LifeLine Policy has an informative guide for individuals new to life insurance, called Insurance Ki Kitaab. With this initiative, LifeLine Policy looks to empower people with the right knowledge about life insurance and a good understanding of its significance in their lives.
Based on the above categorisation, a life insurance company usually offers the following products –
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When you buy a life insurance policy, the insuring company becomes obliged to provide a certain pre-decided amount (life insurance payout). This payout is directed to the pre-selected individual/s (nominee/s), upon the insured individual’s demise. For a life insurance policy to be active, certain payments (premiums) need to be paid to the insurance company by the policyholder.
To put it simply, a policy-buyer pays a certain sum of money in the present for the nominee to receive a more significant sum of money in the future. Since there are different types of policies, the value and manner of premium payment will vary accordingly.
For example, if it’s a term policy, the premiums will be charged mainly for the pre-selected amount (death benefit) to the nominee upon the insured individual’s demise. If it’s an endowment policy or a guaranteed return plan, the insured individual may receive a payout at the end of the policy, upon survival. Each type of policy comes with certain inclusions and exclusions, which determine what benefits the nominee can avail.
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