A Study of Law Regarding Life Insurance Business in India

Abstract

Life insurance is a contract under which the assured person (or his nominee) should be paid the amount in respect of an occurrence against which he is insured. The agreement is valid to pay the insured amount for the expiration date or (ii) the specified periodical dates or (iii) the death of the unlucky person, if it is previously reported. The contract also allows for the payment by the policyholder of the premium to the company periodically, among other things. This paper focuses on the law relating to life insurance business in India.