Life insurance covers the insured person's life. So if you pass away while your policy is active, your beneficiaries can use the payout to cover whatever they choose — medical bills, funeral costs, education, loans, day-to-day costs, and even savings.

You can also check the policy status of your life insurance online through Policybazaar's website or app. Just visit Policybazaar's official website, log into your account, and all the policies you have purchased will be listed. Check the life insurance policy details of the desired plan.

The cash portion can be accessed by the insured during their lifetime. The insured may be able to take a loan out against the policy. Made to last for the insured's lifetime.