Welcome to the world of Life Insurance

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Across
  1. 2. The act that led to the nationalization of the life insurance sector in 1956 (4 letters).
  2. 4. The year IRDAI was formed (4 letters).
  3. 6. An important financial instrument providing protection against financial loss from unexpected events (10 letters)
  4. 7. The regulatory body established in 1999 to oversee the insurance industry in India (5 letters)
  5. 10. The name of the merged entity formed from LIC of India in 1956 (3 letters).
  6. 12. The percentage of premium paid by policyholders that is set aside to cover claims and expenses (9 letters).
Down
  1. 1. The type of insurance that provides a lump sum amount on the death of the insured (10 letters).
  2. 3. The process of assessing the risk of insuring a person and determining the premium (10 letters).
  3. 5. The process by which policyholders pay a specified amount at regular intervals to maintain their insurance coverage (8 letters).
  4. 8. The first Indian life insurance company established in 1870 (10 letters).
  5. 9. The concept of spreading risk across many policyholders (9 letters).
  6. 11. The Indian insurance company known for being the largest life insurer in India (3 letters).