A life insurance policy is basically a contract between a life insurance policy buyer and the life insurance company. In this case, the life insurance company promises to pay a sum of money to a designated beneficiary in exchange for a premium upon the death of the person insured.
Life Insurance is a clear-cut conception – you, in general, buy a life insurance plan that provides your beneficiary with compensation when you are no more. Keep in mind that you need to have scrupulous information about life insurance to be able to take a knowledgeable judgment about the type of life insurance policy. You need to know which life insurance policy will suit you best in terms of your for your unique requirements, the amount of death benefit that you should choose, etc and many more.
In view of the fact that human life is very precious, it’s pretty much normal for you to get financially and emotionally disturbed when you lose a family member. To deal with such challenging situations, life insurance policies provide with the much-needed financial cushion to your family in your absence.
A life insurance plan will provide them with lump sum or pay outs in installments, depending on the mutual discussion between you and your life insurance provider at the time of signing the policy. This makes sure that your family has a reliable and constant source of income to meet their basic requirements such as child’s education, unpaid bank loans, daily expenses or debts (if any), etc among others.
More info: https://www.gibl.in/life-insurance/