What is Life Insurance?
Life Insurance is an insurance policy to cover the loss of life. It provides a definite amount of money to the dependents of the insured in case of untimely death during his active income earning period or becomes disabled on account of an accident causing a reduction or complete loss in his income earnings. It works as a life cover to the beneficiary. This Life Cover will secure the future of your loved ones’ by paying a specific amount of money in case of any unfortunate event.
Need of Life Insurance:
Life Insurance is a fundamental part of having a sound financial plan. Human life is subject to risks of death and disability due to natural and accidental causes. If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death.
This Insurance Policy will cover following financial needs:
– Life Cover
– To Pay Off Debts & Expenses
– Daily Living Expenses
– Cover Children’s Expenses & Education
– Long-Term Savings
How it works?
It is a contract between an insurance policy holder and an insurance company. You can take out this Insurance Policy and name a family member as a beneficiary. You pay premiums for a specific period of time and in return, the insurer (Insurance Company) promises to pay a sum of money, upon the death of the policyholder or after a set period.
Insurance plan secure the financial needs of your family even if tomorrow you are no longer around to take care of them.
Life Insurance contract is valid for payment during:
- The date of maturity
- Specified dates at periodic intervals
- Untimely death, if it occurs earlier.