What is Life Insurance?
Life Insurance is a CONTRACT providing for payment of sum of money to the person Assured or, failing him, to the person entitled to receive the same on the happening of certain event. Uncertainty of death is inherent in human life and it is this uncertainty which gives rise to the necessity for some form of protection against the financial Loss arising from unforeseen death.
Insurance Substitutes this Uncertainity by Certainity.
Why Life Insurance?
- INSTALLMENT purchase.
- ENCHANCEMENT OF CREDIT.
- LINK BETWEEN GENERATIONS.
- INSTANT CREATION OF CASH ESTATE.
- A DEFENCE BUDGET FOR THE FAMILY.
- A SOURCE OF HAPPINESS & PEACE OF MIND.
- ACT OF FORESIGHT & FINANCIAL RESPONSIBILITY.
- PRIVILEGED PROPERTY RECOGNISED BY LAW WHICH CREDITORS CAN’T ATTACH.
- FULFILMENT OF MORAL AS WELL AS LEGAL OBLIGATION TO THE FAMILY DEPENDENTS.
- PRE – DEATH FINANCIAL PLANNING FOR POST – DEATH FINANCIAL CONSEQUENCES WHICH THE FAMILY MAY HAVE TO FACE.
Life Insurance Contract is a package of several benefits & options. It is unique & can not be compared with other SAVINGS & INVESTMENT INSTRUMENTS.