with all fire related risks),Marine(dealing with all transport related risks and ships) and Miscellaneous(dealing with all others like liability,fidelity,motor,crop,engineering,construction,aviation,personal accident,ect.).Personal accident and sicknes insurance,which are related to human beings,is classified as "non-life" in India,but is classified as "life",in many other countries.

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The Business of Insurance

2009-11-27T23:06:00.001-08:00

In this post you will come to know about the working principle of insurance:

Insurance companies are called insurers.The business of insurance is to

* bring together persons with common insurance interests(sharing the same risks)

* collect the share or contribution(called premium)from all of them, and

* pay out compensations(called claims)to those who suffer from the risks.

In India, the IRDA(Insurance Regulatory Development Authority) has, in 2005,issued Regulations enabling micro-insurance(braodly meaning insurance for small Sums Assured, like 5 to 50 thousands)to be done by both life and general insurers on the basis of mutual tie-ups.A policy may be issued by a life insurer covering both life and non-life risks,but premium on account of the non-life business will be passed on to a general insurer and the claim amount collected from the latter.

The business of insurance is one of sharing.It spreads losses of an individual over the group of individuals who are exposed to similar risks.People who suffer loss get relief because at least part of their loss is made good.People who do not suffer loss are relieved because they were spared the loss.

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Purpose of Life Insurance

2009-11-27T22:04:00.000-08:00

Let us see why we should have Life Insurance?

A human being is an income generating asset.One's income generating ability depends on one's skills,(manual,professional,problem solving,entrepreneurial, etc). These are the assets.The value of the assets.The value of the asset can be measured by considering the income that is generated by the person concerned.The concept of Human Life Values,provides scientific ways to determine the asset value of the human life and therefore, the amount of life insurance required.These techniques,like other techniques related to selling,will have to be learnt on the job.

These assets also can be lost through unexpectedly early death or through sickness and disabilities caused by accidents.Accidents may or may not happen.Death will happen,but the timing is uncertain.If it happens around the time of one's retirement,when it could be expected that the income will normally cease,the person concerned could have made some other arrangements to meet the continuing needs.But if it happens much earlier when the alternate arrangements are not in place,there can be losses to the person and dependents.Those dependent on the income are helped to overcome the difficulties,by insurance.

A person who may have made arrangements for his needs after his retirement,also would need insurance.This is because the arrangements would have been made on the basis of some expectations like,likely to live for another 15 years,or that children will be able to look after the aged parents.If any of these expectations do not become true,the original arrangement would become inadequate and there could be difficulties.Living too longs can be as much a problem as dying too young.Both are risks,which need to be safeguard against.Insurance takes care.

Thus, the risks in case of a human being are related to:

*Early death
*Living too long
*Disabilities
*Sickness
*Unemployment

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Working of Insurance

2009-11-27T21:34:00.000-08:00

Don't how insurance works let us see the working of insurance practically with examples:

Consider the first situation:

In a village there are 400 houses, each valued at Rs.20,000. Every year on an average, 4 houses get burnt, resulting into a total loss of Rs. 80,000. If all the 400 owners come together and contribute Rs.200 each, the common fund would be Rs.80,000. This would be enough to pay Rs.20,000 to each of 4 owners who houses got burnt. Thus the loss of Rs.20,000 each of 4 owners is shared by 400 house-owners of the village bearing Rs.200 each. This works out to 1% of the value of the house, which is the same as the probability of risk(4 out of 400 houses).

Consider the second situation:

There are 1000 persons who are all aged 50 and are healthy. It is expected that, on an average, 1% of persons aed 50, or 10 persons, may die within one year. If the economic value of the loss suffered by the family of each dying person is teken to be Rs.20,000.If eac person in the group contributed Rs.200, the common fund would be Rs.2,00,000.This would be enough to pay Rs.20,000 to the family of each of the ten persons who die. Thus, the risks are shared by 1000 persons, although 990 of them did not suffer any loss.

