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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.This way, they help the dependents live a normal life despite the demise of the concerning person.At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.In many other cases, premiums do not come under the ambit of taxation laws.
The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.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.However, having a life insurance policy does not mean that you will get life cover for all kinds of deaths.
Policy owner and the insured person Do keep in mind that the insured and the policy owner can be the same person or two different persons depending on the situation.Governments around the world encourage people to go for insurance.Many countries give incentives in different forms to encourage this practice.Further, the insurance premiums vary from person to person depending on his or her age, smoking habits, medical history, driving record, job profile and other things.