INSURANCE
Life Insurance policy is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder’s demise during the term of the policy. In exchange, the policyholder agrees to pay a predefined sum of money in form of premiums either on a regular basis or as a lump sum. If included in the contract, some other contingencies, such as the critical illness or the terminal illness can also trigger the payment of benefit. If mentioned in the contract, a policy may also cover some other costs like funeral expenses as a part of benefits Life Insurance policy