Bank finance articles and tips

In the life insurance policy, which is available in two forms ? Term and Whole life policy, the policyholder has to pay premiums while the insurer promises pay sum assured upon the sudden death of the insured.
Life insurance is the name of that insurance plan that comes into being followed by the contractual agreement between an insurer and an insured/policyholder. According to the term of the policy, the insured person has to pay certain amount of money as premium to the insurer in return of the service of the life policy. Here the insured can be paid sum assured followed by his sudden death before the end of the policy term. The sum assured is given to the beneficiary as designated by the policyholder. Considering that life is full of unpredictable eventualities, if a sole breadwinner of a family dies suddenly, the subsequent financial hardship experienced by the family members is inexplicable and very painful. Therefore, the life policy accentuates its importance by giving the sum assured to the beneficiary of the dead policyholder. Thus, a life policy provides great financial support at such critical juncture.