Life Insurance is defined as a contract between the policy holder and the insurance company that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

1. the date of maturity, or
2. Specified dates at periodic intervals, or
3. Unfortunate death, if it occurs earlier

Provided the payments of premiums are paid to the Insurance Company by the policyholder as per the Policy Condition and Policy is kept in force.

Life is beautiful, but also uncertain. Whatever you do, however smart and hard you work, but you are never sure what life has in store for you.

Life Insurance in its simplest form means being prepared financially, come what may. It ensures that your family and you receive financial support in case you are not able to bring in the much-needed income yourself (maybe due to an accident, retirement, or untimely demise).

Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilization’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support. 

A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

To Protect Your Family and Loved Ones

If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provide by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs.

To Leave an Inheritance

Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.

To Pay Off Debts and Other Expenses

In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards and loans. Other expenses include funeral and burial costs that can easily run into the thousands of dollars. You don’t want your spouse, parents, children or other loved ones to be left with any extra financial burden in addition to the emotional burden they’re already suffering.

To Add More Financial Security

Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home.

To Bring Peace of Mind

We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. Its one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss

Take up a life Life Insurance Policy today………
The significance of having a life insurance is to avail the "peace of mind" that it brings along. However, having an adequate amount of life insurance effectively sets your mind free of some important questions like:

• How will my wife and kids take care of their expenses after I am no more?
• How will I provide for my family in case I lose my job after an accident?
• How do I ensure that I am able to fund my child’s higher education?
• How do I ensure an income after my retirement?
• What will happen to my family financially after I die?
• If you love your Family, Life Insurance Policy is the Best Gift, you should give them

1. Risk Cover
   • Life is full of uncertainties, and an insurance cover ensures a protective shield for your loved ones so they may continue to enjoy the quality of life they are used to in case of an unforeseen event.
2. Saving Instrument
   • Insurance is a highly regulated sector, and RBF ensures the safety of the policyholder’s money deposited with life insurance companies. Life insurance is thus a long-term savings instrument.
3. Loan Facility
   • Policyholders have the option of taking loans against their policies without upsetting the policy benefits. This is another way by which a life insurance policy helps you meet unforeseen financial challenges.
4. Investment Plans
   • There are investment benefits as well: retirement plans, child insurance plans, whole life insurance plans, etc. are all good life insurance policies with investment options. Traditional life insurance policies (endowment plans) also offer in-built guarantees and defined maturity benefits through a variety of product options such as money-back and guaranteed cash/maturity values.
5. Thrift Habits
   • This is something that is often glossed over – being a long-term contract, life insurance requires you as a policyholder to pay a fixed amount at defined intervals, thereby instilling a habit of long-term savings. It discourages policyholders from taking risky investment decisions for short-term gains. Diligent savings over many years helps to build a decent corpus needed to meet financial needs later.
6. Wealth Creation
   • Life insurance provides protection and savings over the long term as traditional policies are viewed as a long-term commitment, assuring policyholders financial protection as well as long-term wealth creation.
7. Riskless Growth
   • Income from investment in life insurance products is distributed among policyholders through annual announcement of dividends/bonus. This allows them to participate in the economic growth of the company without making risky investments.

Protection:
Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either Weekly, fortnightly,monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to Insurance Company. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders (subject to certain conditions).

Who Can Buy A Policy?
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.