Life insurance is a contract that pays a beneficiary in the event of your death as long as the policy is in effect.

Life insurance is something you buy for those people you leave behind. Life insurance covers your expenses such as funeral and medical bills. You may also need to leave financial support to your family.

Non-life Insurance(General Insurance)

Fire Insurance Marine Insurance Miscellaneous Insurance

e.g. Property Insurance, Liability Insurance, Motor Insurance, Crop & Cattle Insurance, Theft Insurance etc.

Role and importance of Insurance Uses to An Individual Uses to Business Uses to Society

Uses to An Individual1. Provides Security and Safety2. Affords Peace of Mind3. Protects Mortgaged Property4. Eliminates Dependency5. Encourages Savings6. Provides Profitable Investment

7. Fulfils the needs of a person

Family needs Old-age needs Re-adjustment needs Special needs Clean-up funds

Uses to BusinessUncertainty of business losses is reduced2. Business-efficiency is increased with insurance3. Key Man Indemnification4. Enhancement of Credit 5. Business Continuation6. Welfare of Employees

Uses To SocietyWealth of Society is protected

Economic Growth of the country

Reduction in Inflation

*Insurance of human life.*Any insurance other than human lives comes under the scope of General Insurance

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