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Life insurance is a contract where you pay regular small amounts (premiums) to an insurance company.
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Life Insurance
Complete by 11-Nov-2026
LIFE INSURANCE
What is life insurance?
A life insurance is an agreement between an insurance company and a policyholder, where the life insurer promises to pay a fixed amount of money in return for a premium, after a set time period or
upon the life assured’s death.
There are two types of life insurance:
1. Term Insurance Plan
2. Savings Plan is a financial product that helps in planning long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.
Features of a life insurance policy
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