Life insurance policy
Contract by which the insurer makes a commitment, in return for the payment of contributions or premiums, to pay to the policyholder, the subscriber or his/her designated beneficiaries a lump-sum payout or an annuity in the event of the death or survival of the policyholder, based on the terms and conditions defined in the policy.
Life insurance policies are subject to a specific tax regime. Policies may be issued to an individual or a group.
Source: Banque de France