Life Insurance is a contingency plan, providing for financial cover for the person involved and his/her family in the event of unforeseen emergencies like death, disabilities, accidents etc. In the event of an individual’s untimely demise or an accident which renders the individual temporarily or permanently invalid, the individual’s household suffers a loss of income.
Although it’s impossible to a value to a human life, a monetary sum can be determined based on an expected loss of income in subsequent years. Hence, in a life insurance policy, the Sum Assured (the amount guaranteed to be paid in the event of a loss) is a form of ‘benefit’.
Life Insurance policies provide a definite amount of money in the event that the life insured passes away during the terms of the policy or becomes disabled on account of an accident.
Life Insurance is needed:
- To ensure that your immediate family receives some amount of financial support in the event of your demise.
- To finance your children’s education and other needs in your absence.
- To make a savings plan for the future, so that you have a constant source of income after your retirement.
- To ensure that you receive supplemental income when your earnings are reduced due to serious illness or accidents.
- To provide for other financial contingencies and lifestyle requirements.
If you’re not insured yet, we highly recommend you get insured at the earliest, for your sake and your loved ones’.
Do not delay any further. Act now!