Is it possible to have life insurance till 99 years old

Indian Insurance Industry- India Insurance Sector
Insurance in India – An Overview

Indian Insurance may be described as a social device in Indiato reduce or eliminate risk of life and property. Under the plan of insurance in India a substantial number of people in India associate on their own by sharing probability attached to specific.
The risk which may be insured towards involve fire the peril of sea death incident burglary. Any chance contingent upon these could be insured towards at a premium commensurate with the risk involved.
India Insurance is actually a contract between 2 parties in India whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
Indian Insurance is a contract executed in India whereby in return for the payment of premium by the insured the insurers pay the financial losses suffered by the insured like a result of the occurrence of unforeseen events. Is it possible to have life insurance till 99 years old
With the help of Insurance India substantial number of individuals exposed to a similar chance make contributions to a common fund out of which the losses suffered by the unfortunate few due to accidental events are made good.

Indian Insurance Market place
The recommendations of the committee for India Insurance put the put stress on offering operational autonomy to the insurance providers in India and also suggested forming an independent regulatory body for Indian Insurance.
The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector in India. The IRDA Act in was followed by the formation of the Insurance Regulatory and Development Authority IRDA 2000.
The goals of the IRDA are to safeguard the interests of insurance policyholders as well as initiate different policy measures to help sustain growth in the Indian insurance sector.

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Indian Insurance Policies – Introduction
Living insurance policies in India come in many different forms. The most common types comprise of- term lifestyle policies endowment policies joint living policies whole everyday life policies loan cover term assurance policies unit-linked insurance plans group insurance policies pension plans and annuities. General insurance plans are also available to cover motors insurance home insurance travel insurance and health insurance.
Generally defined insurance is a system of providing protection in opposition to monetary loss caused by unforeseen events. Insurance policies provide safeguards to ease risks associated with unexpected accidents damages or the loss of personal home.
The history of insurance industryin India dates back to the year 1818 when the Oriental Life Insurance Company was formed in Kolkata. The Everyday living Insurance Act of 1912 marked the beginning of a new era in the insurance sector of India.
The Indian Insurance Companies Act was passed in the year 1928. This act empowered the government of India to gather necessary information about the India everyday living insurance companies and India non-life insurance companyorganizations operating in Indian financial markets.
The Triton Insurance Company Ltd. formed in 1850 and was the first of its kind in the general insurance sector in India. The Indian Mercantile Insurance Limited was established in 1907 and was the company in India to handle all classes of insurance.
Indian Insurance Sector – Reform
Reform in the Indian insurance sector was initiated with the formation of the Malhotra Committee in 1993. It was named after R.N. Malhotra the then Finance Secretary and Reserve Bank of India RBI Governor who headed the committee.
The aim of the Malhotra Committee was to assess the functionality of the India insurance sector. This committee was also in charge of recommending the future path of insurance in India.
The Malhotra Committee attempted to improve various aspects of the India insurance in specific and financial sector in general making them more appropriate and effective for the Indian market.
Indian Insurance Regulator
Insurance Regulatory and Development Authority IRDARegulator website- Online-IRDA India Insurance Forum
IRDA has granted registration to private Indianlife insurance companies and Indiangeneral insurance companies. If the existing public sector insurance companies are included there are many insurance companies in the existence insurance side and many companies operating in general insurance business.

General Insurance Corporationhas been approved as the soleIndian reinsurer for underwriting only reinsurance business in India.
Indian Insurance Companies

Particulars of the Indian Insurance companies including both Indianlife insurers and Indian general insurers is given below-
India Lifestyle Insurance CompaniesPublic Sector
Everyday life Insurance Corporation of India Company Online- Online-LIC India Insurance Forum
India Daily life Insurance CompaniesPrivate Sector
Bajaj Allianz Everyday life Insurance Company Limited
Company Online- Forum-Bajaj Allianz Everyday living Insurance Forum

Birla Sun-Life Insurance Company LimitedCompany Online- Forum-Birla Sun-Life Insurance Forum

HDFC Standard Life Insurance Co. Limited Company Online- Forum-HDFC Standard Lifestyle Insurance Forum
ICICI Prudential Lifestyle Insurance Co. Limited Company Online- Forum-ICICI Prudential Life Insurance Forum
ING Vysya Existence Insurance Company Limited Company Online- Forum-ING Vysya Everyday living Insurance Forum
Max New York Everyday life Insurance Co. Limited Company Online- Forum-Max New York Lifetime Insurance Forum
MetLife India Insurance Company Limited Company Online- Forum-MetLife India Insurance Forum
Kotak Mahindra Old Mutual Life Insurance Co. Ltd.Company Online- Forum-Kotak Lifetime Insurance Forum

SBI Daily life Insurance Company Limited Company Online- Forum-SBI Life Insurance Forum

Reliance Daily life Insurance Company Limited Company Online- Forum-Reliance Lifetime Insurance Forum
TATA AIG Lifetime Insurance Company Limited Company Online- Forum-TATA AIG Existence Insurance Forum
AvivaLife Insurance IndiaCompany Online- Forum-Aviva Living Insurance Forum
Star Union Dai-ichi Lifestyle Insurance
Company Online- Forum-Star Union Dai-ichi Life Insurance Forum

IDBI Fortis Existence Insurance
Company Online- Forum-IDBI Fortis Everyday living Insurance

