Research conducted in India and in the developed market has revealed that purchase of a life insurance policy is dependent mostly on milestone events in one’s life. People decide to buy life insurance when they get a job or when they get married or even when a couple gets the first or the second child. Such events in life generate a unique sense of responsibility and people look for instruments of protection for their loved ones. Such sales normally account for around 55% of total policy sales by the life insurers. The remaining sales, however, is motivated or triggered by factors other than the need to provide financial security to the family. The most dominant among such factors is the motivation to choose life insurance for saving for the future.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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