Life is unpredictable and anything can happen to us at any time. Though we all want to think positive, it’s always wise to be prepared for the worst. This is why LIC – Life Insurance is advisable to everyone.
Life Insurance is a legally binding contract between the one who pays the death benefit and the policy owner. It ensures that a sum amount is paid to the beneficiary when the insured dies against the exchange of premiums paid in their lifetime.
There are various kinds of life insurance.
Term Life Insurance – It lasts for a certain number of years. Common terms are 10, 20 or 30 years.
Decreasing Term Life Insurance – It’s a renewable term life insurance with coverage decreasing over the life of the policy at a certain rate.
Convertible Term Life Insurance – It allows policyholders to convert their term policy to permanent insurance.
Renewable Term Life Insurance – It provides a quote for the year the policy is purchased and the premium increases annually.