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What is Life Insurance?

A life insurance policy is something that provides a dedicated sum of money on the demise of the policyholder or after a certain period of time.

Life insurance is a contract wherein an individual is offered financial coverage by an insurance company in exchange for a payment over a period. The payment made to the insurer is referred to as the premium. In case the policyholder passes away during the policy tenure, the insurance company will offer a lump sum amount to his/her nominee. This lump sum amount is called the sum assured on death or the death benefit. Upon completion of the policy term, the policyholder receives a sum assured on maturity or the maturity benefit from the insurer along with some bonuses.

A pure protection plan, such as a term insurance policy, offers only the death benefit. However, there are several types of life insurance policies that offer savings in addition to protection. The savings can be in the form of a maturity benefit or bonus. Premiums paid and benefits received under life insurance are liable to tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Comparison of Different Types of Life Insurance Plans:

Life insurance has evolved from a luxury to a necessity, with it becoming an integral component for the smooth functioning of our lives. While life insurance penetration in the country is yet to do justice to our numbers, each day sees hundreds of new entrants into different life insurance schemes. One of the biggest challenges pertaining to Life Insurance is related to choosing the right type of insurance, and with companies offering multiple options it wouldn’t be hard for people who are not familiar with them to get confused.

The table below will highlights and compares key aspects related to the different types of life insurance policies in India.

• SBI Life Insurance is responsible for providing life insurance policies to more than a million Indians in today’s date.
• The total individual death claims (claim settlement ratio) of SBI Life for the year 2017-18 is 96.76%.
• The total premium collected by SBI Life during the year 2017-18 stands at Rs.25354.19 crore.
• The total linked premium collected by SBI Life during the year 2017-18 stands at Rs.14114.43 crore.
• The total non-linked premium collected by SBI Life during the year 2017-18 stands at Rs.11239.76 crore.
• The total new business premium collected by SBI Life during the year 2017-18 stands at Rs.10966.14 crore.

• HDFC Standard Life Insurance is a highly reputed private insurance company operating in India today.
• The total individual death claims (claim settlement ratio) of HDFC Standard for the year 2017-18 is 97.80%.
• The total premium collected by HDFC Standard during the year 2017-18 stands at Rs.23564.41 crore.
• The total linked premium collected by HDFC Standard during the year 2017-18 stands at Rs.10267.91 crore.
• The total non-linked premium collected by HDFC Standard during the year 2017-18 stands at Rs.13296.50 crore.
• The total new business premium collected by HDFC Standard during the year 2017-18 stands at Rs.11349.61 crore.

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• Max Life Insurance is a renowned general insurance company currently offering policies to millions of Indians.
• The total individual death claims (claim settlement ratio) of Max Life Insurance for the year 2017-18 is 98.26%.
• The total premium collected by Max Life Insurance during the year 2017-18 stands at Rs.12500.89 crore.
• The total linked premium collected by Max Life during the year 2017-18 stands at Rs.3562.48 crore.
• The total non-linked premium collected by Max Life during the year 2017-18 stands at Rs.8938.42 crore.
• The total new business premium collected by Max Life during the year 2017-18 stands at Rs.4348.59 crore.