Life Insurance

Life insurance is made on the life of the person it is also called as life assurance. The person insures his life against the insurance company by paying premium to the insurance company. Generally premium is paid for three months, six months and yearly according to the contract. It is also called as savings or investment.

When the person dies the insurance company pays his insured amount to his nominee or to his descendants as agreed before. It is also like an investment because when the person dies his descendants get the amount in lump sum.

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