Business Studies

Terms used

Insured – The party or the individual who seeks protection against a specific task and is entitled to
receive payment from the insurer in the event of happening. An insurer is normally in policy holder.

Insurer- The party who promises to pay indemnity to the insured on the happening of contingency is
known as insurer.

Contract- An agreement binding at between two or more parties is called a contract.

Premium- The amount which is paid to the insurer by the insured inconsideration to insurance contract
is known as premium.

Beneficiaries- The person or the party to whom the policy proceeds will be paid in the event of death or
happening of any contingency is called beneficiary.

Insurance Companies in India

Aegon LIC Ltd.

Bajaj Alliance LIC ld.

Birla sun life LIC ltd.

Canara HSBC Orietal Bank of Commerce LIC ltd.

HDFC standard LIC

IcICI Prudential LIC ltd.

IDBI LIC ltd.

India First life insurance Company

Kotak mahindra ltd.

Life Owned by the Government of India

Insurance
Corporation
of India
 2 HDFC Life Insurance Company Limited HDFC Limited and Standard Life Aberdeen

3 Max Life Insurance Company Limited Max Financial Services and Mitsui Sumitomo Insurance
Company

4 ICICI Prudential Life Insurance Company ICICI Bank Limited and Prudential Corporation Holdings
Limited Limited

5 Kotak Mahindra Life Insurance Company Kotak Mahindra Bank

Limited

6 Aditya Birla SunLife Insurance Company Aditya Birla Capital Limited

Limited

7 TATA AIA Life Insurance Company

Reliance Nippon Life Insurance Reliance Capital and Nippon Life

Company Limited

13 Aviva Life Insurance Company Limited Dabur Invest Corp and Aviva Group

14 Sahara India Life Insurance Company Sahara Pariwar

Limited

15 Shriram Life Insurance Company Shriram Group, Piramal Group and

Limited Sanlam Group
16 Bharti AXA Life Insurance Company Bharti Enterprises and AXA Group
Limited

17 Future Generali India Life Insurance

Company Limited