Life Insurance

Life insurance is a financial protection contract between an individual and an insurance company. Under this contract, the policyholder pays a certain amount of money, known as a premium, to the insurance company at regular intervals. In return, the insurance company provides financial protection to the policyholder’s family or nominated beneficiaries. If the insured person dies during the policy term, the insurer pays a predetermined amount, known as the death benefit, to the beneficiaries according to the terms and conditions of the policy.