The product offers life protection, savings and even has investment component. Even though it runs for...

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The product offers life protection, savings and even hasinvestment component. Even though it runs for a specified period,life assurance companies are flexible to extend cover so that theymake sure that money became available to the policyholdersdependents on their death.
Identify and describe the variationsunder this product. [25 marks]

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Answer Traditionally life insurance companies are offering pure life insurance in case of pure life insurance the insured is required to pay a certain amount as premium to keep the insurance policy in force Insured is required to mention the nominees who will receive the proceeds of the insurance policy in case of the death of the policyholder In the present era of the insurance industry insurance companies have introduced many additional benefits along with life insurance Life insurance with savings and even has an investment component Variations underlife protection savings and investment See Answer

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The product offers life protection, savings and even hasinvestment component. Even though it runs for a specified period,life assurance companies are flexible to extend cover so that theymake sure that money became available to the policyholdersdependents on their death.Identify and describe the variationsunder this product. [25 marks]