Currently there are 21 Insurance Companies running in the country. Out of these most of them are private companies, rest being Government initiated Life Insurance Companies. All the insurance companies – whether Private or government are regulated by the regulatory body of Insurance in India – known as IRDA – Insurance Regulatory and Development Authority. All the plans and policies marketed by the Insurance Companies are approved by this regulatory board of India.

Most of the companies have an advisory board – which recommends the policies to IRDA, which when approved by IRDA is advertised in the market. Policy once in market, is given to the advisor base of the company (some of whom are also partners with leading banks, corporate agents and brokers) to distribute the products/policies.

Robust risk management and underwriting practices form a part of making a policy. These policies come out after following a stringent rule policy since a single policy is the base of security of an entire family, individual or a group of employees.

So, when you take an insurance policy, be assured that it has been made out with strict approval practices. However, it is recommended that one takes an insurance policy from a well known or reputed life insurance company. Since Insurance is a matter of solicitation, it is more important to go for the right company, not just the right policy. Some of the major players in Insurance Industry are ICICI Prudential, HDFC Standard, LIC, AEGON Religare and so on…

So, next time the thought of taking a life insurance plan comes into mind, do not hesitate or think twice. Just call upon the insurance advisor and discuss your needs and the amount of money you can pay as premium for the next 20 years. Also, do not forget to count on the risk factors which are involved in your job. Or, if you are more inclined in taking a child policy, rather than for yourself, count on the amount he would require completing his education and the money you would require for his marriage. The point is, discuss the future monetary needs.

Insurance is a big factor; it must be decided upon, the sooner the better…