Since life itself is uncertain, all individuals try to assure themselves of a certain sum of money. Life insurance is taken not only to take of an individual but also family members in case of death.

The insurance company undertakes to insure the life of a person in terms of financial way in exchange for a sum of money called premium, in other words Life insurance is an agreement between the policyholder and the insurance company according to which the Insurer agrees to provide a sum assured called the death benefit in the event of an unfortunate demise of the life assured.  LI premium may be paid in one lump sum, or monthly, quarterly, half yearly or yearly.

The company promises to pay a certain sum assured either on the death of the policyholder or In case of survival of the policyholder throughout the policy tenure, a maturity benefit is paid to the life assured .Thus, the person is sure that a specified amount will be given to him when he attains a certain age & His children will get that sum in the event of his death.

How Does Life-Insurance Work?

Life insurance policy, is a legal agreement that ties both the insured and the insurance provider to each other. It contains all of the information on the terms and conditions under which the insured person or policy nominee gets insurance benefits from the provider.

Insurance is a means of ensuring that you and your family members are protected in the event of a financial emergency. You purchase an insurance policy for it, and the insurance company assumes the risk and provides insurance coverage at a certain rate.

The insured or nominee can submit a claim with the insurer in the event of an unforeseen incident. The insurer evaluates the claim request and covers the claim based on the claim criteria.