Life Insurance

There is no guarantee on life. There is no prediction as to when a person might lose their life. Death or terminal or critical illness can occur at any point in the course of a person’s lifetime. Life insurance which is also known as life assurance is an agreement between two parties, the insurer and the insured.

How it works

If the insured person dies or becomes critically ill, a payment is made to a person known as a beneficiary who is named in the contract. The beneficiary may be the insured person in the case of critical or terminal illness. In case of death the beneficiary is usually the next of kin such as the spouse, children or relatives of the insured.


There are certain categories which are not allowed in the case of life insurance. For example, you cannot claim a benefit on the suicide of a person. Other examples of exclusion are civil commotion, riot and war.

Elements of Life Insurance

Basic life insurance policies are designed for protection, however nowadays most forms of life insurance have an investment element.


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