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Life Insurance is seen as security to the family under unforeseen situation. Nowadays, in this volatile world anything might happen at any time, so to safeguard your family and to give them comfortable and tension free life one should opt for life insurance. Basically life insurance offers financial protection to dependents of the family in unexpected scenario or unfortunate death. The insurance company will charge a Premium amount to the Insured periodically. Based on the sum assured, the insured family will be paid fixed lump sum amount by the insurance company after the death of the insured or at the end of a specific term.
Life insurance is growing rapidly since 2000 as the Indian government has allowed private players to participate in this sector. In India, life insurance companies are regulated by Insurance Regulatory and Development Authority of Indian (IRDA).
Imagine a family with its members and only one person is the bread winner of the family. Irrespective of the family size, only the head of the family earns money and feeds everyone.The earning person takes care of the financial need of the family members. All of a sudden, one day if the family head dies in an Accident or any other unexpected circumstances, what will happen to rest of the family members who are totally dependent on the family head earnings.This is a very critical situation; besides the psychological trauma the whole family will suffer a financial crisis.. This is where the life insurance comes in handy and safeguards the family members. They can live a safe and secured life even after the demise of the earning person.