What is a Life Insurance Policy?
A life insurance policy is a contract with an insurance company. In this policy, a person has to make regular payments(known as premiums)to the insurance company in order to receive a sum of money that will be paid to them after a period of time, or to their family, in case of the policyholder’s death, or if the policy matures.
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Typically, this type of policy is chosen based on your needs and goals.
Different Types of Life Insurance Policies in India:
There are two basic types of life insurance policies:
1.) Traditional Whole Life :- A Whole Life Policy is a policy in which you pay till death of the policy holder
2.) Term Life Insurance :- A Term Life Insurance is a policy for a fixed amount of time.
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