All of us are aware of different types of life insurance policies and their importance in life. In simple words, all types of life insurance policies provide financial security to us in the form of maturity benefit and to our family as a death benefit in case any mishap or untimely demise of the policyholder. Many people understand this reason, and that is why they invest in a life insurance policy. Data from Insurance Regulatory and Development Authority (IRDAI) reveals that in the fiscal ended March 2020, the life insurance companies in India observed 11.36 percent growth in their collective premium income at Rs 48.26 lakh crore.
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