What is Life Insurance ?
Right from birth an individual has to go through several uncertainties like illness, accidents, unexpected situations that crop up and last of all death. Now you can’t be sure that you will have savings or the expected amount to cover these unexpected situations. You can avoid such situation in future by investing in the best life insurance plan available.
Why is insurance needed?
Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen. Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for the mand their aftermath. Insurance is a contract between two parties - the insurer (the insurance company) and the insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium". These unforeseen events are defined as "risk" and that is why insurance is called a risk cover. Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise.