Life insurance is a financial protection contract that provides benefits according to the policy terms when an insured event occurs.

Term insurance is generally designed to provide life insurance protection for a specified period. Pure term plans generally do not provide a maturity benefit if the policyholder survives the term.

The appropriate amount depends on income, liabilities, dependants, future financial goals, existing insurance and available assets.

An individual may have multiple policies, subject to applicable underwriting, disclosure and policy requirements.

The consequences depend on the specific policy and applicable conditions. Depending on the product, the policy may enter a grace period, lapse or acquire another status.

The nominee generally needs to intimate the insurer and submit the required claim form and supporting documents. The insurer then processes the claim according to the policy terms.