Preview

Saving: Insurance and Deposit Account

Good Essays
Open Document
Open Document
769 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Saving: Insurance and Deposit Account
savingSaving for the Future (579 words)
The Life Insurance Corporation of India, which is the biggest Insurance Corporation of India, encourages people to save for the future. The habit of saving should be ingrained in man but there is more people nowadays squandering money than saving it. Even an ant has the sense of saving; a beaver in a forest saves food little by little for the rainy season. The rainy season for the animal indicates for man difficult times of need. If you go on saving you have always something to bank upon and you are never in need. The LIC established by the Government of India is the largest mobilize of the savings of the people. The LIC is perhaps the oldest organization which mobilizes money from the people and lends a portion of it for constructive activities of the nation.
Many years ago there were small insurance companies and they were all integrated into one composite organization. There are agents in each LIC branch who go out to the people and companies, talk to them and book insurance policies from them for a particular period. After the stipulated period of insurance is over the sum assured is paid to the insured person with a sizeable amount of bonus. This is a great benefit to the person who takes an insurance policy. The amount realized after the policy matures may be helpful for a person’s daughter’s marriage, for the educational expenses of his children, for buying a house etc. The concept of saving was first promoted by the insurance companies which have done a great service to the people.
The earning members of a family have no tendency to save some money out of their monthly income. Though this message of the importance of saving has been emphasized often people are not strict in observing the habit of saving. If from a young age students who get some pocket money learn to save a certain percentage of it every month, it will be helpful to them and to their parents. Kids are allowed to have recurring deposit accounts in

You May Also Find These Documents Helpful

  • Good Essays

    Saving Money

    • 399 Words
    • 2 Pages

    Besides,people need save their money for several reasons. First, saving money 'll help them buy value things, which they have expected for a long time, for example a car, a new house, a jewelry.....…

    • 399 Words
    • 2 Pages
    Good Essays
  • Good Essays

    With the development of our modern society, peoples living conditions become much more comfortable. But along with intense competition, parents have less time to consider children needs in all-round. One method to solve this contradiction is to give children some pocket money. Pocket money is useful to children. But whether the children are considerable enough to make correct use of these money. There are two viewpoints about the pocket money. Some people think that giving children pocket money will make them become luxurious. Others think that will not lead to such disadvantage. In my opinion, both of them are partially reasonable.…

    • 1801 Words
    • 8 Pages
    Good Essays
  • Good Essays

    Personal finance

    • 1378 Words
    • 4 Pages

    Thirdly,during 4 weeksI saved £280 as deposit. My most expenditure is made up of rent and everyday expenses on November which is 42%, 31% respectively (Graph).My personal budget helps us get rid of debt, save money for emergencies or work in afford a monthly payment for a car or a house in the future.The best way to save money is to plan for a budget that you insist. It is easy to form a correct spending habit; however it is hard to stick to it.…

    • 1378 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Since I was a child, my parents asked me to save my own money by putting a dollar into a piggy bank. I asked them why I have to do it, and they said:” It’s for your future honey, you will need it later”. And now, I can understand why I should have to do it.…

    • 644 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    a roommate

    • 1342 Words
    • 6 Pages

    First and foremost, saving money help to realize our big dreams. As we know, almost everybody set goals to achieve in their life but there are few of them who are really achieve it. For example, a successful person is the one who continually works to make his dreams become true. We can also be among the list of successful persons who are able to achieve their dreams shortly. We can have any dream, but what is important is how we are able to make them come true. We may have the dream of owning a big bungalow, a grand wedding or travelling around the world or something else. However, these dreams cannot be fulfilled in a day as they require a good amount of money to achieve it. Thus, a regular savings can give us the key of fulfilling our dreams in such a simplest way.…

    • 1342 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    role of insurance

    • 911 Words
    • 3 Pages

    Insurance has come a long way but where did it’s role in society begin? We have to look back before we come to the present day and then to the future.…

