Life Insurance Policy
A Life Insurance Policy is a legal contract with an insurance company. Against the premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.
Life insurance is a great tool that will help your family in meeting their critical needs and lead a comfortable life even when you are not around. This is because the Insurer will pay the Beneficiary of your Policy a predetermined sum of money after your death. It could also be given if you are bedridden with a critical illness. Life insurance is therefore the most essential insurance Policy that you can have in your savings and investment portfolio.