Top 5 Best Life Insurance Companies of United States

1. American General (AIG)

A.M. Best  Rating: A
American General Life insurance can be the right choice for many simply because they seem to be the “Jack of all trades” in the insurance industry.  The Company’s underwriting is flexible, their pricing falls right in the upper area of the industry average, and they have exceptional customer service.

Strengths:

• Great carrier for higher risk applicants, especially those looking for life insurance with type 2 diabetes.
• A 25 year term product (most life insurance carriers only offer a 20 or 30 year term product).  Particularly beneficial for those looking for a 30 year term but just aren’t comfortable with the price tag! You can also tailor your term to a specific length from 15-30 years.
• American General offers the typical accelerated death benefit rider (free of charge).  Which means if you are diagnosed as terminally ill, you can receive a portion of your life insurance while you are still alive which can be used to help pay bills, hospice, or other important matters.
• American General offers some of the best rates on Guaranteed Universal Life insurance to age 121. This is a fixed premium policy that becomes fully vested at age 121. If you die before age 121 it pays out the full face amount. If you live beyond age 121 then you can cash the policy in for the full face amount. Realistically, it is basically a whole life policy that lasts the rest of your life but with a lower premium. This is a great option for business succession planning such as funding a buy-sell agreement with life insurance.

Weaknesses:

• Ironically, if you choose to purchase American General directly through their retail call center AIG Direct, you may not qualify if you appear to be a high risk applicant.  The company’s call center likes to focus on standard risk or better applicants.
• Not a great choice for those with recent bankruptcies or DUI’s.
• Also, this may not be your best option if you have a previous felony charge; particularly if the felony is related to drugs or sexual assault.
• Candidates will also be disqualified if they plan on traveling to many regions of Mexico within the next two years.

Sample American General Guaranteed Universal Life Insurance to age 121 quotes for a 30 year old male

Quotes are based on a preferred plus rate class and monthly premiums

$100,000

$250,000

$500,000

$1,000,000

$2,500,000

$43.31

$87.06

$163.19

$315.00

$770.00

Sample American General Guaranteed Universal Life Insurance to age 121 quotes for a 50 year old male

Quotes are based on a preferred plus rate class and monthly premiums

$100,000

$250,000

$500,000

$1,000,000

$2,500,000

$82.60

$185.50

$359.63

$708.75

$1,754.38

To learn more please visit our American General Life Insurance Company Reviews

2. American National Insurance Company (ANICO)

A.M. Best  Rating: A
American National Insurance Company is another highly rated insurance company with great customer service that we really like to offer to clients who are looking for traditional term or whole life insurance coverage with or without having to take a medical exam. The products that they offer that don’t require a medical exam are:
Freedom Term Life Insurance

• This is a no medical exam term life insurance policy.
• Face amounts up to $250,000.
• No exam term life insurance for 10, 20 or 30 years.
• Approval in less than 15 minutes.

 ValueGuard Whole Life Insurance

• This is a no medical exam whole life insurance policy.
• Face amounts up to $150,000.
• Approval in less than 15 minutes.

And Legacy Whole Life Insurance

• No exam and no health questions guaranteed issue whole life insurance.
• Coverage available up to $25,000.
• Available for ages 50-80.
• 2 year Graded Death Benefit (If you die in the first 2 years policy returns 110% of premium paid).
• You can have coverage in as quickly as 5 minutes.
• Fixed premiums and fixed death benefit.

Strengths:

• American National is one of the best no medical exam life insurance companies available.
• With a no medical exam term policy for up to $250,000 and a no medical exam whole life policy for up to $150,000, ANICO Direct offers clients an excellent alternative to a more traditional medical exam term or whole life policy.

Weaknesses:

• As with most no medical exam life insurance policies, the premiums will typically be higher than a life insurance policy with a medical exam.
• Therefore, if you are looking for the lowest premium for your life insurance, a no medical exam policy is probably not going to be the best option for you.
• Lastly, for many a $150,000 or $250,000 life insurance policy may not be enough. For those applicants seeking more coverage ANICO no medical exam life insurance simply isn’t the right fit.

