Life Insurance is an agreement between an insurance company and a
policyholder, under which the insurer guarantees to pay an assured some
of money to the nominated beneficiary in the unfortunate event of the
policyholder’s demise during the term of the policy. In exchange, the
policyholder agrees to pay a predefined sum of money in form of premiums
either on a regular basis or as a lump sum. If included in the
contract, some other contingencies, such as a critical illness or a
terminal illness can also trigger the payment of benefit. If defined in
the contract, some other things, such as funeral expenses might also be a
part of the benefits.
Life Insurance plan is the safest and the most secure way to protect
your family or dependents against financial contingencies that may arise
post the unfortunate event of your untimely demise. Under a Life
Insurance Contract in India, the insurer assures to pay a definite sum
to the policyholder’s family on his demise during the policy term.
It is the simplest and cheapest form of insurance that is designed to
offer financial protection for a specified tenure, say 15 or 20 years.
ensures that your family gets a large lump sum amount, i.e; sum assured
after your death to lead a financially stable life. However, if you
survive the term, the insurer pays nothing. The best thing about a term
insurance policy is that the premium is quite low for the insurance
cover it provides.
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