Life Insurance

In simple term Life Insurance?

In simple term, Life insurance is just like a contract signed by an insurance provider in which the provider guarantees to pay a certain sum of money in case of an insured individual's death. The insured individual pays a certain amount which is called a premium to maintain the policy.

There are 3 basic aspects related to any life insurance, they are:

  • Premium: A certain amount which the individual pays towards the policy. It is an initial investment which offers returns in the future.
  • Death benefit/sum: The amount which insurer assures to pay to the nominee/beneficiary of the policyholder after the policy holder's death.
  • Term: The time duration for which the insurance policy provides protection is called as a term.

Your life insurance premium is determined by

  • Your current age.
  • Tenure of coverage
  • Gender
  • Smoking Preference

Different type of life insurance policy in India

  • Term plan
  • Endowment plan
  • Child's plan
  • Retirement plan
  • A whole life insurance plan
  • Money back plan
  • Unit-linked insurance plan

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