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What is Life Insurance: Definitions and Types about?

Life insurance is a contract between a policyholder and insurer where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. There are several types of life insurance policies that serve different purposes such as protecting family finances, encouraging savings, or providing funds at retirement. Life insurance is an important product because it provides financial security to beneficiaries, encourages thrift, and has tax benefits.

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gyanprakashdeb302

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EN