In developed economies individuals tend to be more self-reliant by adopting various financial tools so that they live their life with dignity and comfort. If, unfortunately, their life span is cut short by unforeseen events, their dependents, too, live with the same degree of dignity and comfort in terms of income and spending capabilities.
Life insurance has been a very scientific and enduring tool for providing certainty in a world ruled by uncertainties all around. In his autobiography, Mahatma Gandhi has quoted an American life insurance agent in South Africa as saying, “We, in America, regard it as a religious obligation to get insured.” Gandhiji signed up for a policy even though he experienced tremendous conflicts between insurance and his faith in God.
