Insurance is a contract between two parties wherein one party offers to compensate or cover the damage incurred by the other party in exchange for a monetary payment (premium). Numerous types of uncertainty that could arise in a person's life are covered by insurance plans.

The gift of life is priceless, and it can't be purchased. However, money is required for survival and to meet the requirements of one's family. If the breadwinner dies unexpectedly, the family may encounter hardships.