Insurance is a risk-reducing financial instrument which will ensure that in the sudden demise of the policyholder, the family does not have to go through the financial hardship.
It is a contract between the insurance company and the policyholder. The insurance company has to pay a specified amount to the insured if any untoward happens to the policyholder.
Life insurance offers financial protection to the family members when there is an untoward incident happens in death, disability. The family members can make use of the monetary benefits which in-turn replaces the income from the breadwinner of the family.
