Approximately 22,500 people lose their lives each day in India. This essentially means that 940 people die each hour. While Life and Death are a parcel of life, the loss of a loved one can leave a void which might never be filled. A life insurance policy helps fill certain aspects of this void, ensuring that the financial health of the insured’s family is taken care of.
Life Insurance in India has yet to become popular among the masses, with the total insurance penetration in India being just 3.49% as per the Economic Survey 2018, with life insurance accounting for 2.72%. Non-life insurance accounts for 0.77%. Given these numbers it is easy to understand that a majority of our population is not covered, leaving millions of Indians unprotected.
What is Life Insurance?
A life insurance policy is a type of insurance that provides coverage against the unexpected death of the policyholder or after a set-period of time when the policy matures. In order to avail this protection, the insured pays a certain amount as premium towards maintaining the policy.