BANKING AFFAIRS

Detailed explanation-1: -Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes.

Detailed explanation-2: -A person can insure his or her life and his health against the contingencies like death, disability, surviving too long. In event of his death, his dependents will be reimbursed to the full amount that he was insured for.

Detailed explanation-3: -Common types of life insurance include: Term life insurance. Whole life insurance. Universal life insurance.

Detailed explanation-4: -Term insurance plans are life insurance plans which promise to pay a benefit only if the insured dies during the term of the policy. There is, usually, no maturity benefit payable under the plan. Term plans are, therefore, called pure protection plans.

Detailed explanation-5: -Benefits offered by Term Life Insurance plans with Survival Benefits. The term insurance plans with survival benefits may offer the following benefits: Death benefits: The designated nominee will death benefits following the death of policyholder.