    • 911 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The rate of return has always an important role in explaining the saving behavior of an individual. In fact that is considered as the basic of financial activities. That’s why different financial institutions offering different return rates on their different depository schemes. Deposit having high maturity has high rate of return and those having low maturity has low rate of return. For instance the current account has very shorter maturity having offered no return, and saving deposits have high maturity offered high rate of return.…

    • 741 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    In India it is strange that the Insurance Act 1938 does not contain a definition of insurable interest. The only section, namely section 68, which makes a passing reference to the words 'insurable interest’ stands repeated by section 48 of The Insurance Amendment Act 1950. Briefly stated there is no legislative guidance in Indian law on the subject but still…

    • 3246 Words
    • 13 Pages
    Powerful Essays
  • Good Essays

    Ragavan

    • 978 Words
    • 4 Pages

    In 1950, with the enactment of the Insurance Act, Government of India decided to bring all the insurance companies under one umbrella of the Life Insurance Corporation of India (LIC). Despite the monopoly of LIC, the insurance sector was not doing well. Till 1995, only 12% of the country's people had insurance cover. The need for exploring the insurance market was felt and consequently the Government of India set up the Malhotra Committee. On the basis of their recommendations, Insurance Development and Regulatory Authority (IRDA) Act was passed in parliament in 2000. This move allowed the private insurers in the market with the stop foreign players with 74:26% stake. XYZ- Moon life was one of the first three private players getting the license to operate in India in the year 2000.…

    • 978 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    I, Mr. , Roll No. certify that the Major Project Report/Dissertation (Paper Code BBA-209) entitled “A Detailed Study of recruitment and retention strategies of Financial Consultants in Life Insurance Industry with special refrence to HDFC SLIC” is completed by me by collecting the material from the referenced sources. The matter embodied in this has not been submitted earlier for the award of any degree or diploma to the best of my knowledge and belief.…

    • 9021 Words
    • 37 Pages
    Powerful Essays
  • Powerful Essays

    In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular.…

    • 15938 Words
    • 57 Pages
    Powerful Essays
  • Satisfactory Essays

    economic survey

    • 450 Words
    • 4 Pages

    Started as United Technologies Employees MPC (UEMC) in December 15, 1992 with 35 members and a loan of $10,000 from United Technologies Automotive then later changed its name to Lear Employees Multi-Purpose Cooperative or LEMCO.…

    • 450 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    The year 1996 was a significant one for the pension fund business in India. Till then, by virtue of Section 30 of LIC Act, 1956, only the Life Insurance Corporation (LIC) was authorized to transact life insurance business and the pension business was treated as a part of life insurance business according to the provision of the Insurance Act, 1938. In 1996 Government of India made a momentous decision to allow the Unit Trust of India (UTI) to set up a pension fund business. Following the policy of 1996, the announcement allowing UTI to operate the pension fund business made by the finance minister of India when he delivered his budget speech for the year 1997-98. The budget envisaged the separation of pension fund business from life insurance business and allowed UTI to operate a full-fledged pension fund which would compare with LIC’s pension schemes. Simultaneously, the government also granted permission to LIC to set up and promote joint venture to the pension business.…

    • 14749 Words
    • 59 Pages
    Good Essays
  • Good Essays

    Thesis

    • 3810 Words
    • 16 Pages

    Everyday, we will make many complex decisions throughout our lives, some related to our education, career and personal lifestyle and many that affect our financial success. Students experienced the difficulties in managing money due to some certain circumstances. They made their decision based on their personal satisfaction. In every financial decision, you will sacrifice something in order to obtain something else that you can consider more desirable.…

    • 3810 Words
    • 16 Pages
    Good Essays
  • Powerful Essays

    Insurance is a financial service for collecting the savings of public and providing them with risk coverage. The main function of insurance is to provide protection against the possible chances of generating losses. It eliminates worries and miseries of losses by destruction of property and death. It also provides capital to the society as the funds accumulated are invested in productive heads.…

    • 7107 Words
    • 29 Pages
    Powerful Essays