"Insurance provides safety and security against the loss of a particular event. In the case of life insurance, payment is made when death occurs or the term of insurance expires. Insurance provides security which is the prime motivating factor. It tends to stimulate an individual to do more work. Insurance provides an adequate amount to the dependents at the early death and the property owner to pay off the unpaid loans. Similarly, the mortgagee gets an adequate amount at the loss of the property. At the destruction of property and goods, the family would suffer a lot. The economic independence of the family is reduced or, sometimes, lost totally. Insurance tries to eliminate dependency. In most, the life policies elements of saving predominate. Systematic saving is possible because regular premiums are required to be compulsorily paid. Individuals unwilling or unable to handle their funds are pleased to find an outlet for their investment in life insurance policies."

Abhijith S

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