As the name suggests, life insurance covers your life. In case of policyholder’s premature demise within the policy term, the insurance company pays the sum assured to the nominee. 
One of the most essential financial instruments, life insurance helps your family to stay financially independent, square off liabilities taken in the form of loans, maintain the lifestyle provided, and keep essential goals on track.
Life Insurance is a contract between an insurance policyholder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium after a set period or upon the death of an insured person.
– It is the most basic type of insurance.
– It covers you for a specific period.
– Your family gets a lump-sum amount in the case of your death.
– If, however, you survive the term, no money will be paid to you or your family.
– It covers you for a lifetime.
– Your family receives a certain sum of money after your death.
– They will also be entitled to a bonus that often accrues on such amount.
– Like a term policy, it is also valid for a certain period.
– A lump-sum amount will be paid to your family in the event of your death.
– Unlike a term plan, you get the maturity proceeds after the term period.
– A certain percentage of the sum assured will be paid to you periodically throughout the term as survival benefit.
– After the expiry of the term, you get the balance amount as maturity proceeds.
– Your family gets the entire sum assured in case of death during the policy period. This is regardless of the survival benefit payments made.
– Such products double up as investment tools.
– A part of your premium goes towards your insurance cover.
– The remaining amount is invested in Debt and Equity.
– A lump-sum amount will be paid to your family in the event of your death.
– This ensures your child’s financial security.
– In the event of your death, your child gets a lump-sum amount.
– The insurer pays the premium amounts after your death.
– Your child will continue to get a certain sum of money at specific intervals.
– This helps build your retirement fund.
– You can get a regular pension amount after retirement.
– In the case of your death, your family can claim the sum assured.
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