Life insurance is a contract made between the owner of the policy and the insurer in which the owner promises to pay regularly a certain amount of money, called the premium at fixed interval of time or else in a single lump sum amount. In return, the insurer guarantees the following:
- Provide the family with cash in the event of death of the owner
- Make allocation for income funds for the education of the children
- Provide during old age with retirement income
- Supplement the income in the event of illness or accidents as the covered medical expenses do not meet the need
- Acts as means of surplus income in the event of any disaster
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