Life Insurance

Life Insurance an insurance policy that pays out if you die. It can be used to make sure the loved ones you leave behind are financially secure without you and your income. It can also ensure that no-one else would be left liable for your outstanding debts (like a mortgage) if you died.

A life insurance policy covers you in case you die while you're insured. When you buy a policy, you're covered for a lump sum payout amount, paid out if you die. In some cases, the policy will pay out early if you're diagnosed with a terminal illness (Critical Illness Policy).

You also choose a policy type and term when you buy life cover. The type determines what happens to your payout amount over time (i.e. whether it stays the same or reduces) and the term defines how long you'll be insured.

There are different types of Insurances like Term Assurance Plans, Whole Life Plans, Endowment Plans, Money Back Plans, Pension Plans, Unit Link Plans etc.