How Much Insurance Is Enough?
A life insurance policy is a contract between you and an insurer: in exchange for a premium, the insurer pays a sum to your chosen beneficiary on your death (or, depending on the policy, on a triggering event such as terminal or critical illness). Other expenses, such as funeral costs, can also be included in the benefit.
Life policies are legal contracts, and their terms describe the limits of what's covered — specific exclusions are often written in to limit the insurer's liability, with common examples being claims relating to suicide, fraud, war, riot, and civil commotion.
Policies typically fall into two broad types — protection policies, which pay a lump sum on a specified event (such as term insurance), and investment policies, aimed at growing capital through regular or single premiums.
Available Through the Bank
Life insurance policies are offered through the bank's tie-up, available at all branches.
