Importance and Necessity of Insurance

Importance of insurance is necessary for the human life, which man can’t get immune from the risk. The risk is existed in every place and time. The risk creates uncertainty. Every person has wish and will to get protection against the risk, which may be created in future. Insurance is necessary for creating awareness of the people for their economic protection. The popularity of insurance business is growing day by day. Only the way to solve it is insurance.

The points of importance of insurance:-

1.       To provide security

2.       Peace in mind

3.       Encouragement in saving

4.       Increase self-respect

5.       Fulfillment of personal needs

6.       Increase in efficiency

7.       Welfare of employees

8.       Economic growth of country

9.       Reduction in social evils

10.   Helps to maintain living standard