Insurance is an agreement between two parties namely insured and the insurer, wherein the insured pays a specific amount called premium to the insurer in return the insurer agrees to cover the risk as conditions of contract/Policy.The most common reason to buy life insurance is to get protection against any unforeseen events. The Compulsory saving-cum-investment: Alife insurance policy is a perfect combination of saving and investment. After maturity, its corpus can be used for various reasons such as child's education or like a pension or any other needs.
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Author: Dr. Nilesh Kulkarni