LUCKNOW: The life insurance is one of the essential things that every person should have. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion. There are many states that are in to the sale of life insurance but as reported byTNN Uttar Pradesh is one of the most full-grown markets in the country in terms of life insurance products.

Also with over 32percent penetration of private insurance companies in the state, as compared to the national average of 11 percent, the state is among the leading revenue generating markets of these companies, revels insurance company Aegon Religare.

According to the chief distribution officer at Aegon Religare, Amit Kumar Roy, said that the state is leading in online insurance sales whereas the general perception is that most of the state lacks faster internet connectivity. "Last fiscal, UP contributed 23 percent of our revenue and we see this trend going up this year. Insurance awareness in the state is higher compared to other states and the adoption of online medium of booking is growing at a rapid pace here," said Roy.

Recently Aegon Religare has announced the launch of its premier endowment insurance plan which will be available soon. The plan is aimed at customers who are looking at a guaranteed income. The plan offers guaranteed addition of 5 percent of the sum assured, every year, during the premium payment term. Apart from offering a life cover for the entire policy term, it also offers an increase in the benefit amount, every year, by accrual of bonus that commences from the first year.