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What is Life Insurance?

A life insurance policy is a type of insurance that provides coverage against the unexpected death of the policyholder or after a set-period of time when the policy matures. In order to avail this protection, the insured pays a certain amount as premium towards maintaining the policy.
It is nothing but a safety net which provides financial security/protection against loss of life. The primary purpose of a life insurance policy is to protect the financial interests of the insured’s family.

There are 3 basic aspects related to life insurance, namely:

  • Premium – An individual is accorded cover only if he/she pays a certain sum of money towards the policy. This is termed the premium. One can consider it to be the initial investment which offers returns in the future.

  • Death Benefit/Sum Assured– This is the money which the insurer assures to pay to the nominee/beneficiary of the policyholder after his/her demise. This varies based on a number of parameters.

  • Term – An insurance policy provides protection for a certain period of time. This is called the term, and it could vary based on the type of policy chosen.

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