Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
Many different types of life insurance are available to meet all sorts of needs and preferences. Depending on the short- or long-term needs of the person to be insured, the major choice of whether to select temporary or permanent life insurance is important to consider.
Term life insurance lasts a certain number of years, then ends. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years. The best term life insurance policies balance affordability with long-term financial strength.
It is a car loan which is granted to a customer who want to buy a second hand or a used car at a little higher interest rate.
Following are the benefits which you can get when you apply for Life Insurance
Life Insurance is a contract between a insurance policy holderand a life insurance company. Where the insurer promises to pay a designated beneficiary a sum of money (sum assured) in exchange for a premium, upon the death of an insured person or maturity of the policy (depending on the policy contract) .Other events such as terminal illness or critical illness can also trigger payment.
The life cover you need depends on your standard of living, income, spending habits, or the goal for which you want to save (i.e. your child’s education or marriage) etc. As the life cover amount acts as a financial security for your family/beneficiaries in your absence, it becomes even more important for you to take an appropriate amount of life cover also taking your current financial liabilities (loans etc.) into consideration.
The cost of life insurance depends on the type of policy you take, the sum insured , your age, health condition and the benefits you expect to receive when your policy matures.
You usually get a grace period, up to 30 days (15 days for monthly mode), to pay your premium once it falls overdue. If you still don’t pay your premium after the grace period your policy stands defunct and you cannot claim any benefits from your policy. However, you can revive your policy once you pay all your overdue premiums subject to certain terms and conditions as per policy and you will again start receiving the benefits of the policy.
When your policy matures you will receive an accumulated amount (in lumpsum or Regular Payments, basis the option chosen). This amount will include the total of all your premiums paid, plus bonuses (if any). The amount you receive shall be substantial because the premiums that you pay accumulate and grow every year until the maturity of your policy.
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