To reduce the financial worries that may occur due to unpredictable and untimely demise of earning member of the family Life insurance is a long term contract between Life insurance company and the person insured for the policy term giving an amount of money equal to the life cover by paying a premium In the event of death of the insured, during the policy term, the insurance company passes on the Death Claim amount as policy proceeds to the beneficiary or nominee mentioned in the contract and the policy terminates thereafter or in the event of life ensured survives through the policy term, the insurance company pays out the Maturity Claim Amount to the policy holder at the policy terminates thereafter.
