DHANAVRUKSHA
Life insurance is a contract that pledges payment of an amount to the person assured (or their nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:
The insured amount is paid on the date of maturity, ensuring financial security for the future.
Payments can be made at specified intervals, providing regular financial support.
In case of the policyholder's untimely death, the nominee receives the insured amount.
Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution that eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: