LIFE ASSURED

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LIFE ASSURED Life Assured means the person named as the Life Assured in the Schedule whose life is assured under this Policy. In case of any unfortunate event such as the death of the Life Assured, the nominee will receive the insurance amount. Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. A life assured can be the policyholder but a policyholder cannot always be the life assured. Your child may take the life insurance policy for you but he may not get himself insured under the policy. It’s vital to understand the difference between a policyholder and life assured. For instance, when a husband buys an insurance policy for his wife, the husband is the policyholder whereas his wife is the life assured. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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