Insurance is one of the main ways to transfer risk. Insuring is to transfer the burden of future risk to the insurance company or insurer. Anyone of us is ignorant about the future. At any time in the future, there may be a risk. Life insurance can reduce future risks. In the insurance process, the insurer bears the potential risk to the life of the insured. Insurance is provided to deal with future risks. There are many risks in human life. Insurance is a kind of legal provision between the insured and the insured. Other insurance procedures are carried out by mutual agreement between the two parties.
According to the Insurance Act 2049, “Life insurance is a contractual business in which a person pays a certain amount of money in installments based on his age and pays a certain amount to himself or his heirs in case of his death. ”
Life insurance is very important in human life. Insurance is needed for financial planning, for the future of your children, for your secure future. Insurance is something that both saves and covers the risk.
Life insurance is essential for future security. The insurance we take out today will help you keep our family happy tomorrow.
Transfer of financial risk
Every person's life has an economic value. That is to say, the kind of income that a person is earning, his income is being used for the upbringing and education of his family. His income is also contributing to his society. He pays taxes to the government. In his absence, all this creates a financial crisis in the family. Life insurance has to be done to prevent that from happening.
For the person himself
People are earning to support life or family. If he dies suddenly, the income stops. This puts the family's lifestyle at risk. Insurance provides significant support until the family starts earning money by managing it slowly and finding another source.
To plan for the future
Our desires and aspirations go far beyond necessity. We have many plans for the future. Accordingly, we are running daily. We are working We can plan for the future through life insurance in order to maintain all the three dreams or plans that any person has seen and the plan will not fail in his absence.
Long-term capital formation
We all imagine our high economic, quality life. Which cannot happen today or tomorrow? You have to be patient in it for a certain period of time, you have to be patient and work hard. There should also be saved by planning. It is very difficult to live a disciplined life. Life insurance has a disciplined saving process. According to various life insurance plans, we pay the fee for a certain period of time. Savings are being made on the same basis. If not paid regularly, it will be rejected. It disciplines to pay insurance premiums. We begin to think of it as an essential saving. That builds capital in the future. When the insurance matures, then that amount fulfills a different need than daily living.
Role in the development of the country
Every patriotic Nepali wants to contribute something to the development of the country. Life insurance can build the most capital in infrastructure construction. If anyone wants to contribute even a little bit to the development of the country, then life insurance is a suitable medium.
Education of children
Every parent wants their child to be educated. Everyone can insure as much as they want for their child's education. If one thinks about the future of a child, life insurance can be essential for the continuity of his education and the right achievement. Life insurance also saves you from the misfortune of having to go looking for a cheap and ordinary school tomorrow from a quality private educational institution due to an accident. This shows that management is also needed to run a family.
Debt relief
When it comes to business or work, people take out loans. Individuals take loans from banks, financial institutions, or individuals. If the loan is not repaid, his family members will face problems. If he insures the loan he has taken, the company bears the risk of the loan.
Tax exemption
The insured gets a tax exemption on the insurance fee. On the one hand, it is tax-exempt and on the other hand, savings are being made. This is also the benefit of insuring.
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