2. Protection for old age : Through life insurance, a person can make provision for his old age. After retirement the earning capacity of a person is substantially reduced. He cannot maintain his standard of living without substantial savings. Life insurance enables a person to enjoy peace of mind and a sense of security.
3. Funds for investment : Life insurance corporation mobilises the public savings and channelises them in productive investment for the economic development of the country. Life insurance combines both protection and investment.
Tips: -
(V Imp)