What is Life Insurance?
A life insurance policy is something that provides a dedicated sum of money on the demise of the policyholder or after a certain period of time.
Life insurance is a contract wherein an individual is offered financial coverage by an insurance company in exchange for a payment over a period. The payment made to the insurer is referred to as the premium. In case the policyholder passes away during the policy tenure, the insurance company will offer a lump sum amount to his/her nominee. This lump sum amount is called the sum assured on death or the death benefit. Upon completion of the policy term, the policyholder receives a sum assured on maturity or the maturity benefit from the insurer along with some bonuses.
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Insurance is a form of risk management that is designed to protect the insured from financial loss. It can also be defined as an agreement between two parties, where one party (the insurer) agrees to reimburse the other party (the insured) for losses or damages that are incurred.
There are many types of insurance coverage, and it is important to understand what type you need in order to make an informed decision.