In the first example, assume that are 400 houses but of different values. In that case, the contribution of each house owner would be 1% of the value of the house. If the assumption was that 8(2%) out of 400 houses are likely to get damaged, the contribution would be 2%(probability of risk) of the value for each house. The probability of risk does not depend on the value of the house. The probability of risk would depend on factors like the nature of construction of the house(concrete or thatch work) or the location in which it is(residential,commercial or industrial area).The risk is measured in terms of percentages and the contribution would be that same percentage.Similarly in the case of human beings, the probability of risk(death or disablity)will vary according to age,profession,life styles and habits,health conditions,heredity etc.

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Insurance is your soldier

2009-11-27T09:38:00.000-08:00

Yes, Insurance is your soldier to protect you from unseen consequences. Let us see the reasons.

There are certain principles, which make it possible for insurance to remain a preferred fair arrangement. The first is that it is difficult for any one individual to bear the consequences of the risks that he is exposed to.It will become bearrable when the community shares the burden.The second is that the peril should occur in an accidental manner.Nobody should be in a position to make the risk happen. In other words, none in the group should set fire to his assests and ask others to share the loss. This would be taking unfair advantage of an arrangement put into place to protect people from the accidental risks they are exposed to. The occurence has to be random, and not the deliberate creation of the insured person.

The manner in which the loss is to be shared can be determined before hand. It can be equal among all. It can also be proportional to the risk that each person is exposed to. The trader who has sent Rs.100 lakhs worth of goods on a ship will bear double the loss to be borne by another trader who has got Rs.50 lakhs worth of goods on the same ship. Current practice is to make the sharing proportional to the exposure to risk. The share could be collected from the members after the loss has occured or the likely shares may be collected in advance, at that time of admission to the group.Insurance companies collect in advance and create a fund from which he losses are paid.

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How Insurance Works?

2009-11-27T09:11:00.001-08:00

Let us have a close look at the working principle of Insurance:

The mechanism of insurance is very simple. People who are exposed to the same risks come together and agree that, if any one of them suffers a loss, the others will share the loss and make good to the person who lost. All people who send goods by ships are exposed to the same risks, which are related to water damage, sinking of the vessel, piracy,etc. Those owning factories are not exposed to these risks, but they are exposed to these risks like fire,hailstorms,earthquakes,lightning,burglary, etc.Like this, different kinds of risks can be identified and seperate groups made,including those exposed to such risks. By this method, the heavy loss that any one of them in the group may suffer( all of them may not suffer losses at the same time) is divided into bereable small losses by all the others in the group. In other words, the risk is spread among the community and the likely big impact on one is reduced to smaller manageable impacts on all.Insurance helps to spread the costs or risks.

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Pure Risks and Speculative Risks

2009-11-26T23:49:00.000-08:00

Let us have a close look at Pure and Speculative risks:

The latter are in the nature of betting or gambling where the risk is, to some extent, under the control of the person concerned, while a picture is not so. It is more in the nature of an Act of God. Insurance deals with only pure risks and not speculative risks.

Doubts and queries regarding this post is kindly and acceptable and kindly post your valauable comments.

Fundamental and Particular risks

2009-11-26T23:37:00.000-08:00

Let us a close look at Fundamental and Particular risks:

Fundamental risks are those that affect large populations while particular risks affect only specific persons. A train crash is fundamental risk while a theft is a particular risk.Life Insurance business deals with particular risks, but fundamental risks affect the life insurance company's experience, as many persons will be affected at the same time, when there is an earthquake, flood or riot.

Doubts are queries regarding this post is kindly acceptable please leave your valuble comments.

Dynamic and Static Risks

2009-11-26T23:30:00.000-08:00

Let us have a close look at Dynamic and Static risks:

Dynamic risks are caused by perils which have national consequence, like inflation, calamities, technology, political upheavals, etc. Static risks are caused by perils which have no consequence on the national economy, like a fire or theft or misappropriation. Dynamic risks are less likely to occur than static risks, but are also less predictable. Static risks are more suited to management throught insurance.

