The features of the life insurance are protection element, investment element and convenience element. Let us discuss about those in detail. Protection Element: Like any other form of insurance, life insurance offers protection to the family members of the person who has taken a life policy. Investment Element: Life insurance is one form of investment. If the insured wants to get a fixed amount at a certain age, he can take endowment life policy maturable at that age. When he attains that age, he will be paid that fixed amount, sometimes with bonus. Convenience Element: there is an element of convenience in the life insurance. The policyholder, whether he takes an endowment policy or whole life policy, is allowed to pay the premium amount according to his convenience.
Saturday, April 4, 2009
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