To learn more please visit our American National Life Insurance Company Reviews

3.  Banner Life

A.M. Best rating: A+
What would a top 10 list of the best life insurance companies in the United States be without Banner? Banner Life is one of our favorite carriers to write with not only because of their A+ rating but also because of their exceptional service and price.  Banner will typically be one of the lowest priced insurance product available to our clients. And what is nice about them is that they’re underwriting is typically quite liberal when it comes to qualifying for their Preferred and Preferred Plus rate classes.

Strengths:

• Great carrier for higher risk applicants especially type 2 diabetics and type 1 diabetics.
• Banner Life policies are renewable and convertible to the age 95 (most competitors only allow policies to be renewed to age 90) which will provide its policy holders an added benefit towards the end of their term life policies if needed.
• Excellent pricing on table rates (i.e. rates below standard).
• Lastly, Banner Life also offers an accelerated death benefit rider as well (free of charge).

Weaknesses:

Approval times:  Banner Life Insurance Company’s premiums are so good that the company is often swamped with clients looking to buy life insurance from them. Banner is a large company but having a lot of applicants can slow underwriting down. We wish Banner was a bit faster in the underwriting department but we also understand why the process can slow at this stage. When it comes to saving a ton of money over the life of a policy many clients are willing to put up with longer underwriting timelines.
Limited options:  Not to be too picky but another weakness would be Banner’s lack of term options and riders.

Sample Banner Life Insurance quotes for a 50 year old male at a substandard rate class

All quotes are based on a $250,000 Table B or Table 2. In each category Banner ranks #1 for price.

10 Year

15 year

20 year

30 year

GUL to 121

$57.75

$73.50

$98.44

$176.53

$N/A

To learn more please visit our Banner Life Insurance Company Reviews

4.  Foresters Life Insurance

A.M. Best  Rating: A
Probably the hardest thing about writing a life insurance policy with Foresters Life Insurance company is the work that it takes to familiarize an applicant with who they are. Because the truth is, Forrester’s life insurance company is a really great insurance carrier that is willing to offer traditional term and whole life insurance coverage for even some of the most difficult cases.

For example:

We recently had a “high risk” applicant get approved who had a stent put in place in 2010 and is currently receiving SSI disability benefits due to his inability to continue his previous line of work!  Which if you’re familiar with the life insurance industry you’ll know that not many life insurance carriers are willing to take on such a client.

Strengths:

• Strong product line.  Foresters offers term life insurance, whole life insurance, universal life insurance, final expense and accidental death insurance.
• Extremely liberal underwriting guidelines.
• Competitive pricing.

Negatives:

If one considers not having  a “name brand” a negative then Foresters might not be the right carrier for you.  However, if you do have a serious pre-existing condition we would strongly encourage you to do some research on Foresters, because in our opinion, they’re a great life insurance company. And given the health conditions the Company is willing to insure they are priced very aggressively!
To learn more please visit our Foresters Life Insurance Company Reviews

 5.  Genworth

A.M. Best Rating: A
With over $100 billon in assets and a global presence in over 25 countries it not hard to see when Genworth made our list as one of the top 10 life insurance companies in the US.  That combined with their liberal take on ones “waist band” makes them one of the first companies that we look at here at TermLife2Go for some of our “LARGER BUILD” clients.  But let’s back that up with a few numbers.

For example:

Would you consider a 5’9” male, age 35, weighing in at 203 pounds a perfect candidate?  Genworth does. How about a 5’5” female, age 47 weighting 180 pounds?  Genworth would place this applicant in its best rate class as well! These same applicants, if they were to apply with another life insurance company, would have a very difficult time qualifying for a “Preferred Plus” rate class simply because most other life insurance carriers have much stricter build ratio guidelines It’s also important to note that Genworth’s liberal weight classes will also help benefit those who aren’t necessarily a candidate for the absolute best rate class out there. For example, let’s take look at what Genworth feels is a “Standard Risk”: That 5’9”,  35 year old male that we talked about early could now weigh in at 236 pounds, and our 47 year old female could now weigh in at 210 pounds and still be considered an “average” weight!

Strengths:

• Not to beat a dead horse, but did we mention Genworth has liberal guidelines when it comes to one’s weight?’
• Genworth also has a ton of different products to choose from ensuring that there sure to have something for everyone.

