Insurance is the best testimony for assurance of cash. It is a modern invention. It protects human beings against the worst evils that arise from the uncertainty of life. Life is mortal. It is uncertain. In spite of the progress of medical science, in the Age of Science and Technology, man becomes attacked with diseases. There is also impending danger of fatal accidents. Men die of snake-biting. There are car, railway and flight accidents, shipwrecks, building collapse, fire accident, and natural calamity and so on.
Insurance takes an important role to secure the life of the human beings. It is a good and beneficial device by which the terrible danger is averted. In modern times a professional man earning a large income pays premium to a life-insurance company in return for which the insurance company undertakes in the case of hid death to pay a large sum of money to the heirs or wards. The Insurance companies suffer loss in the case of those who die prematurely. But they recoup themselves for the losses from the premiums paid for many successive years by those who happen to exceed the usual term of life. They help to equalize the fortunes of their policyholders by providing funds for the unfortunate out of the amount collected from the fortunate subscribers. Deposit cash in the Insurance Policy is a saving also. Now a days amount of Insurance can be taken into account of income and expenditure for the exemption of Income tax also.
Money invested in the insurance policy is, of course, profitable. These days, the insurance company attracts the public in large number. It is an inevitable savings. It is supportable and helpful for the present and future generation.