Sahara India Everyday living Insurance
Company Online- Forum-Sahara Daily life Insurance Forum

Shriram Existence Insurance
Company Online- Forum-Shriram Existence Insurance Forum

Bharti AXA Living Insurance
Company Online- Forum-Bharti AXA Daily life Insurance Forum

Future Generali Lifetime Insurance
Company Online- Forum-Future Generali Lifestyle Insurance Forum

Canara HSBC Oriental Bank of Commerce Life Insurance
Company Online- Forum-Canara HSBC OBC Everyday life Insurance Forum

AEGON Religare Lifestyle Insurance
Company Online- Forum-AEGON Religare Lifestyle Insurance Forum

DLF Pramerica Everyday living Insurance
Company Online- Forum-DLF Pramerica Existence Insurance Forum
India General Insurance CompaniesPublic Sector
National Insurance Company LimitedCompany Online- Forum-National Insurance Forum
New India Assurance Company Limited Company Online- Forum-New India Insurance Forum
Oriental Insurance Company Limited Company Online- Forum-Oriental Insurance Forum
United India Insurance Company Limited Company Online- Forum-United India Insurance Forum

India General Insurance CompaniesPrivate Sector
Bajaj Allianz General Insurance Co. Limited Company Online- Forum-Bajaj Allianz General Insurance Forum
ICICI Lombard General Insurance Co. Ltd. Company Online- Forum-ICICI Lombard Insurance Forum
IFFCO-Tokio General Insurance Co. Ltd. Company Online- Forum-IFFCO-Tokio General Insurance Forum
Reliance General Insurance Co. Limited Company Online- Forum-Reliance General Insurance Forum
Royal Sundaram Alliance Insurance Co. Ltd. Company Online- Forum-Royal Sundaram Alliance Forum
TATA AIG General Insurance Co. Limited Company Online- Forum-TATA AIG General Insurance Forum
Cholamandalam MS General Insurance Co. Ltd. Company Online- Forum-Cholamandalam Insurance Forum
Export Credit Guarantee Corporation of India Company Online- Forum-Export Credit Guarantee India Forum
HDFC ERGO General Insurance Co. Ltd. Company Online- Forum-HDFC ERGO Insurance Forum

India Reinsurance Company – Indian Reinsurer
General Insurance Corporation of India
Company Online- Forum-General Insurance Corporation of India Forum

Insurance Policies in India
Indian Insurance sector has a larger contribution ofIndian insurance policiesto the financial market insurance market in India.
Reform process in the sector has started in the year 1991 and has facilitated to the private players to the market. Some of the insurance policy details requirement for the coverage in the policy date of commencement of the policy and their adopting organizations are as follows-
1. Social Security Group Scheme This scheme is administered by Everyday life Insurance Corporation of India for fulfilling the requirement of the weaker section in the society. This scheme covers the peoples in the age group of 18-60 years and an insurance of Rs.5000 for natural demise and of Rs.25000 on due to accidental dying.

2. Shiksha Sahyog Yojana This scheme is working since December 312001. Beneath this scheme an educational scholarship of Rs.300 per quarter per child is given for a period of four years.
3. Jan Arogya Bima Policy Generally this scheme covers a special group of population who are unable to pay for high cost of medical treatments. The premium collection for the adults upto the age of 45 years is Rs. 70 and for children it is Rs. 50. The limit coverage is fixed at Rs.5000 per annum.
4. Mediclaim Insurance Policy This policy helps in reimbursing the medical expenses. The age coverage is from 5-80 years. Here there is a tax benefit of upto Rs 10000.
5. Jana Shree Bima Yojana In this insurance policy a minimum membership of the group should be 25. There is an insurance coverage of Rs 2000 on natural loss of life and Rs 50000 for accidental dying. The premium amount is fixed at Rs. 200 for single member. This scheme is working since August 102000.
6. Videsh Yatra Mitra Policy
It is for providing benefits for medical expenses during the period of overseas travel. This policy was started in the year 1998 by four General Insurance Companies.
7. Bhagya Shree Child Welfare Bima Yojana
This policy covers one girl child in a family upto the age of 18 whose parents age does not exceed 60 years. This policy is working since October 191998 with a premium of Rs.15 per annum.
8. Raj Rajeshwari Mahila Kalyan Yojana
This scheme provides protection to woman in the age group of 10 to 75 years with an insurance of Rs. 25000 and premium Rs.15 per annum. This scheme is working since October 191998.
9. Ashray Bima Yojana
The policy is covering workers in case of loss of jobs since October 102001. Here a maximum amount of Rs.3000 assistance is given to the workers till heshe gets an alternative opportunity.
10. Personal Accident Insurance Scheme for Kissan Credit Card
This scheme is working since 2001. Less than this scheme all the KCC holders are covered up to an age of 70 years. Insurance coverage includes 50000 for accidental loss of life and 25000 for partial disability. Is it possible to have life insurance till 99 years old Many individuals dont buy living insurance simply because they just hardly understand how term life along with whole life insurance options operate.
The traditional form of lifestyle insurance is a whole life or maybe permanent insurance policy. Almost all these plans provide a fixed premium for the life of the policy that is using the death benefit. If the policy holder dies the insurance provider pays the monetary benefit to the actual beneficiary. Whole life guidelines also have a guaranteed money value. Insurance companies will allow you to borrow against the insurance plan or even cash out the insurance policy in the event you need to.