Moneywell & H R Consultancy Services

Life insurance represents a binding contract that pledges payment of an amount 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 or specified, Of maturity dates at periodic intervals, Or unfortunate death, If it occurs earlier. Among other things, The contract also provides for the payment of premium periodically to the LIC India by the policyholder. Life insurance is universally acknowledged to serve as a institution, Which eliminates risk, Substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, Life insurance is civilisation s partial solution to the problems caused by death. Life insurance, In short, Is concerned with two hazards that stand across the life, Path of every person 1. That of dying prematurely leaving a dependent family to fend for itself. 2. That of living till old age without visible means of support.