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Insurance

From a business perspective, insurance can be divided into two categories:

1. Life insurance And

2. General insurance

 

1. Life Insurance: According to the Life Insurance Act, 1936, life insurance is a life insurance policy, if a person dies (excluding an accident), or happens at any moment in human life, a certain amount under which the guarantor will be given confidence or his / her legal representative. The terms of the contract promise to pay premiums, the rates of which may vary according to human life. The law is also available for -

 

(A) Pay double or triple accidental benefit rate, as per the terms of the contract.

(B) annual scholarships on human life, and

(C) Annual from the fund created for the grant of old age scholarships and assistance to such persons.

 

2. General Insurance: General insurance refers to the business fire, marine, and miscellaneous insurance business whether operated individually or in conjunction with one or more of them, but does not include capital liability redemption business and annual specific business. (Pursuant to Sec.3 (g) (Nationalization) Act, 1972 of the General Insurance Business).