A Financial Study of Investors of State Bank of Indias Life Insurance in Nanded City

Abstract

Insurance is a contract of indemnity whereby one party i.e. the insurer agrees to indemnify the other party i.e. the insurance to indemnify on the happening or not happening of an uncertain event. The practice of insurance has been prevalent right from ancient times. At the outset, the researcher has outlined here the history and development of insurance business in India. Life insurance is one of the most common form of insurance. It has acquired a top position all over the worl Since the Nationalization of life insurance companies in 1956 the entire life insurance business is being transacted by the Life Insurance Corporation of India. Life Insurance is a contract whereby the insured promises to pay a uniform rate of premium at fixed intervals of time against which the insurer agrees to pay a fixed amount on the happening of the event which may be the death of the insured or the expiry of a certain number of years. newlineIf the payment is to be made on the death of the insured, the insured may nominate a person to receive the amount. If the amount is to be paid on the expiry of a certain number of years, then the insured may himself receive it if he is alive on the expiry date; otherwise his newlinenominee will receive it. The former type of insurance is called the whole life insurance and the latter, the endowment life insurance. Insurance is a contract of indemnity whereby one party i.e. the insurer agrees to indemnify the other party i.e. the insure to indemnify on the happening or not happening of an uncertain event. The practice of insurance has been prevalent right from ancient times. At the outset, the researcher has outlined here the history and development of insurance business in India. newlineThe concept of insurance and evolution of the insurance as a financial product. It Shows how insurance in some or other form was existent at different stages of evolution of mankind.