Life insurance policy provides you with the assurance that your family will get financial security and support even when you are not around. The goal of the life insurance policy is to offer a measure of financial security to the family after your death. With a population of over one billion, only 35 million people in India are covered with life assurance policies. Undoubtedly, ignorance about insurance, lack of knowledge about facilities and high cost of insurance - are some of the reasons behind the low penetration of insurance.
Today, there are various life insurance companies in the market, offering a diversified range of insurance policies to cater divergent needs. It is necessary to compare life insurance policies offered by different companies, including their contract terms, premium quotes, limitations and benefits in order to ensure that you choose the best life insurance policy.
Basics of Life Insurance Plans
Life insurance is an agreement between you (the insured) and the life insurance company (the insurer). Under the terms of the policy, the insurer promises to pay a certain sum to the person (your beneficiary) upon your death, in exchange of premium payments.
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