Weaknesses:

Aside from weight, Genworth can be a little strict with certain medical conditions and family medical histories, which is why we at TermLife2Go pre-screen all of our applicants with nearly every question from Genworths’ application to be certain that you will be a good fit prior to you applying.
To learn more please visit our Genworth Life Insurance Company Reviews

Insurance in the United States

In insurance we have contract in which the insurer (stock insurance company, mutual insurance company, reciprocal, or Lloyd's syndicate, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a premium.


 The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contributionship, which is the nation's oldest insurance carrier still in operation. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses The first stock insurance company formed in the United States was the Insurance Company of North America in 1792.

Massachusetts enacted the first state law requiring insurance companies to maintain adequate reserves in 1837. Formal regulation of the insurance industry began in earnest when the first state commissioner of insurance was appointed in New Hampshire in 1851.

 In 1869, the State of New York appointed its own commissioner of insurance and created a state insurance department to move towards more comprehensive regulation of insurance at the state level.

Health Insurance Plans

Health insurance helps you pay for medical services and sometimes prescription drugs. Once you purchase insurance coverage, you and your health insurer each agree to pay a part of your medical expenses. These amounts are usually a certain dollar amount or percentage of the expense.
You can have health care coverage through:

• a group coverage plan at your job or your spouse/partner's job
• your parents' insurance plan, if you are under 26 years old
• government programs such as Medicare, Medicaid, or Children's Health Insurance Program (CHIP)
• the Veteran's Administration  or TRICARE for military personnel
• your state, if it provides a health insurance plan
• a plan you purchase on your own directly from a health insurance company or through the Health Insurance Marketplace
• Continuing Employer coverage from your former employer, on a temporary basis under the Consolidated Omnibus Budget Reconciliation Act (COBRA)

Types of Health Insurance Plans

When purchasing health insurance, your choices typically fall into one of three categories:

• Traditional fee-for-service health insurance plans are usually the most expensive choice, but they offer you the most flexibility in choosing health care providers.
• Health maintenance organizations (HMOs) offer lower co-payments and cover the costs of more preventive care, but your choice of health care providers is limited.
• Preferred provider organizations (PPOs) offer lower co-payments like HMOs but give you more flexibility in selecting a provider.

Choosing a Health Insurance Plan

When choosing among different health care plans, you will need to read the fine print and ask a lot of questions, such as:

• Do I have the right to go to any doctor, hospital, clinic, or pharmacy I choose?
• Are specialists, such as eye doctors and dentists, covered?
• Does the plan cover special conditions or treatments such as pregnancy, psychiatric care, and physical therapy?
• Does the plan cover home care or nursing home care?
• Will the plan cover all medications my physician may prescribe?
• What are the deductibles? Are there any co-payments? Deductibles are the amount you must pay before your insurance company will pay a claim. These differ from co-payments, which are the amount of money you pay when you receive medical services or a prescription.
• What is the most I will have to pay out of my own pocket to cover expenses?
• If there is a dispute about a bill or service, how is it handled?

How to Check LIC Policy Status Online using Policy Number

Steps to Check LIC Policy Status Online

There are not many intricate steps that you need to go through, to be able to check your status online. I have broken down the steps for your ease.

1. You first need to log onto the official site of Life Insurance Corporation.
2. Once you have reached the home page of the site, you will need to register with them. The registration is a simple process and you will just have to fill in your details and you will be register with the site.
Once you have filled these details you will be taken to the next page wherein you have to enter a password for creating your new LIC policy account. Make sure your password is Atleast 8 characters long Contains atleast 1 numeric character Once you have entered you password, your new account will be created. You will also receive an email containing the Login ID and password details for this account.
3. After the process of registration, you are free to know all that you want about your policy. There are a whole list of options that are displayed will direct you to the operation that you want to do. Select the one that you want, which in this case is checking the LIC policy status.
4. You will be asked to enter your Policy number and once it is done, you will get all the details about the policy that you hold along with its present status.

There are the other fields that you can enter into as well, once you are done with finding the status of LIC policy. The simplicity and ease of use of this site is known to be the best.

