UNIT 4 – LIFE INSURANCE PRODUCT……………………………………………………………………………103
4.1. Life Insurance – Meaning ……………………………………………………………………………………104
4.2. Features of Life Insurance…………………………………………………………………………………..104
1.3. Advantages of Life Insurance ………………………………………………………………………………105
4.4. Importance of Life Insurance Policies……………………………………………………………………107
4.5. Types of Life Insurance Policies……………………………………………………………………………107
4.6. Procedure of taking Life Insurance Policies ……………………………………………………………113
4.7. Nomination and Assignment of Life Insurance Policies…………………………………………….114
Life Insurance is a financial cover for a contingency or risk linked with human life such as
loss of life by death, disability, accident etc. The risk to human life is due to natural factors or
causes related to various types of accidents. When human life is lost or a person is disabled
permanently or temporarily there is a loss of income to the entire household.
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