Business Studies

Explain the importance of life insurance.


SOLUTION
The importance of life insurance are as follows : 
1) It provides protection to the family at the premature death or gives adequate amount at old age when earning capacities are reduced.
2) It is a sort of investment because a lump sum amount is returnable either at the death or after the expiry of the contract.
3) It encourages savings, providing a sense od security.

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