Life insurance is a contract signed between a policyholder or insured person and an insurance product provider authorized to sell by IRDA. This contract determines a specific amount of coverage known as “Sum Assured” , which will be payable to the nominee person OR Nominated party after the completion of the period of contract OR his/her death. The sum of the insurance policy is paid in lieu of a certain amount of premium OR cost of insurance paid by policy holder in once Or in installment as per the Insurance Contract.
The plan ensures that you as well as your family members are able to receive the much-needed financial support in case of your untimely demise due to any reason, such as accident, critical illness, and so on. Despite the fact that human life cannot be quantified, a monetary sum can assist the dependents in continuing their lives without abandoning their necessities and requirements.
Group Life Plan : Life Insurance of a group consisting of people employed by Or Serviced by same proposer.
Individual Life : The insurance taken by an individual for securing & proactively planning for any post financial stress to family.