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There are several objectives of insurance like providing financial security to one's family in case of unfortunate happenings, tax savings, wealth creation, financial planning for children's education/marriage and provision for old age.

Other savings plans like Bank Fixed Deposits, NSC, PPF, Units have short maturity tenures, compared to life insurance policies. (Eg.: NSC for 6 years, PPF for 15 years & life insurance can be up to 100 years). Hence, other saving plans offer you little scope for financial planning prospects. Whereas, a Life Insurance Policy pays the Sum Assured and bonus (with bonus policies) even if the Policyholder expires before the end of the payment term. Hence, this provides greater security to the person and his/her family. As such, insurance policy is superior to other savings plans.

A person who has completed 18 years of age & as per other conditions specified under the Indian Contract Act, 1872 can take an insurance policy either for himself/herself or for his/her dependents.

Several insurance companies can offer exciting insurance policies where the money that a customer puts in as protection money also works as an investment over a long period of time.
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Insurance premium is a payment made by a policyholder to an insurance company for a particular coverage. The payment has to be made regularly till maturity or as stated in policy documents to avail of a specific life insurance cover and other monetary benefits.

First premium is the yearly, half yearly, quarterly or monthly premium payable with the proposal form.

What Is Life Insurance?
A Life insurance is a contract that guarantees payment to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:
  • The date of maturity, or
  • Specified dates at periodic intervals, or
  • Unfortunate death, if it occurs earlier.

Who Can Buy A Policy?
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder's state of health, the proponent's income and other relevant factors are considered by the Corporation.


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