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What is Life Insurance Policy?
Life insurance is a financial contract between you and an insurer where, in exchange for regular premium payments, the insurer pays a sum assured to your nominees on your death.
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Life Insurance Policy Meaning
Life insurance is defined as a legally binding contract between a policyholder and an insurer in which the insurance company provides financial protection to the policyholder and pays a death benefit to the nominee when the insured dies. For a life insurance policy to remain in force, the policyholder must pay regular premiums over the period of time or pay a single premium upfront.