Why Insurance

Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the family.


Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.


Why one should buy Life Insurance:

Ever imagined, one month before your daughter’s wedding receiving an insurance maturity amount that you have saved over a period of time for her marriage or got equal amount just one week before your son is travelling abroad for well planned higher education…..all of us live for future, work hard, travel extra mile, compete with our colleagues and friends to get ahead in race of life. Be it important occasion like child higher education, daughter’s wedding or your own retirement, everything costs money. A little saving every month/year in insurance is all that you need to receive a particular amount to meet these important occasions in journey of life.


What if god has some different plan for you, may be you are not there to see these celebrations but money will still be needed by your family to ensure everything goes as you had planned had you been alive. Life Insurance helps family to meet contingency arising out of person being not in world due to cause of nature, accident or being affected with a deadly disease.


Life Insurance is needed in both the cases to ensure that immediate family has some financial support in the event of uncertainty rising due to loss of life and loss of income to finance children’s education both in school & at higher level and other needs like immediate household expanses etc.


Who needs Life Insurance:

Primarily, anyone who has a family to support and is an income earner needs Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk.


How much Life Insurance is needed:

The amount of Life Insurance coverage you need will depend on many factors such as:

  • How many dependants you have, Whether you have any debts or mortgages?

  • What kind of lifestyle you want to secure for your Family?
  • How much you need for your children’s education & their marriage?

  • What your investment needs are & what your affordability is?