Yes, life has no value. Because life is not obtained by paying a price. So life is priceless. But even if you can’t protect that precious life, the risk will be borne by the insurance. A large family can be dependent on any person. If the same girl is above the person, the whole family becomes exhausted. Yes, insurance is even more important for accidents and the future. Even if the insurance does not give life, it gives hope to the survivors.
Here we have tried to explain why insurance is important. The origin of insurance is for the transfer of risk. Insurance helps to protect against risk. Examining the share of insurance in this way, it is found that the future is saved and the financial security of the dependents is insured after death and there is more truth in this. The principle of indemnity does not apply to life insurance because life has no value.
It is invaluable but in non-life insurance like home, car, office, goods, health insurance, certain loss or insurance amount is covered but no one has been sure about the value of life so far. Everyone’s life is precious. So life insurance can be a recourse for regular savings and dependency until death but cannot be repaid person by person. However, the sum insured (insured amount) bonus also provides accidental death benefit in case of an accident and in the purchase of insurance articles.
Thus, remarkably convenient insurance means that accidental death benefits should be merged with life insurance. In case of death or mutilation, permanent disability such as loss of both legs, loss of both arms, loss of sight in both eyes, the insurance company treats all the benefits like death of the insured person, such as insurance amount, bonus available in installments or monthly, It is done annually and now you do not have to pay any later or later insurance fee. In the 21st century, the development of information technology has taken a leap and the risks have also increased. Where there is modernity, there is more risk because modernity is artificial. What is the legal validity of insurance or according to sub-section 1 of section 38 of insurance act 2949, in case of death of the insured, the nearest (person) claimant gets the sum assured and dependent bonus. Thus, apart from the above, the importance of life insurance has also increased due to the best savings, mandatory savings, welfare of the dependent, reduction of debt burden, borrowing facility.
The life insurance fee that is paid is a kind of investment and is deposited in a certain place. Due to such continuous deposits, there is a difference between the investment in the insurance sector and the investment in other sectors, because in case of death of the insured person by paying only one installment, the sum assured and bonus is provided to the next of kin of the insured person. For example, when a 23-year-old person pays a quarterly life insurance of Rs 500,000 and pays a quarterly premium, the cheapest insurance premium will be around Rs 34,000. If the person dies within a short time of the issuance of the insurance policy after paying the insurance fee, the person who wishes to do so or otherwise the legal rightful heir receives Rs. 500,000 and the insurance company bonus rate.
If the person dies in an accident and the accidental death benefit is mentioned in the insurance article as 500,000 and the average bonus of the insurance company is 65 per thousand, then the insured’s dependent receives 1,032,500. If the tram rider also gets the same amount of facility, he will get 1.532 million five hundred. Hence the importance of life insurance. Thus, the prevailing sales insurance article of life insurance and its scope was mentioned here.
If the same person deposited Rs. 34,000 in the bank and after one year the interest rate of savings remained at 10 percent, his heirs would get only Rs. 34,000 + 3400 plus interest. In this way, the insured can assess the importance of their insurance themselves. So it can be considered as the best savings.
Another important practical aspect of life insurance is mandatory savings. This leads to regular payment of insurance premiums. Which in turn becomes a huge savings for the future. Also, develop the habit of saving. Improves the habit of spending unnecessarily.
This is another important aspect of life insurance. Another important point is that if the insured survives the term of the insurance contract and dies within the term, the person of his choice, the dependent or legally close relative, receives a certain amount of dividends, ensuring financial security for the dependents even in the event of divorce. In case of financial crisis after two years of insuring the insured person, the insurance companies have given the facility to take loan by keeping the certificate of insurance (insurance article) as collateral. When taking a loan in this way, up to 65-80 percent of the insurance fee paid may be adjusted on the
