Life insurance and its importance?

Why insurance is important?

 

Life insurance is highly important for all of the people in any country. The developed countries and the higher developed countries have emphasis in this regard. Some important reasons why it is important are given below:

a. Insurance provides financial assistance in crisis moment in life.

b. Insurance provides financial security in retirement.

c. It helps to provide financial support in family.

d. Insurance helps to educate the children of any family

e. Insurance is so important for all classes of family.

 

Write down different types of insurance schemes.

1. 3 stage policy

2. Multi stage policy

3. Pension policy

4. Health policy

5. Marriage endorsement policy

6. Poverty reduction policy

7. Overseas medi-calim policy

8. Triple protection policy

9. Social security insurance

10. Bangabandhu policy

11. Lifetime policy and so on.

 Some important factors are to be considered to calculate premium in insurance. These are mentioned in the following:

 

a. Age

b. Education

c. Disease

4. Family history

5. Family oriented disease

6. Place of birth

7. Life standardization.

8. Habit

9. Profession

10. Life risk