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General insurance and Health insurance policies are indemnity based while the life insurance policies are benefit policies. The principle of indemnity states that the insurance company replaces the damages so that they are in the same state just prior to the occurrence of the loss. In case of life insurance policies it is not possible for the life insurance companies to repair or replace the insured after his/her death i.e. the insurance company cannot bring back the insured customer to life after his/her death. It is not possible to calculate the life value of a person and settle only that amount after his/her death; hence the life insurance policies are not contracts of indemnity.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
To download a Canara HSBC OBC life insurance policy statement, you typically need to follow the below steps.
To download a Bharti AXA life insurance policy statement, you typically need to follow the below steps.
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