Life Insurance is a contract between a life insurance policy holder and an insurance provider. As per the contract the insurance provider promises to pay the beneficiary a sum of money upon the death of the policy holder during a certain period. The contract is applicable only when the policy holder has paid all premiums within the predefined period. Depending on the contract, the policy holder is also eligible for a sum of money in events of terminal illness or critical illness as per the terms & conditions of the life insurance policy.
