SSC Extended Last Date for CGL Examination – 2017
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.
It offers the dual benefit of insurance and investment. A certain part
of the premium is allocated towards the sum assured, while the remaining
portion of the premium gets invested in asset markets— equities and
debt. It pays a lump sum amount after the specified duration or on the
death of the policyholder, whichever is earlier. An endowment policy may
declare bonus periodically, which is paid, either on maturity or on the
death of the insured.
It offers periodical payment of partial survival benefits during the
tenure of the policy as long as the policyholder is alive. In the event
of death of the insured, the insurance company pays the full sum assured
along with survival benefits.
Offering the dual benefit of insurance and investment, whole life
insurance plans offer insurance cover for the whole life of the person
or up to 100 years whichever is earlier. Also the life insurance company
calculates bonus on the sum assured, which is paid to the nominee after
the death of the policyholder.
Important: Please always Check and Confirm the above details with the official website and Advertisement / Notification.
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