Governments around the world encourage people to go for insurance.
Many countries give incentives in different forms to encourage this practice.
In many other cases, premiums do not come under the ambit of taxation laws.
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In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.
These include riots, commotion, suicide and many other similar things.
Term Insurance Term insurance is a kind of temporary insurance that would provide a death benefit for a certain period of time. Term insurance is not as costly as permanent insurance.
Universal / Permanent / Whole Life insurance These types of insurance policies are mostly bought by those who see insurance as a means of investment.
The other type of policy is bought from an investment perspective.
These can be called by different names like Universal, Permanent or Whole Life insurance.
Life insurance is about providing protection to the dependents.
At the same time, it also provides peace of mind to the living person.
The insurer may get the matter investigated if it finds any kind of discrepancy in the claim or the cause of death of the insured person.
The other side You may be surprised to know that there have been cases in the past when life insurance policies were misused.
There is an accumulation of money in these types of policies and there is a minimum sum assured to the beneficiary at the maturity of the policy. Prima facie, they are doing a good work by insuring people against any untoward incident.