Why Is Life Insurance Considered As A Contract Of Assurance?

Life insurance is a contract between the insured customer and the insurance company in which the insurance would pay the survival benefit to the insured in case of survival of insured at the end of the policy period or death benefit to the nominee of the insured in case of expiry of the insured during the policy period. Life insurance is considered as a contract since the insured and insurance company enter into legal agreement and are bound to honor the agreement failing which it can be challenged in the court of law.

What is PolicyBachat and How does it help with my Life Insurance Policy Purchase?

PolicyBachat is an online insurance web aggregator which helps in selecting the best insurance policy for its customers based on the customer’s requirements. We at PolicyBachat provide the customer with a wide range of options to select from. The best life insurance policy can be selected online from our portal. We even provide assistance to our customers in selecting the best life insurance policy based on the requirements of the customer.

What is Group Insurance?

Group Insurance is a type of insurance that covers a group of people. There is a group insurance policy available in the insurance companies for a group of family members or employees of a company or members of a particular profession, commonly against illness or death.

What is Sum Assured in Insurance?

Sum Assurance in insurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term sum assurance.

What is the Difference between Insurance and Assurance?

Insurance and Assurance are the most common terms used in the insurance terminology. Insurance guarantees financial coverage in case of loss due to an insured peril or an uncertain event such as accident, hospitalization, fire damage, etc. The uncertain event may or may not happen during the policy period. This uncertainty is covered under the term Insurance. Assurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term Assurance.

What is Sum Insured?

Sum Insured guarantees financial coverage in case of loss due to an insured peril or an uncertain event such as accident, hospitalization, fire damage, etc. The uncertain event may or may not happen during the policy period. This uncertainty is covered under the term Insurance.

Previous Next

Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

Start Comparing
1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Please wait while your request is being processed.