Life Insurance

Life insurance, life insurance in a broader sense comprises any contract in which one party agrees to pay a given sum upon happening of a particular event contingent upon the duration of human life, in consideration of the immediate payment of a smaller sum or certain equivalent periodical payments by another party, Chandulal Harjivandas v. CIT, AIR 1967 SC 816 (818): (1967) 1 SCR 921. (Contract Act, 1872, s. 31)