What is life insurance in India?
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.
What is meant by life insurance company?
Life Insurance Companies means any insurance companies with which the Borrowers have entered into (i) Life Insurance Policies in connection with any Life Mortgage Loans or (ii) Life Risk Insurance Policies in connection with any Mortgage Loans.
How many life insurance industry are there in India?
The life insurance sector in India comprises of, 24 are life insurance companies, Among the life insurance companies, Life Insurance Corporation (LIC) of India is the only public sector company.
How many sectors are there in insurance?
There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance.