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What is Life insurance?

Insurance that provides for a sum of money to be payable upon the death of a person. Life Insurance Corporation of India (LIC) controls life insurance in India.

Life insurance is a contract between the person who takes an insurance policy and an insurance company. The contract provides for payment of a sum of money to the life assured or to his nominee on the happening of an event. The event may be either death or the person surviving a specified age.

What are the basic life insurance plans ?

Whole Life Assurance Plans : These are low cost insurance plans where the sum assured is payable on the death of the insured.
Endowment Assurance Plans: The sum assured under these plans is payable on the date of maturity of the policy or on the death of the life assured, if earlier.
Term Assurance Plans : The sum assured is payable only on the death of the life assured during the term.
Pension Plans: The plans provide for immediate or deferred pension for life to the purchaser.

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