The Concept of Life Insurance


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Life Insurance is generally a contracted document wherein the policy holder and an insurance company comes into a bilateral agreement with an objective of settlement of claims under legal terms and conditions on an account of timely payment of premium price. Everyone knows that there is no certainty of life. Moreover, when the only bread winner of the family dies, it feels so helpless and needy. Thus, the insurance company decided to launch a policy of protecting the future of the loved ones by way of insurance coverage in the later stage when the policy holder dies.Such policy of life insurance makes an individual or group – financially strong and economically supported even after the death of the policy holder. For more details you can visit iSelect here

In the contract of Life Insurance Policy the major parties involved are:

  • Policy Holder
  • Beneficiary
  • Insurance Company
  • Medical Examiner
  • Insured Party
  • Underwriter
  • Broker or agent

The incredible policy of life insurance answers to some of below mentioned queries in one of the simplest way at par. They are:

  • How long will the family get benefit out of life insurance policy?
  • Till what agecan children legally seek the benefit?
  • Does any specific occupation require to get the life insurance policy?
  • Death in case of accident can settle the claim?
  • Who will be the guarantor to settle the claim after the death?

Life insurance policy accepts one-time payment or yearly, quarterly or month – based on the terms and conditions of the plan. The Ministry of State Government promotes the policy of life insurance with an intention to secure their future.

Some of the Basic types of life insurance

Every individual or group policy holder must collect and compare various other plans to have detailed knowledge about its respective features and offers as a rational customer. It could be a bit complex task but consulting iSelect – a professionally managed Insurance Company will help you better in discussing the best opportunities at that particular point of time.

Here discussed are the basic types of life insurance policy. It includes:

  • Traditionally linked life insurance
  • Market linked life insurance

Traditionally linked life insurance Policy

Traditionally linked life insurance focuses upon delivering the policy holders with a complete protective measures and back up opportunities in case of some unplanned uncertainty. It brings about plethora of safety options and secured features to support beneficiary with a lump sum insurance coverage during stipulated period of time.

Market linked life insurance Policy

Market linked life insurance policy can also be termed as – Unit Linked Life Insurance Policy. It majorly focuses upon providing the joint benefits – security and savings with an unfolded measures of insurance coverage. Currently, this plan has higher potential in financial market. It serves the purpose of entire group or individual at large. It comes with limited risk factors surmounted with relatively profitable returns. On contrary, it depends upon the effective and non-effective conditions of the market as well.

For more details, contact iSelect here!

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