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Insurance as we know, is an agreement between two entities

, one is called the insured and the other is called the insurer. The insured pays certain amount to the insurer in the agreement that upon the happening of a certain event in the future, the insurer must pay a certain agreed amount of money to the insured.

The concept of insurance has a great role to play in today's financial scenario. Today, insurance in India is emerging as one of the financial investments. Insurance today, is also important because of the fact that any life insurance policy is used to deduct the tax burden. In the present times of inflation, one needs to be very sure of the financial risks that one takes. In one way, insurance in India is promoting thrift among people and it is also a very good way to save money for the future.

Earlier, there was only one company in India, which was authorized to conduct life insurance in India. The Life Insurance Corporation of India. For many years, LIC was the only company providing life insurance services.

But, today there are many insurance companies that are providing life insurance policies. These insurance companies provide different types of life insurance policies to the general public. Most of life insurance policies are designed in such a way so that one can begin with small amount of premiums being paid to the company every month or quarterly, half-yearly or annually.

One of the biggest advantages today is that, there are many insurance policies to choose from. The circumstances and situations of people differ individually and so, most of the policies have been customized to suit the needs of each and every person from all walks of life. The financial position of one person will definitely differ from another person and so are the investment and/or the saving needs.

As there are many options today, many people feel that the insurance market is as crowded as the share market. To avoid confusion, one must gather information. One of the best places to get information today is through the internet. There is a lot of useful information which is being provided. By referring to online insurance schemes, one can make sure that one is investing in the right policy. Obtaining adequate information about online insurance can be a very good option because the information provided on the websites is very accurate.

One can even compare various insurance policies through online insurance vendors such as Policybazaar.com. For example, if there are insurance companies promising to pay a sum of Rs. 25 lakhs after a period of 20 years for a certain amount of premium, one can compare the amount of premium of various companies and arrive at a policy which offers the lowest premium and the highest benefit.

It is advisable that one should equip oneself with proper information before venturing into the world of insurance.

by: Andy Smith


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