LIC Policy Status without Registration- Helpline Numbers

You can dial 1251 to check LIC policy status by policy number. This 24* 7 facility is available only in selected cities. You can dial 1251 if you are using MTNL/BSNL or use your city code before the IVR number to use this facility
You can also check the helpline no for your city in below mentioned link
http://www.licindia.in/phone_helpline.htm

LIC Policy Status by SMS

You can also check you LIC policy status by sending SMS. The procedure for checking the LIC policy status is as follow: Type
LICPension <Policy No> STAT/ECDUE/ANNPD/PDTHRU/AMOUNT/CHQRET
Send To 56767877
Enquiries :-
a) IPP Policy Status, (STAT)
b) Existence Certificate Due, (ECDUE)
c) Last Annuity Released Date, (ANNPD)
d) Annuity Payment thru (CHQ/ECS/NEFT) (PDTHRU)
e) Annuity Amount (AMOUNT)
f) Cheque Return Information (CHQRET)

For Individual policy enquiry through SMS, 
Type ASKLIC < POLICY NO > PREMIUM/REVIVAL/BONUS/LOAN/NOM
Send To 56767877

Details
Premium – Installment premium under policy
Revival – If policy is lapsed, Revival amount payable
Bonus – Amount of Bonus vested
Loan – Amount available as Loan
NOM – Details of Nomination

“Policyholders can make same enquiries over long code 96649 96649″
Please click on below PDF to check the procedure.
http://www.licindia.in/pages/sms.pdf
This is a very simple and an effective way to check your LIC policy status by policy number  You can also pay your premium, take premium payment receipts online after registration.

Check SBI Life Insurance Policy Status Online

How to check your SBI Life Insurance Policy details Online?, 5.9 out of 10 based on 120 ratings

One of the common question asked to me from time to time is regarding checking the fund value of SBI Life insurance policies. Sometimes, they provide policy number and other personal details like mobile no., address, email id etc., which should not be shared on internet. Very few customers of SBI Life insurance knows that it's very easy to check their policy details online. So, today, I'm explaining the step-by-step procedure for same.

The procedure involves just 3 easy steps. But before that, make your SBI life insurance policy bond handy with you, as you'll need some details from there.

Step 1: Visit https://mypolicy.sbilife.co.in/Login/Registration1.aspx and enter you policy number, customer ID, and date of birth. These details are already in your policy bond.

Step 2. If the details entered are valid, information about the policy and the policy holder are displayed on the screen. Edit/Confirm your latest Email address and Phone number. Also fill in the login details and Submit. An email is sent to you, with a link to reset the password. Note: Your correct Email address is important for completing the registration process. Final Step for registration would require you to click the link sent to the below recorded email address. 

Step 3. Click on the link sent to your email address provided during registration. You would be automatically directed to a change password screen. Enter the password used during registration and select a new password. On successful change of password, your registration process is complete. Enjoy the services offered exclusively to our registered members.

The procedure is very simple and takes just few minutes to register.

Why Travel Insurane is Must for Travellers.Are you Insured?

What is Travel Insurance?

How often do you travel? Do you travel across the globe? Are you a globetrotter? Do you keep one bag eternally packed with your basic necessities because you might have to travel at any time? Your business trips only come at the last minute without much warning? Well, in this case have you ever had a problem like:

• Your baggage was misplaced?
• Your passport was stolen?
• You missed your connecting flight because the previous one was delayed?
• You had to be admitted into a hospital while holidaying in Dubai?
• Someone from your office met with a fatal accident during your business trip to London?
• Your trip had to be cancelled due to bad weather and you suffered a loss at the flight and hotel reservation?

Travel Insurance has the solution to the all above problems. Travel Insurance means insuring the risks of having a financial loss or a medical emergency while traveling. In case of a medical emergency, your travel insurance will pay for the medical expenses incurred while undergoing treatment abroad. You do not have to worry about the exorbitant medical bills which will taken care of by the insurance company. There are other benefits of cash allowance for delayed flights and loss of baggage, theft of your belongings etc. It pretty much covers all the standard risks involved while traveling abroad.

6 Reasons Why You Must Buy Travel Insurance

At InsureandGo, we understand just how important travel insurance can be. More and more travellers each year are spending thousands of dollars out of their own pockets, simply because something has gone wrong on their trip.

Travel insurance is crucial in making sure that you stay relaxed and worry-free during those fun holiday times. Here’s why:

1. Medical Treatments:

If you become sick or injured on your holiday, the last thing you’ll want to worry about is money. If you are treated for a medical problem overseas, the costs can range from hundreds into the thousands. For example, if you are hospitalised in South East Asia for a week, you can generally expect to pay around $5,600* or more, according to Smart Traveller. In two weeks, that becomes $10,000+.
The right travel insurance can ensure you are covered for these medical treatments and means that you won’t have to pay thousands from your own wallet.

