Life Insurance

Life Insurance

A Life Insurance is a type of savings and investment scheme, typically found in India, that involves a group of people contributing a fixed amount of money regularly into a common pool. The pool of money is then given out as a lump sum to one member of the group in a random drawing, with the order determined by a pre-determined method. Life Insurances are typically organized by a promoter or manager, who takes a percentage of the contributions as their fee. Participants can use the lump sum they receive for a variety of purposes, such as starting a business or making a large purchase.