MANAGEMENT

Detailed explanation-1: -What is a single premium term insurance? A single premium policy is a one-time payment insurance policy whereby the policyholder has to make a single lump-sum payment to enjoy life cover for the entire tenure.

Detailed explanation-2: -Term assurance policy has the following features: If the policyholder survives till the end of this period, the risk cover lapses and no insurance benefit payment is made to him. The amount of premium to be paid for these policies is lower than all other life insurance policies.

Detailed explanation-3: -Under the Endowment Life Assurance Policy, the Insurance Company undertakes to pay a specified sum to the insured when he attains a particular age or on his death whichever is earlier. However, in the case of his death, the sum is payable to his legal heir or nominee named therein.

Detailed explanation-4: -Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.