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Life Insurance

Life insurance is a contract providing for payment of sum of money to the person assured; or to the person entitled to receive the same; on happening of a certain event.


Why do we need Life Insurance ?

A family is dependent for its food, clothing and shelter on the income provided by the family breadwinner. The family is secure so long as the breadwinner is alive and capable of earning. A sudden death (or disability) may leave the family in a financially difficult situation. Uncertainty of death is inherent in human life and this uncertainty makes it necessary to have some protection against the financial loss arising from untimely death. Life insurance offers this protection. It helps you safeguard the financial needs of your family. This has become even more important due to the steady disintegration of the once prevalent joint family systems and emergence of nuclear families. To protect your family’s ever growing needs is the reason why Life Insurance becomes very important.


What are the key benefits ?

  • Replacement of Income or Covering liability: Life Insurance provides a lumpsum or periodic payments to help replace the income stream or cover future liability, in case of an unfortunate event or untimely demise of the breadwinner
  • Savings for future use: Life insurance allows long term savings to be made in a relatively painless manner because of the low and convenient investments made through premiums. Moreover, it encourages ‘forced thrift’ which means the insured is made to pay premiums and save money, which he/she may not do in the regular course of life. Besides, the money stays invested for a longer time and thereby maximizing your returns through the power of rupee compounding.
  • If you require loans, say for building a house, it can be easily obtained against a life insurance policy. Amongst the most known benefits of Life Insurance are the savings on your income taxes.


So, a life insurance policy is an ideal tool to gain security and ensure savings. Most importantly it provides you with that unique sense of security and peace of mind that no other form of investment offers.