Meaning of ” Life insurance”

Case Name : Chandulal harijiwandas vs. CIT

Citation : [1967] 63 ITR 627 (SC)

Court : Supreme Court

Section : 88

Meaning : Life insurance in a broader sense comprises any contract in which one party agrees to pay a given sum upon the 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.

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