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Critical or Catastrophic risks, Financial and Non-Financial Risks

2009-11-26T23:20:00.000-08:00

Let us have a close view about Critical or Catastrophic risks, Financial and Non-Financial Risks:

Critical or Catastrophic risks are those which may lead to the bankruptcy of the owner. It would happen if this total, like in tsunami, wiping out everything. It can also happen if the deceased person was heavily in debt. Important risks may bot spell doom, but may upset family or business finances bdaly, requiring a lot time to recover. The adverse effects of an economic recession is one such. Less damaging are Unimportant risks, life temporary illness or accidents.

Finalcial and Non-Financial Risks:

Insurance is concerned only with financial risks

If you have any doubts or queries please kindly leave your valuable comments on this post.

Classification of Risks in our Daily Life

2009-11-26T23:13:00.000-08:00

Risks are classified into various types based on the damage to be caused. If we understand this then we can know when to take the insurance for our assests and for our lives:

Risks are classified in various ways:-

Critical or Catastrophic risks

Financial or Non-Financial risks

Dynamic and Static risks

Fundamental risks

Pure and Speculative risks

If you have and queries or doubts please leave your valuable comments on this post.

Purpose and Need to get Insured

2009-11-26T23:11:00.000-08:00

Why should we get insured? What is the need for getting Insured?
These questions are answered in this post.

Assests are insured , because they are likely to be destroyed or made non-functional before the expected life time, through accidental occurences. Such possible occurences are called Perils. Fire, Floods, breakdowns,lightining, earthquakes,etc., are perils. If such perils can cause damage to the assest, we say that the assest is exposed to that risk. Perils are the events. Risks are the consequential losses are damages. The risk to a owner of a building, because the peril of an earthquake, may be a few lakhs or a few crores of rupees, depending on the crores of rupees, depending on the cost of the building, the contents in it and extent the damage.

The risk only means that there is a possibility of loss or damage. The damage may or may not happen. The earthquake may occur, but the bulding may not have been affected at all. Insurance is done against the possibilty that the damage may happen. There has to be an uncertainity about the risk. The word "possibility" implies uncertainity. Insurance is relevant only if there are uncertainities. If there is no uncertainity about the occurence of an event,it cannot be insured againts. In case of a human being, death is certain, but the time of death is uncertain. The person is insured, because of the uncertainity about the time of his death. In the case of a person who is terminally ill, the time to death is not uncertain, though not exactly known. It would be "soon".He cannot be insured.

Insurance does not protect the assest.It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The risk can sometimes be avoided, through better safety and damage control measures. Insurance only tries to reduce the impact of the risk on the owner of the assest and those who depend on that assest. They are the ones who benefil from the assest and therefore, would lose, when the assest is damaged. Insurance only compensates for the losses and that too, not fully.

If you have any queries or doubts kindly post your valuable comments on this post.

History of Insurance in India

2009-11-26T23:09:00.000-08:00

Let us have a close view about the first insurance company in India:

In India, insurance began in 1818 with life insurance beign transacted by an English company, the Oriental Life Insurance Co.Ltd..The first Indian Insurance company was the Bombay Mutual Assurance Society Ltd, formed in 1870 Mumbai.This was followed by the Bharat Insurance Co.in 1896 in Delhi, the Empire of India in 1897 in Mumbai, the United India in Chennai, the National, the National Indian and the Hindustan Cooperative in Kolkata.

Later were established the Cooperative Assembly in Lahore, the Bombay Life (originally called the Swadeshi Life), the Indian Mercantile , the New India and the Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companies started as a result of the swadeshi movement in the early 1900's. By the year 1956, when the Life Insurance business was nationalised and the Life Insurance Cooporation of India(LIC) was formed on 1st September 1956, there were 170 companies and 75 provident fund societies transacting life insurance business in India. After the ammendments to the relevant laws in 1999, the L.I.C did not have the exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen new life insurers had been registered and were transacting life insurance business in India.

