Life Insurance - What is Life Insurance?

Life is guided by the hand of God so it is always a good idea to be ready for anything that comes our way. Keeping this in mind, LIC provides a life insurance policy which is a contract that pledges the payment of a certain amount to the person assured (or his nominee) on the event the insurance is made against.

The validity of the payment of the insured amount in based on the cases below:

The date of maturity
The specified dates (as stated in the contract) at periodic intervals
Unfortunate death (in case it occurs earlier)

Life Insurance is a blessing in disguise because it eliminates the risks usually associated with the untimely death of the breadwinner and also the problems associated with old age like living without means of livelihood and support.

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