The principle behind life insurance is simple, in theory. You pay small amounts after regular intervals, so that, a beneficiary of your choice gets a sum of money, in your absence, approximating what you would have earned. The idea is that should your family suffer a crisis that transcends finances, at least their finances won't be impacted too negatively. Your spouse and kids won't have to take on multiple jobs, beg for alms, nor lose the house and car. Many people don't understand why they need life insurance, when they should buy it or what type of policy would best meet their needs.
Life insurers’ first-year premium growth accelerated in August, with LIC driving much of the increase as private insurers also posted double-digit growth.
The regulator should make clear when the insurer may decline transfer of policies, and who will receive the death benefit
