Over 22,000 people lose their lives each day in India. Death is a parcel of life, it’s inevitable. The loss of a loved one leaves a vacuum, which might never be filled. However, Life Insurance helps fill certain aspects of this vacuum, by protecting against a financial loss that would result from the premature death of the insured.
WHAT IS LIFE INSURANCE?
Life Insurance, in simple words, is an agreement signed between an individual and an insurance provider. Wherein the insurance provider guarantees to pay a sum assured (Sum amount of money) in case of the insured’s death. In order to benefit this protection, the insured pays a premium (certain amount every year/half year) towards maintaining the policy.
Life Insurance is nothing but a protection net, which provides financial security/protection against loss of life. The primary purpose is to protect the financial interests of the insured’s family.
TYPES OF LIFE INSURANCE POLICIES