In this situation, the insurance company pays money to the heirs or beneficiaries (people who receive the benefit under the insurance policy).
Besides, life insurance can be a useful financial planning tool. You can choose different types of life insurance, such as endowment or investment. These policies can provide a stable income. Life insurance not only provides financial security but also, being a long-term product, instills discipline and patience. The policies offer a unique combination of security and wealth growth.
One typically enters into a contract with an insurance company for a certain period of time (most often from 5 to 30 years), after which they buy a policy or make payments every month. This money is used to form the savings part. Upon expiration of the established contract term, the LIC customer receives the accumulated amount.
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