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Welcome to Financial
Life with True Human Value
A Platform Of Sales Risk Optimization
BEST FACILITATORS (KOLKATA)
আপনার স্বপ্ন ও সঞ্চয়ে,
আমাদের
সহযোগিতা
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Frequently Asked Questions
A contract between an individual and an insurance company, where the insurer pays a sum of money to the beneficiary in case the insured person dies, in exchange for regular premium payments.
Key Points:
Purpose: Financial protection for your family or dependents.
Premium: Regular payment made to keep the policy active.
Sum Assured: The amount paid to nominees upon death.
Types: Term insurance, whole life, endowment, ULIPs, etc.
| Feature | Life Insurance | General Insurance |
|---|---|---|
| Purpose | Covers life risk (death) | Covers non-life risks (health, car, home, etc.) |
| Duration | Long-term policy | Short-term (usually 1 year, renewable) |
| Payout | On death or policy maturity | On loss/damage (accident, theft, illness) |
| Examples | Term plan, ULIP, endowment plan | Health, motor, travel, home insurance |
| Beneficiary | Nominee (family/dependents) | Policyholder (you or third party) |
1. You Buy a Policy
You choose:
A coverage amount (sum assured)
A policy term (e.g., 20 years)
A premium payment schedule (monthly, yearly, etc.)
2. You Pay Premiums
3. If You Die During the Policy Term
The insurance company pays the sum assured (the coverage amount) to your nominee/beneficiary.
4. If You Survive the Policy Term
In Term Insurance: No money is returned (pure protection).
In Other Life Insurance Plans (like endowment, ULIP): You may get a maturity benefit (savings + bonuses).
Example:
You buy a ₹50 lakh life insurance policy for 20 years and pay ₹10,000/year.
If you pass away in year 10, your family gets ₹50 lakh.
If you survive 20 years:
In term insurance → No payout
In savings-linked life insurance → You get a maturity amount
A pure life insurance policy that provides financial protection to your family for a specific period (term); it pays a death benefit if the insured dies during the policy term.
Key Points:
Low premium, high coverage
No maturity benefit if you survive the term
Fixed duration (e.g., 10, 20, 30 years)
Best for: Income protection for dependents
| Feature | Life Insurance | Term Insurance |
|---|---|---|
| Coverage Type | Insurance + Savings/Investment | Pure insurance (only life cover) |
| Payout | Paid on death or maturity | Paid only on death during policy term |
| Premium | Higher (includes investment/savings) | Lower (risk cover only) |
| Maturity Benefit | Yes, in most plans | No maturity benefit |
| Goal | Wealth creation + protection | Income protection for family after death
|