If we go to the literal meaning of insurance, then it means such an arrangement in which a company charges a fixed premium and in return gives a guarantee of compensation in case of a particular loss.
What is Life Insurance (Life Insurance)? What does it mean?
A life insurance policy is a contract between an individual and an insurance provider, in which the insurance company pays the policyholder (the policyholder) a monthly fee/fees (called premium) Provides financial protection.
Based on this arrangement, on the death of the policyholder or, if the policy matures, after some time, the insurance provider pays a lump sum amount to the person or his family. There are different types of life insurance policies in the market to suit the individual demands and needs of the policy buyer.
What are the benefits of life insurance?
- investment profit
- tax relief
- protection against serious diseases
What are the important terms of life insurance
- Who is the policyholder?
- What is Sum Assured?
- Who is the nominee?
- What is the coverage period?
What are the types of life insurance plans?
How to choose the right life insurance policy?
Once you have understood what life insurance is and have identified the need for life insurance, you should go through these simple steps to choose the best life insurance policy. Choose the best life insurance plan available with these steps:
- Contact Insurance Consultant / Provider
- Evaluate life insurance cover
- Compare Life Insurance Plans
