Life insurance is a type of permanent life insurance, under which the insured carries the risk for life as long as the premium is paid on time.
Life insurance is different from term life insurance, which covers the insured only for a certain period of time (usually between 5 and 30 years). Life insurance is the most common type of permanent life insurance plan purchased by life insurers. Like most life insurance plans, life insurance offers a savings component called "cash value".
Get the security and peace of mind you with life insurance. Some aspects of life insurance can make it an attractive option for you.
Fixed premium: The premium you have to pay under the life insurance plan remains constant throughout the insurance period. And given the state of the market, it never goes up or down.
Loan facility: You may be able to take a loan on the security of an insurance policy. You can withdraw money by surrendering the insurance policy in case the life insurance cannot be continued due to any uncontrollable situation. Insurance will be permanently closed after surrender.
Full Security Guarantee: Your 'Death Benefit Guarantee' is guaranteed as long as you pay the required fees regularly. In case of death of the insured due to an accident, double the sum insured is paid. In case of death over time, an amount equal to the sum insured is paid.
Read also: What is Personal Accident Insurance?
Who needs life insurance?
How to do life insurance?
Before you take out lifetime insurance, consult an experienced insurance agent you know and buy an insurance policy with additional features tailored to your needs. Additionally, by visiting the nearest branch office of a life insurance company, you can get complete information about your life insurance plan in a simple and easy way.
Read this: What is Health Insurance | Benefits of Health Insurance