Abstract: A contract for the payment of a quantity of money to the person assured in the event that the event insured against occurs is known as life insurance. Typically, the contract stipulates that an amount will be paid on the maturity date, a set date at recurring intervals, or upon the sad death, if it occurs sooner. The contract, among other things, requires the assured to pay premiums to the insurer on a regular basis. Life insurance is widely recognised as an institution that eliminates "risk," exchanging "certainty" for "uncertainty," and comes to the family's aid in the tragic event of the breadwinner's death. Life insurance is, for the most part, civilization's partial solution to the issues brought on by death. In a nutshell, life insurance is concerned with two risks that every person faces in life: dying early and leaving a dependant family to fend for themselves, and surviving to an advanced age without evident means of support. Life insurance provides complete protection against the possibility of the assured's death. In the event of death, the entire sum assured is payable. Long-term savings are encouraged by life insurance. A significant savings can be realised by paying a small premium in manageable payments over a long period of time. When needed, a loan can be obtained against a policy assured. On the premium paid for life insurance, you can get tax relief in the form of income tax and wealth tax.

Keywords: Life Insurance, Outcome, Profit, Funds, Benefits, Economics, Premium

| DOI: 10.17148/IARJSET.2022.9249