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Articles » FAQ's » What is Life Insurance?

What is Life Insurance?

Under life insurance, the topic of insurance in human life.

The human life is the insured against different risks like mishap, death, and so forth.

Life Insurance is essentially for legitimate beneficiaries of the person insured, i.e. Lawful beneficiaries of the person on whom the life insurance is taken.

In this way, in case of the death of the person insured, the insurance sum goes to the legitimate beneficiary.

You can all the more likely comprehend term plan better in the event that you know whole life insurance.

Also Read : What is Term Insurance?

Whole Life Policy –

Under this policy, the whole life of a person is insured.

The person who is insured can’t get any sum under this policy.

Insurance sum is paid to the chosen one or the lawful beneficiaries of the person insured on his death.

The rate of premium is low if there should arise an occurrence of whole life policy.

LIC Term Insurance

Term Plan –

A term plan is like a whole life policy.

The main distinction is that under term plan, the person is insured for an explicit period just like 10 years, 15 years, and so on.

The premium of a Term plan is the least among a wide range of life insurance arrangements.

Assume if a person has taken a term plan for state 10 years.

The chosen one will get the insurance sum if the person insured kicks the bucket inside the term of the plan (which is 10 years in our model).

In the event that the person endures the residency of the policy he receives nothing consequently.

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