Life Insurance is a cover for a contingency with human life, like , disability, accident, retirement etc. life is subject to of death and disability to natural and accidental. When human life is or a person is permanently or temporarily, there loss of income to household.
Though human life cannot valued, a monetary sum be determined based on loss of income in years. Hence, in life , the Sum Assured (or amount guaranteed to be in the event of loss) is by way a 'benefit'. Life Insurance provide a definite amount money in case the insured dies during the of the policy or disabled on account of accident.