Life Insurance Is A Contract Between An Insured And A Life Insurance Company, Where The Insurance Company Pays A Lump Sum Amount To The Nominee/Insured In Exchange For The Premium After A Certain Period Or Upon The Death Of The Insured.
Life insurance is a contract between an insured and a life insurance company, where the insurance company pays a lump sum amount to the nominee/insured in exchange for the premium after a certain period or upon the death of the insured.
A life insurance policy is essentially a financial cover for any contingency that is linked with human life in case of a disability, death, accident, retirement, and so forth. Human life is mostly subject to risks of demise or disability due to an accident or even natural causes. When human life is lost or suffers a disability whether partial, temporary or permanent undoubtedly it is a loss of income to a household specifically if the individual is the sole bread earner.