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No one is Immortal.Whosoever comes in this world has to go one day. Everyone wants to fulfill his responsibilities towards his family and is ready to do best for the happiness of his family. Most of the people attain an average age but some people meet with sudden and unexpected death due to circumstances like accident, illness or natural calamities and the family go through emotional and financial stress. It is impossible to replace or fulfill somebody's existence but it is possible to help the family members financially.
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Life insurance has come into existence to give financial support to the family after the death of any family member.
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This is a kind of social work in which a fund is created by mass contribution. Out of this fund a particular amount is given to the family in case of death of family member. It is a scientific system which is functioning all over the world. It is a way to secure the risk of uncertainty of life and give financial support to the whole society.
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In India, rules framed by IRDA (Insurance regulatory and development authority) govern all the insurance companies so that no insurance company can misuse the funds collected from the customers and develop a safety circle around the customers. Insurance business has wide scope in India. Financial support means getting a income equivalent to the monthly income of earning member after death of that person of a medium class family. In this context people in India are not insured sufficiently. Most of the people are not insured. Those who are insured are not insured adequately. The present ratio of actual insurance is only 7%. It is needed to work really hard on this issue.
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