Evolution and Varieties of Life Insurance

 "Evolution and Varieties of Life Insurance: A Focus on Women, Policy Types, and Keyman Insurance"

The landscape of life insurance has seen significant evolution, particularly concerning coverage for women and diverse policy offerings:

Insurance for Women:

Before nationalization in 1956, private insurers often provided coverage for female lives with extra premiums or restrictive conditions. However, post-nationalization, terms for insuring women have undergone periodic reviews. Presently, working women earning income are treated equally with men. Restrictions might apply only to females up to 30 years old without income subject to income tax.

Medical and Non-Medical Schemes:

Typically, life insurance requires a medical examination. Yet, in a bid to broaden insurance reach and convenience, LIC (Life Insurance Corporation) extends cover without a medical exam under specific conditions.

With Profit and Without Profit Plans:

Life insurance policies can be categorized as 'with' or 'without' profit. 'With' profit plans allocate disclosed bonuses, if any, periodically valuated, along with the assured sum. Conversely, 'without' profit plans pay only the contracted amount. 'With' profit policies command higher premiums due to the bonus inclusion.

Keyman Insurance:

Businesses often secure keyman insurance on crucial employees to shield against financial setbacks resulting from their untimely demise. This specialized insurance safeguards companies from potential losses incurred due to the loss of such key personnel.

The landscape of life insurance has diversified, accommodating varying needs and circumstances, whether it's the evolving considerations for insuring women, the flexibility in policy types, or the strategic safeguarding through keyman insurance for businesses.