It is a term referred to as a contract between the Policy Holder and the assurer in which the insurer promises for a designated beneficiary payment of sum of money in exchange for premium when the person who is insured dies. Depending upon the contract related to the Insurance, several events like Periodical or Serious Illness can also helps in trigger payment. The holder of the policy can pay the premium money either regularly or in one lump sum including the other expenses as benefits like funeral expenses. This life insurance is more beneficial for the future use if the insurer meets any unwanted illness and death.
