The contract between Insured and Insurer to protect against financial loss due to Illness or Accident. The insured pays a premium for the promise of being compensated agreed benefits in case of death or bodily injuries. (permanent or temporary disablement) during the course of life or work. Life assurance benefits are payable either

Life assurance can be:

1. Individual life assurance–It covers an individual (single life) or sometimes said to be a life assurance plan on one life.
2. Group life assurance–It covers a group of people, usually employees of a company, members of a union or association, or members of a pension fund.