We would be on cloud nine if we know that our loved one’s future is secured financially and when push comes to shove in unforeseen situations, they won’t have to stress. Life will throw you a curve ball and misfortunes are a part of human life. The hardships in life could crop up at any moment and are unexpected and sudden. These hardships may be natural, seasonal, geological, physical, economic or human. Some of them might be avoidable
but the others unavoidable.
Insurance does not help in preventing or stopping the risk, it just acts as a shield against risk. Bearing the financial impact of these situations can burn a hole into your pocket. You may need to dip into your savings or your family’s hard-earned money. Thus, there is a pressing need of insurance for you and your family for proper coverage and financial support against all risks linked to your life, health and property. The whole basis of insurance is that who are insured must share the losses. Therefore, the insurance depends upon the principles of co-operation. For getting rid of risk, the insured signs a contract with the insurance company, where the insurance company undertakes to bear losses insured, in consideration to premiums paid by insured. Insurance is a contract whereby in exchange of fixed consideration one party promises to pay a fixed amount either at the happenings of an event or at the expiry of certain period.
Let's have a look to what some prominent people have said about Insurance:-