This amount can be used by the dependents to pay off debts, meet living expenses and fund education and other long-term goals. The death benefit that accrues to the beneficiaries upon the death of the insured person replaces the income that was earned regularly by the policyholder. The intention of the life insurance is to provide a financial benefit to the dependents of the person buying the life insurance, to guard them against financial pitfalls in the event of the premature death of the insured person. In exchange for premium paid at regular intervals, the insurance company promises to pay a lump sum known as a death benefit to the beneficiaries of the policyholder after the death of the policyholder. Life insurance is a contract signed between a person and an insurance company. HDFC Life Guaranteed Income Insurance Plan
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