Life insurance is a contract between an insured person and an insurance company, in which the insurer promises to pay out a certain sum of money in the event of the insured’s death within a specified time frame. One example of a life insurance policy is the ICICI Prudential Life Insurance, which requires premium payments for a specified term and pays out a Maturity Benefit when the insured person dies. The insurer may also offer other types of life insurance, such as Protection + Savings, to individuals.
A life insurance policy is a legal contract between the insurance company and the insured person. Its purpose is to provide peace of mind for the insured in the event of their death. The insurance company may be able to determine this based on the relationship between the two people. If the primary beneficiary cannot accept the death benefit, the secondary beneficiary will receive it. It is important to update beneficiaries as necessary, as some policies do not cover all types of insurance.
There are no restrictions on how many people can be insured under a life insurance policy. As long as you have enough money, you can select as many as three people as you like. The amount of coverage depends on your individual risk level, but generally, the premiums are affordable for most individuals. If you are healthy and do not have any medical conditions, you can opt for a guaranteed-approval life insurance, which does not require a medical exam. However, there may be a waiting period before the death benefit is payable.