Life insurance policy is an agreement between an insurance company and a policyholder, that offers financial coverage under which the insurer guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person demise during the term of life insurance plans.
In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium. If covered by the policy, coverage will be provided for critical illness as well.
