What Is Lic Policy Who Can Apply

What Is Lic Policy Who Can Apply

What Is Lic Policy Who Can Apply

Life insurance was born in India about 100 years ago, India, which is the most populous country in the world, yet the importance of insurance and its widespread form is not understood by the people of India.

That is to say, the place of prominence or importance that insurance should have got has not been attained.

What is life insurance: -


Life insurance is a written agreement, or contract, between the insurance holder and the insurance provider, through which the insurance holder can avail favorable conditions under certain conditions. The insurance provider pledges to give a predetermined amount before that, in exchange for this promise, the sum assured by the insured person is fixed at a fixed time interval, for a fixed period of time. Giving agrees to stay.

In life insurance, both the occurrence of the insured event and the payment of the policy are certain, while the time of occurrence of this is uncertain, hence it is also called life assurance.

Life insurance is generally a partial solution to the problems and difficulties caused by death or accident or due to it, which can reduce the problems and difficulties arising due to accidental death of the insured.

Life insurance is directly related to two important and difficult problems faced by every person during his life time: -

1.Due to premature death of a person, when his family is left behind

2. Beneficial in living without any support till old age

Life insurance is universally regarded as an institution that eliminates risk. Life insurance substitutes certainty for uncertainty and comes to the family's timely assistance in the unfortunate event of the death of the insured.


Through life insurance, the insurance provides full protection against the risk of a crisis or accidental risk to the family after the death of the holder, in addition to the payment of the entire amount in case of death and completion of life insurance (with bonus) Assures to give.

Whereas in other savings schemes, only the amount given as premium (including interest) is payable.

 Can insure: -

1. Any person who is eligible for majority or who has attained majority and a validCan become a part of the agreement, he can insure himself or get it done and people who have insurable interest.

2. Any person can insure his life partner or can benefit by getting insurance for the bright future of his children.

3.The policy can be taken on the life of spouses and children subject to certain conditions.

4. The health status of the policy holder is that the income and other relevant factors of the proposer are decided according to the rules of the corporation.

5. While undergoing insurance, the health status of the insurance holder is determined by the monthly income of the insurance holder and other factors as per the rules of the corporation.

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