Description

Understanding the coverage provided by a life insurance policy is crucial before making a purchase decision. It is essential to know what the policy covers and what it excludes. To benefit from the insurance coverage, the insured must pay the premium to keep the policy active. Reviewing the policy brochure or consulting an insurance agent can help in gaining clarity on the coverage details.

For instance, if someone like Pramod holds a term insurance policy and passes away during the policy term, the nominee, such as Pramod's wife, would receive the benefit based on the coverage outlined in the policy. In Pramod's case, the coverage specified that the policy would pay out the benefit regardless of the cause of death, whether due to health reasons or an accident.