Market elements
Life Insurance in India is growing along with the overall development of this industry. As the Indian Middle Class increases in wealth and size, there is nothing striking about stable growth of insurance in India, as well as all other branches of underwriting. Life insurance companies play a significant role in the functioning of the country’s financial system as well. The market expansion in the field of insurance causes constant competition and makes companies try their best to attract customer attention and enlarge the circle of permanent clients.
Yesterday and Today
Just 20 years ago insurance in India wasn’t quite developed. Relatively small amount of companies served a limited range of products and policies that could merely be annual. Now the striking change is obvious. There are around 13 life insurance companies approved by Indian Insurance Regulatory and Development Authority. Some of the brightest representatives of life insurance in India are Max New York Life, Allianz Bajaj Life Insurance Company Limited, ING Vysya, MetLife, Om Kotak, SBI, Tata AIG, AMP Samar, Dabur CGU and others.
Recent Life Insurance Innovations
Recently, Universal Life Policies (ULP) were introduced to some insurance companies such as Bharti Axa Life and Max New York Life. The nature of ULP is interesting and integral. Such developments embraced new customer features that widen their opportunities. For example, premium is flexible to pay, and the payment frequency is adjustable too. You can switch between monthly, quarterly or annual payments the way you want. Even if you fail to pay the premium charge, your policy won’t be cancelled. In case you don’t do your lapse payment, Universal Life Policies still work but for minor assured sum.
Life Insurance in India is growing along with the overall development of this industry. As the Indian Middle Class increases in wealth and size, there is nothing striking about stable growth of insurance in India, as well as all other branches of underwriting. Life insurance companies play a significant role in the functioning of the country’s financial system as well. The market expansion in the field of insurance causes constant competition and makes companies try their best to attract customer attention and enlarge the circle of permanent clients.
Yesterday and Today
Just 20 years ago insurance in India wasn’t quite developed. Relatively small amount of companies served a limited range of products and policies that could merely be annual. Now the striking change is obvious. There are around 13 life insurance companies approved by Indian Insurance Regulatory and Development Authority. Some of the brightest representatives of life insurance in India are Max New York Life, Allianz Bajaj Life Insurance Company Limited, ING Vysya, MetLife, Om Kotak, SBI, Tata AIG, AMP Samar, Dabur CGU and others.
Recent Life Insurance Innovations
Recently, Universal Life Policies (ULP) were introduced to some insurance companies such as Bharti Axa Life and Max New York Life. The nature of ULP is interesting and integral. Such developments embraced new customer features that widen their opportunities. For example, premium is flexible to pay, and the payment frequency is adjustable too. You can switch between monthly, quarterly or annual payments the way you want. Even if you fail to pay the premium charge, your policy won’t be cancelled. In case you don’t do your lapse payment, Universal Life Policies still work but for minor assured sum.
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