2. Cancellation or Delays:

If you cancel your trip unexpectedly or experience a delay, travel insurance may also help recover some of the costs you may lose. Airlines, hotels, cruise lines, car hire companies and travel agencies will often be unwilling to give you a refund, so it’s important that you cover your costs with an insurance policy.

3. Lost Items:

Lost or delayed baggage, valuables or equipment can also put a damper on your holiday. While losing a pair of shoes might not seem like a big deal, losing your wallet or your passport can be disastrous.
If you have the appropriate cover, you may be able to claim your losses, so that you can replace your items or at least get some compensation. Ensure you read your policy, however, so that you understand exactly what items are/aren’t included.

4. Emergency Trips:

Some policies will also cover you if you need to return home due to an emergency. This can be ideal if you have loved ones who aren’t well, if you are travelling for a long stretch of time or if you simply want to be able to return home quickly if something happens. Depending on your level of cover, you will usually receive reimbursement for the cost of returning home and/or the cost of resuming your trip again overseas.

5. Emergency Support:

Having travel insurance can also mean you receive the right support if you get into hot water overseas. When purchasing a policy, it can be useful to look for a provider who offers 24/7 phone support and also reverse charges, so that you don’t have to worry about paying for the call.

6. Death or Serious Injury:

Unfortunately, anything can happen on a holiday. Luckily, death and serious injury can also often be covered by travel insurance. Both injury and death can be extremely costly due to ongoing medical expenses and medical evacuation costs. The right policy can mean you will be covered appropriately and it also means that you can save thousands of dollars.
So putting a little bit into travel insurance now could save you lots of money in the long run. To get full details on what you are or aren’t covered for read through the Product Disclosure Statement (PDS) or contact our customer service agents before you buy to understand your options.

Different types of Travel Insurance.

Single trip

This is for ONE single trip to and from from India. The moment you return from your trip to India, the policy is validity is over. An example of single trip could be a leaving India for a trip to Singapore, traveling to Thailand from Singapore and then returning from Singapore or Thailand to India.

Annual multi-trip

This is more for a frequent traveler who makes multiple trips throughout the year. It is ideal for businessmen who make more than one trip in a year to specific locations. You can make as multiple trips to an fro from India within the period of ONE year.

Student travel

This is for students who are going abroad for education. A lot of universities insist on student travel insurance as the cost of medical expenses while studying in a foreign university can be quite a large sum for a student. In fact, student travel insurance is strongly recommended even if the university you are going to does not insist on it. While on an extended stay, the chances of falling ill or of a medical emergency can be quite high. This also offer some other benefits like visit of emergency family visit, bail bonds on tuition fees etc.

What are the Major Benefits of Travel Insurance Policy?

These are some of the common benefits provided in an overseas travel insurance policy. This list is not exhaustive and the features may vary from plan to plan.

Medical Treatment

Costs incurred in treatment of a medical condition, in-patient or out-patient and the costs of transportation to a medical facility are covered.

Dental Treatment

The dental treatment costs involved in providing pain relief are covered in the plan.

Medical Evacuation

In case of the insured person needs to be moved from one location to another to provide some specific kind of treatment, the costs involved would be covered.

Hospital Daily Allowance

A cash allowance is paid for each day of hospitalisation. This is usually for the miscellaneous expenses which are incurred.

Balance Treatment back in India

In case the insured person comes back to India and needs to treatment for the same medical condition, the costs are borne by the policy for a specified period of say 30 days.

Total Loss of Checked-in Baggage

In case your baggage is permanently lost by the airline, the costs involved in purchasing the new items would be covered by the policy.

Delay of Checked-in baggage

In case your baggage is delayed, the costs involved in purchasing essential items and any medication involved would be covered by the policy.

Loss of Passport

In case your passport in lost, the costs involved in procuring a fresh passport would be covered.

Financial Emergency Cash

In case you lose your purse or the money you are carrying due to theft, a specified amount of cash would be made available to you.

Repatriation of mortal remains

In case of death of the policyholder, the costs involved in transporting the mortal remains to India would be covered.

Personal Liability

Any personal liability incurred such a damage of property, body injury caused or third party death would be covered.

