Industrial Life Insurances
Industrial Life Insurances – In the language of British law, Shivbima is a type of insurance on human life where the premium is paid in less than two months and is collected by the collector from door to door. An analysis of this definition reveals the fact that the use of the term is not justified here. Sir Arnold Wilson and Professor Hermann Libby. According to him, the use of the word art here is completely meaningless. Because they think that since this insurance is not limited to any particular industry or industrial area, the use of the word industry in this insurance is unreasonable. The word industry has been added before its name to say that it was initially introduced to give the poor workers of the industry the opportunity to take out comprehensive insurance. However, this insurance is currently open to the public. Most of the poor people buy this insurance. This insurance is useful for the wide benefit and use of the public. This insurance is a symbol of financial security and a true friend of the people in times of need. The features of industrial life insurance are as follows:
- This insurance can be done for a small amount of money. This type of insurance is available in the UK for only 18. 02. Especially in western countries, this insurance mainly provides money for funerals or funerals of the deceased. This insurance is often family
Maintenance arrangements are also made.
- Premium money is usually collected every week and from the insurance company
The representatives go to the insured’s house and collect it.
- The amount of weekly premium is very low. In Britain, for example, this insurance
Weekly premium is only 3 pence.
- No medical examination is required for this insurance. In fact, insurance The numbers are so low that there is no question of a medical examination.
Due to all these features and benefits, the poor people take this insurance more and in fact this insurance has been introduced for their benefit. This insurance is not suitable even for middle class people for various problems. So this insurance is useful and dear to the workers, farmers and poor people.
Industrial life insurance is provided without medical examination. However, the insurance company instead takes a report from its corner officer. The cost is less as there is no medical examination here. As a result, those whose mortality rate is higher than normal life are insured. But because of the popularity of this type of insurance, it is accepted by a large number of people, so it is better to live an abnormal life and get an average result. In that case, the cost of medical examination fees is a bit of an advantage for the company.
This facility is satisfactory in this insurance when the policy is taken on the basis of weekly premium. Because then the full sum insured is not immediately risky. As per the rules, if the insured dies within three months of receiving the policy, one-fourth of the sum insured and if he dies within six months, half of the money is paid. In case of death of the policyholder only six months after the receipt of the policy, the sum insured is fully paid. However, if the policy is taken on the basis of payment of monthly premium, then the insured is complete. Money is instantly risky.
There are some benefits to collecting weekly premiums at the home of the insured. The collector is able to collect a small amount of premium before the weekly income and wages of the worker or ordinary person are exhausted. The premium collected in this way is so low that even the poorest of the poor do not have to pay for it. Therefore, it is a good way for the poor to have regularity and regular savings. Premium coverage is monthly or more. For the time being, it is not possible for many ordinary people to save from their weekly wages and as a result it is impossible to accept such insurance policies.
However, workers who receive high monthly wages can take out high-value industrial life insurance. The premium of industrial life insurance is also comparatively less in the system of paying premium on a monthly basis. In addition, if you take out insurance on the basis of monthly premium payment, the full risk of insurance starts with taking out insurance.
As a general rule, industrial life insurance is for life. That is, the insured money has to be paid as a claim only after the death of the insured. However, term industrial insurance is also seen in the field. This type of term insurance is issued especially for boys and girls. | This type of insurance has also been introduced in India and it is called Janata Bima Is called. The introduction of such insurance in our country has not started yet. However, if it is introduced, it will be of great benefit to the poor people.