If you have any queries or comments regarding this topic kindly leave the comments

History of Insurance

2009-11-26T23:08:00.000-08:00

Don't you know how the insurance concept started continue to read about that:

Insurance has been to exist in some form or other since 3000 BC. The Chinese traders, travelling treacherous river rapids would distribute their goods among several vessels, so that the loss from any one vessel being lost, would be partial and shared, and not total. The Babylonian traders would agree to pay additional sums to lenders, as the price for wiriting off the loans, in case of the shipment being stolen. The inhabitation of Rhodes adopted the principle of "general average", whereby, if goods are shipped together, the owners would bear the lossses in promotion, if loss occurs, due to jettisoning during distress.(Captains of ships caught in storms, would throw away some of the cargo to reduce the weight and restore balance. Such throwing away is called jettisoning) The Greeks has started benvolent societies in the late 7 th century AD, to take care of the funeral and families of members who died. The friendly societies of England were similarly constituted. The Great Fire of London in 1666, in which more that 13000 houses were lost, gave a boost to insurance and the first fire insurance company, called the Fire Office, was started in 1680.

The origins of Insurance business as in vogue at present, is traced to the Lloyd's Coffee house in London. Traders, who used to gather in the Lloyd's coffee house in Londo, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship.

This is the history of Insurance, if you have any queries or doubts kindly leave the comments.

What is Insurance?

2009-11-26T21:54:00.000-08:00

Hello friends don't you know how insurance protects our lives, property and possessions.Read here to get a clear idea about insurance.

The business of insurance is related to the protection of the economic values of assests. Every assest has a value. The assest would have been created through the efforts of the owner. The assest is valuable to the owner, because he expects to get some benefits from it. It is a benefit because it meets some of his needs. The benefit may be an income or in some other form. In the case of a factory or a cow, the product generated by it sold and convenience in transportation. There is no direct income. Both are assests and provide benefits.

Every assest is expected to last for a certain period of time during which it will provide the benefits. After that, the benefit may not be available. There is a life time for a machine in a factory or a cow or a motar car. None of them will last for ever. The owner is aware of this and he can so manage his affairs that by the end of that period or life-time , a substitute is made available. Thus, he makes sure that the benefit is not lost. However, the assest may get lost earlier. An accident or some other unfortunate event may destroy it or make it incapable of giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and those enjoying the benefits therefrom, would be deprived of the benefits. The planned substitute would not been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps or reduce the effects of such adverse situations. It promises to pay to the owner or beneficiary of the assest, a certain sum if the loss occurs.

This is the clear explanation of insurance still if you any queries or doubts kindly leave your comments.

Obama Health Plan

2009-11-03T08:52:00.000-08:00

US President Honourable Barack Obama describing reformed health insurance plan in USA.
Lets us have a view of it.

Life Insurance Companies in Australia

2009-11-01T22:17:00.000-08:00

Life Insurance Companies in Australia:

Maps of USA Health Insurance Companies

2009-11-01T10:15:00.000-08:00

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USA Health Insurance Companies

2009-11-01T04:42:00.000-08:00

IRDA may reduce ULIP approval time from 30 days to 3 days

2009-10-19T22:31:00.000-07:00

Hello everyone our InsuranceMinds is here with the latest news regarding Insurance Sector.

Good news to the people of India that IRDA(Insurance Regulatory Development Authority) is going to reduce the ULIP(Unit linked Insurance Policies) approval time from 30 days to 3 days.

In general IRDA takes 30 days to approve any product but Insurers expect it to come down to 3 days in case of existing products. IRDA called up for a meeting on September 9 for proper implementation of new rules. Regulator formed a commitee headed by the Life Insurance Council Chairman SB Mathur, chief actuaries of few insurance companies and chief executives of few life companies.

An actuary of a life insurance company said that insurers would take the issue to the regulator and it was likely to reduce the timeline of process as it did in 2006 when it came out with fresh guidelines on Ulips.

