What is Life Insurance
Life insurance is known as a contract in between the insurer and the insured wherein the insurer agrees to pay a specific amount to the insured depending upon various factors and conditions.
Every person is subjected to possible risk of disabilities or death arising due to natural or accidental circumstances. With a sudden death or a disability of a person, his or her family tends to suffer tremendous emotional or financial loss.
Every person can protect self and family from such uneven turmoil’s and hardships by acquiring a life insurance policy. A Life insurance is specifically meant for human beings that determine a monetary amount based upon a prominent financial loss. It offers a definite sum of money to the dependants of an insured person in case when he or she dies during the period of his or her active income.
Life insurance also provides adequate sum of regular money for the dependents of an insured person who is disable due to any uneven incident or accident. Life insurance also provides a sign of relief to a person facing old age or ceases to earn any regular income for him and his family.
Numerous life insurance policies provide protection coupled with a profitable saving for the people.
- An endowment policy offers a fixed sum of money after the death of the insured person or after the expiry of policy during the stage when an insured person is still alive.
- A policy of whole life insurance provides a fixed sum of money to the dependents of a person at the time of death of the insured person.
- A money back policy assures a fixed amount of money that is paid on the dates as specified while the contract is still active. Besides this full money is also assured at the time when the contract is active and the insured person faces a sudden death.
- An annuity insurance policy offers monthly payments in series of stipulated dates. The only condition is that a assured person must be still alive on the specific dates as stipulated.
There are different life insurance policies to meet different needs and requirements of children, women, young, middle age and old age people. Besides this there are policies for specific class of people like rural people, actors, laborers, senior citizens, patients. A policy of life insurance can be acquired from the life insurers who are especially IRDA registered and notified.
Several professional and trained insurance agents are appointed by the Insurers to sell policies depending upon the age, sex, class, income, medical and factors etc. These trained agents are always readily available to offer a right solution to the people who are seriously and genuinely interested in buying a product to meet their normal or urgent financial needs and other requirements. A life insurance plays a crucial role in offering adequate security and protection to the families and society both.