What is life assurance fund?
Life assurance policies offer insurance cover for the whole of your life, rather than a chosen policy length. A life assurance payout is tax-free, and provided the premiums have been paid, a claim can be made upon the death of the insured person.
What is life assured in insurance?
Life assurance = An agreement between a life assurance company and a policyholder; in return for a payment (premium) from the policyholder, the company commits to pay someone or something (the beneficiary) upon the death of the person whose life is being covered (the life assured).
What is the main use of funds by life insurance companies?
Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.
What is life fund in India?
Definition of Life Fund\n\n This is a fund set up by an insurance company to which life insurance premiums of certain designated category of life policies issued are paid into. Claims and expenses occurring on these life polices are paid out of these funds.