In 2006, when Irda had changed Ulips guidelines mainly imposing sum assured at five times the premium and three-year lock-in period, it approved products in 15 days. All existing unit-linked products will have to comply with the revised guidelines from January 1, 2010, and therefore, these products will have to be re-filed by December 31, 2009.

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Government General Insurance Companies in India

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Private General Insurance Companies in India

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Government Life Insurance Companies in India

2009-10-19T21:48:00.000-07:00

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Private Life Insurance companies in India

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Insurance Companies in India

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What does a Life Insurance assure you?

2009-10-19T00:36:00.000-07:00

Are you wondering what a life insurance can provide you?Here we are to answer your questions.

Life insurance provides you:

* Expenses will be covered which resulted from death.

* Guaranteed income after the death of earning member in family

* Replacement of Income

* Mortgage or Liquidation payments

* Costs of Education

* Estates and other taxes

* Continuity and security of Interests

Detailed explanation of above all these are given in the next posts please continue reading. Please comment on this post, to comment click on the title and comment window will pop up.

Retirement Plans

2009-10-19T00:17:00.000-07:00

Are you planning for the retirement solutions then you are in the right place continue reading:

As an youngster you have to plan your future from now, as in the old age you need a sort of financial security as an retirement solution.

Insurance companies have come up with various policies for your retirement solutions on paying some premiums.

Proper planning from now helps you to enjoy the future without any worries. Retirement plans are not seriously taken but this is the essential thing.

Insurance Companies has come up with many policies including health care and pension plans. You select your desired policy and lead life happily after your retirement.There are many flexible policies for your convenience.Get all the details from the agent carefully.

For your comfort InsuranceMinds will guide you in your retirement plans in coming posts.Please Comment on this post on clicking on title of the post.

Importance of Life Insurance

2009-10-18T23:47:00.000-07:00

*Do you care for your family?

*Are you scared of any unseen consequences?

*Would you like to give your child good education?

Not only these all the questions related to your life are answered only with one insurance that is life insurance. In the present days child education and their marriages, your retirement life,future savings are the most challengeable questions for a normal man.

So our InsuranceMinds will help you to plan your life in a most intelligent way. Wake up early and understand the importance of life insurance in your early ages as the premium will be less. All your future needs will be satisfied with this.

Its a sense security for your future and gives financial protection for your family after your absence. From the beginning of life to your retirement age this life insurance will take care of you.

When any unseen consequences like job loss, recession effect,accident,sudden death etc. in all these cases life insurance as a friend will be back of you to support you in all the situations. Actually there are lot of people who have negative thoughts on Life Insurance.Come out of those beliefs plan your future perfectly.Insurance is become a necessity today for everyone even for farmers.

For your better understanding we come up with the explanation of insurance policies in various companies in the next posts.Hope you comment on this post to comment click on title of the post it will pop up the comment window.

Life Insurance

2009-10-18T22:20:00.000-07:00

Why Life Insurance? Here is the answer.

Insuring your life under paying some premiums may be yearly or monthly depends on the policy, is a good option.Because it gives you the life long benefit, after your death your family will be paid the amount which solves your family financial problems and gives protection for their future.

If any sudden death occurred in the form of accident the sum assured(the amount which will paid if anything happened within the duration of policy) will be paid to your family or else after finishing the paying the premiums in particular locking period(number of years compulsorily you should pay the premium) you can drawback your policy and get the amount under terms and conditions of the company.

Opting for Life Insurance in early age is a wise decision as the premium amount will be less depending your age. If you opt for life insurance you need not worry about your retirement, you need not worry about your child's marriage and education.

Life Insurance is a sense of support in case of stock market fluctuations, present situation life recession, loss of job etc. So opting for Life Insurance is a good thing ofcourse for you at present life insurance doesn't show any profit but the fruits of it can be enjoyed in the future.

