Life insurance is an official document that promises a sum of amount to the person assured (or his nominee) in case the event insured for takes place.

This document is valid for the payment of the insured sum of money during three stages:

• When the date of maturity is realized
• Particular dates within periodic intervals are crossed
• In case an unfortunate death occurs before maturation.

The policyholder is liable to pay a premium amount on a monthly basis to the corporation that issued the insurance. Life insurance is acknowledged all around as a means of a surety that reduces risk, especially when an unfortunate situation happens. It substitutes certainty for uncertainty while coming to the financial support of the loved ones in case the policyholder passes away.

In sum, life insurance is a monetary solution to the problems that are mostly caused by death. It is majorly concerned with two major happenings that can happen across the life path of a person:

• Accidental or premature death.
• Living a long life without any major financial support.