Different Insurance Policies and Investment Plans
The insurance field in India has come in full circle, from being an open aggressive market to nationalization and back to an open market, yet again. Tracing the expansion in the Indian insurance sector reveals the 360-degree twist, observed over an episode of roughly two centuries.
Indian insurance sector is one of the best industry sectors to balance development even in the toughest of financial situations. India is the fifth major market amongst the internationally up-coming markets, expanding at a yearly rate of 32 to 34 per cent. Industry professionals have discovered that this sector’s input to the Indian gross domestic product (GDP) has improved from about 1.9 per cent to approximately 4 per cent.
Existence of so many companies in the market infuses strong rivalry which finally helps customer’s wellbeing as newer and enhanced products are developed in the course. Furthermore, encouraging Government plans as well as constructive business environment are certain reasons which have been drawing worldwide insurers towards the Indian insurance trade for planned savings and agreements.
IRDA has until now approved 12 private life insurance companies plus 9 general insurance companies.
Life Insurance companies put forward insurance and pension plans, specially designed to help you plan your life in a better way. Just choose a life insurance policy, based on your requirement – protection, saving, child or retirement.
Life Insurance Plans
Protection Plans - Protection policies are Term policies which offer just life cover. These plans can get you sufficiently covered and secure your family money-wise, in case of any ill-timed incident. These are economical insurance plans.
ULIPs - Unit Linked Insurance Plans or ULIPs as they are usually known are a type of Savings Plans that help you save and raise your wealth. ULIPs are a sort of goal-based monetary solutions that unite the security of life insurance protection among wealth creation prospects.
Children Plans - Child insurance plans are an addition to Endowment, Money Back and in a lot of cases ULIP plans. It is the help that protects your child future if something unfavorable happens to you.
Pension Plan - The growing inflation has put the terror of the unseen in all working person’s life. Nowadays, in particular, it is very important that you save for the golden years post retirement, with the intention that you are able to keep up your standard of living as at present.