Personal Accident

In case of an accident to the airline, a lumpsum amount would be paid out.

History of Insurance in India

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office. LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.

IIRM Institute of Insurance and Risk Management

Institute of Insurance and Risk Management, set up by Insurance Regulatory Development Authority of India (IRDA), has been in existence for nearly a decade. Being unique and one of its kind (owned by the regulator in the country), IIRM is able to cater to various requirements of the Indian Insurance Industry.

IIRM is one of the few Institutions in India which offers comprehensive courses in Insurance, Risk Management and Actuarial Science leading to award of International Post Graduate Diplomas (IPGD).

The courses are of one year duration with two semesters along with one month internship during the semester break. IPGD Insurance(General & Life) /Risk Management courses are accredited by Chartered Insurance Institute (CII), London.The Institute offers special coaching which will enable candidates to acquire the globally recognized Dip CII, London as part of IPG Diploma plus program.

IPGD is also an eligible qualification to become Insurance Surveyor/ Loss Assessor as mandated by IRDA. IPGD - RM enjoys special recognition by Institute of Risk Management (IRM), London. IPGD courses enjoy special privilege from University of Suffolk, USA. The courses are recognized by IRDA and Insurance Institute of India, Mumbai.

IPGD - Actuarial sciences is recognized by Society of Actuaries (SOA), Illinois, USA and they offer VEE credits for 3 subjects.

With a strong international support IIRM is committed to assist in expertise development in the areas of Insurance, Risk Management, Actuarial Science, Financial Planning and other related disciplines in emerging markets. IIRM conducts research and training programs that are directly related to the above disciplines and also provides consultancy and advisory services.

Health Insurance For Wealthy Future is very important.

 Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.

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Mediclaim policy is a hospitalization benefit that is offered by both public and private sector general insurance companies in India. The mediclaim insurance policy takes care of expenses following hospitalization/domiciliary hospitalization in case of any of the following situations-

• In case of sudden illness or surgery
• In case of an accident
• In case of any surgery during the policy tenure

• Private health insurance - the CDC (Centers for Disease Control and Prevention) says that the US health care system is heavily reliant on private health insurance. 58% of Americans have some kind of private health insurance coverage.
• Public (government) health insurance - for this type to be called insurance, premiums need to be collected, even though the coverage is provided by the state. Therefore, the National Health Service (NHS) in the United Kingdom is not a type of health insurance - even though it provides free medical services for its citizens, it does not collect premiums - it is a type of universal health coverage.
  
  Examples of public health insurance in the USA is Medicare, which is a national federal social insurance program for people aged 65+ years as well as disabled people, and Medicaid which is funded jointly by the federal government and individual states (and run by individual states), SCHIP which is aimed at children and families who cannot afford private insurance, but to not qualify for Medicaid. Other public health insurance programs in the USA include TRICARE, the Veterans Health Administration, and the Indian Health Service.

PM Narendra Modi to launch 3 major insurance, pension schemes on 9 may 2015

The schemes will be launched in Kolkata, capital of West Bengal where assembly elections are due next year. More than a dozen Union ministers will also fan out across the country on Saturday for the roll-out of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

There will be simultaneous nation-wide launch of the schemes through functions organised at 112 centres in various States and UTs which would be attended by the respective Chief Ministers or Governors and the Union Ministers, according to a finance ministry statement. Senior Union Ministers including the Home Minister Rajnath Singh (Lucknow), Finance Minister Arun Jaitley (Mumbai), External Affairs Minister Sushma Swaraj (Bhopal), Urban Development Venkaiah Naidu (Varanasi), Food, Consumer Affairs and Public Distribution Minister Ram Vilas Paswan (Patna) and Road Transport and Highways Minister Nitin Gadkari (Bhagalpur) will launch the schemes. The initiatives are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from bank accounts. The schemes are expected to address the issue of very low coverage of life or accident insurance and old age income in the country, it said. A higher level of APY enrolments from the informal sector will ensure better life chances for such subscribers in their post-retirement phase and resultant decrease in the burden on social security under the National Social Assistance Programme in future, it said. This will enable the government to improve the quality of infrastructure and also deploy long-term savings mobilised in other needy sectors, as the pension contributions would be invested in the productive sectors of the economy, PMSBY will offer a renewable one year accidental death-cum-disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber