Life Insurance

From a legal angle insurance is a contract. The contract is between insurance company and the person getting insurance cover, beneficiaries of insurance would include

• The policyholder
• The insured person
• Dependent of the insured person

Life insurance is usually taken by the earning member(s) of the family to ensure that in case of their death, and hence their source of income ceasing to exist, the dependent family members would have a lump-sum amount to fall back on. So by paying a small amount every year the earning member of the family can ensure that the future of their loved ones is absolutely secure from a financial point of view. So in the event of death of an insured person, the nominee of the policy would receive an amount called the sum assured which can then be used effectively to plan for their future.
Benefits of taking a Life Insurance Plan

•   Provides for Loss of Income
•   Protects your Asset
•   Financial Planning
• Tax Savings

As we know that our life is full of risk and anything can happen at any time. So, we must have to take life insurance cover at the right time. It gives the real protection to family member in the event of the death of the earning person of the family.

Regulatory authorities of insurance sector in different countries are:

• The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
• Insurance regulatory authority in India is IRDA
• Regulatory authority of Insurance in Russia is Central Bank of Russian Federation

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