Life insurance policies in different banks are going to be explained in the coming posts.Hope you understand the concept please leave your valuable comment.To comment on this post click on title so that comment page will be popped up.

Insurance of Interest and Liability

2009-10-18T21:57:00.000-07:00

As in the previous post we have already seen the Insurance of Person and Insurance of Property now in this post let us know about the Insurance of Interest and Liability which falls in the classification of Insurance.

Insurance of Interest:

Every individual will come up with some duties. Sometimes unseen consequences may damage the possessions of our clients, property holders. When any damage happened to the property of our clients which is under our responsibility then we have to pay for the damage. At that time Insurance of Interest will help us to overcome the damage and pay the expenses.

Insurance of Liability:

As our site offers you information on insurance so we are using very simple english. First know the meaning of Liability: "when you are legally responsible for some thing."

If any damage occurred to others possessions because of us we may be legally responsible to their property.In that case Insurance of Liability will help us to overcome the damage and pay the expenses.

Hope you understand the concept please leave your valuable comment.To comment on this post click on title so that comment page will be popped up.

Classification of Insurance

2009-10-18T09:10:00.000-07:00

Classification of Insurance:

Insurance is classified into 4 parts for your convenience.

* Insurance of Person

* Insurance of Property

* Insurance of Interest

* Insurance of Liability

Detailed explanation of Insurance of Person:

A person can insure his/her life and his health against unplanned consequences.
* After his/her death the family will receive the money that he is insured for.
* If the insured person met up with accident or any health problem which he gonna die he will be paid the sum assured.
* If the accident is not severe the medical insurance will cover his hospital and health expenses under the terms and conditions of Insurance Company.

Detailed explanation of Insurance of Property:

Every one possess property in the form of land, vehicle etc. The property which is in the physical form may be affected by unseen consequences. To overcome the damage for the property Insurance of Property helps you under terms and conditions of the Insurance Company.

Detailed explanation of Insurance of Interest and Liability is explained in the next post.

Private Insurance Companies in India

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Private Life Insurance Companies in India :

Allianz Bajaj Life Insurance Company Limited

Birla Sun-Life Insurance Company Limited

HDFC Standard Life Insurance Co. Limited

ICICI Prudential Life Insurance Co. Limited

ING Vysya Life Insurance Company Limited

Max New York Life Insurance Co. Limited

MetLife Insurance Company Limited

Om Kotak Mahindra Life Insurance Co. Ltd.

SBI Life Insurance Company Limited

TATA AIG Life Insurance Company Limited

AMP Sanmar Assurance Company Limited

Dabur CGU Life Insurance Co. Pvt. Limited

Private General Insurance Companies in India:

Bajaj Allianz General Insurance Co. Limited

ICICI Lombard General Insurance Co. Ltd.

IFFCO-Tokio General Insurance Co. Ltd.

Reliance General Insurance Co. Limited

Royal Sundaram Alliance Insurance Co. Ltd.

TATA AIG General Insurance Co. Limited

Cholamandalam General Insurance Co. Ltd.

Export Credit Guarantee Corporation

HDFC Chubb General Insurance Co. Ltd.

Government Life Insurance Companies in India

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Government Life Insurance Companies in India are:

Life Insurance Corporation of India

General Insurance Companies owned by Government in India are:

National Insurance Company Limited

New India Assurance Company Limited

Oriental Insurance Company Limited

United India Insurance Company Limited

For Reinsurance:

General Insurance Corporation of India

Life Insurance Companies in India

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This is the list of total Life Insurance Companies in India:

* Bajaj Allianz Life Insurance Company Limited
* Birla Sun Life Insurance Co. Ltd
* HDFC Standard life Insurance Co. Ltd
* ICICI Prudential Life Insurance Co. Ltd.
* ING Vysya Life Insurance Company Ltd.
* Life Insurance Corporation of India
* Max New York Life Insurance Co. Ltd
* Met Life India Insurance Company Ltd.
* Kotak Mahindra Old Mutual Life Insurance Limited
* SBI Life Insurance Co. Ltd
* Tata AIG Life Insurance Company Limited
* Reliance Life Insurance Company Limited.
* Aviva Life Insurance Co. India Pvt. Ltd.
* Shriram Life Insurance Co, Ltd.
* Sahara India Life Insurance
* Bharti AXA Life Insurance
* Future Generali Life Insurance
* IDBI Fortis Life Insurance
* Canara HSBC Oriental Bank of Commerce Life Insurance
* Religare Life Insurance
* DLF Pramerica Life Insurance
* Star Union Dai-ichi Life Insurance
* Agriculture Insurance Company of India
* Apollo DKV Insurance
* Cholamandalam MS General Insurance
* HDFC Ergo General Insurance Company
* ICICI Lombard General Insurance
* IFFCO Tokio General Insurance
* National Insurance Company Ltd
* New India Assurance
* Oriental Insurance Company
* Reliance General Insurance
* Royal Sundaram Alliance Insurance
* Shriram General Insurance Company Limited
* Tata AIG General Insurance
* United India Insurance
* Universal Sompo General Insurance Co. Ltd

Insurer and Insured

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First to understand Insurance and its functions,there are two terms which you should know the meaning. These terms are the most used terms in the Insurance Sector. They are Insurer and Insured.

For your better understanding we will explain you with examples.

Mr.Charlie took auto insurance for his newly purchased car.He took auto insurance in a Insurance Company. So now here Mr.Charlie is the insured and the Insurance Company is the insurer.

This means Mr.Charlie is insured whose interests are protected by the Insurance Company.

Insurance Company is the insurer may be private or government organization who pays benefit if any damage occurred to Mr.Charlie's car. But under terms and conditons of the insurance company he will be paid for the damage of his car.

Hope you understand the meaning of the Insurer and Insured please post your valuable comment for improving insuranceminds in user friendly way.

Insurance

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Insurance:

Insurance can be explained like the future plan in case of avoiding huge financial crisis when any disaster happened to your life or general things that you will be needed in your day to day life. It’s your personal care to assure protection against the damage occurred to the valuable things. You can insure your life and your personal thing like health, travel, auto, and property etc., Insurance is like a deal between you and the Insurance Company.

You pay particular amount called premium to the company for few years or months depending on the plan you have taken and when any damage happened to your personal things or any sudden catastrophe then the Insurance Company take care of your things and help you financially.Types of Insurance and their functions are described in the next post.

Hello friends please give your valuable comment so that we improve insuranceminds in a user friendly way.

Types of Insurance

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These days people are understanding Insurance in a positive way which helped in development of Insurance Sector.As a result it introduced various types of insurance for people to overcome damage. There are various types of insurance not only to take care of your valuable things but also your family after your absence.

Types of Insurance:

Auto Insurance

Unemployment Insurance

Dental Insurance

Home Insurance

Travel Insurance

Medical Insurance

Direct Car Insurance

Cheap Van Insurance

Performance Car Insurance

Critical Illness Insurance

Private Health Insurance

Health Insurance Companies

Life Assurance

Life Insurance Ireland

Budget Home Insurance

Conents Insurance

Sports Insurance

Ski Insurance

Extreme Sports Insurance

Sailing Insurance

Cheap Pet Insurance

Cat Pet Insurance

Dog Insurance

Shop Insurance

Nationwide Insurance

RAC Motor Car Insurance

Ensurance

Travel Insurance Companies

Renters Insurance

Life Insurance

Disability Insurance

Term Insurance

Farmer Insurance

About

2009-08-06T11:26:00.000-07:00

Hello future plan makers,

We are here to help you make understand insurance, wisely choose insurance policies for your life and general things. In this small webspace we help you to make wise decisions regarding insurance and make your future perfect.

Hope you comment on our posts and help us to improve InsuranceMinds in a more user-friendly way.

Contact

2008-08-09T00:49:00.000-07:00

For solutions to your insurance problems contact me here insuranceminds@gmail.com