Mr. Ramesh is 55 Years' Old, and has 5 Working-Years, Left for Retirement. Currently, His Annual Income is Rupees 5 Lakhs, and He has purchased a Life Assurance Policy of Rupees 15 Lakhs. If He were to die Pre-Maturely, in the Current-Year, it-self, then, How Much Will His Family get from the Life Assurance Company?

Question

Quizplus · Accepted Answer

Life assurance policies are designed to pay out a lump sum to the beneficiaries upon the death of the insured. Therefore, if Mr. Ramesh were to die prematurely in the current year, his family would receive the sum assured by the policy, which is Rupees 15 Lakhs.

Mr Ramesh Is 55 Years' Old, and Has 5 Working-Years