The objective of a life insurance plan is to ensure that after the demise of the insured person (who is typically a family’s bread earner), his family does not suffer financially.
Containing life’s uncertainties is an important part of financial planning. While buying life insurance, people often find it difficult to calculate an adequate sum assured requirement. There are also those people who do not seek life insurance at all, and they thus risk the financial well-being of their families. Finally, there are also those who buy more insurance than may be required. Essentially, the problem is this: how do you accurately calculate your insurance requirement?
Being uninsured, under-insured, over-insured
