If you have dependants and financial responsibilities towards them, then you certainly need insurance. Having a family means dependants; this in turn means financial commitments. Financial commitments come in the form of loans, children's education, Medical expenses etc.
When you insure your life, in effect what you are doing is insuring your earning capacity. This guarantees that your dependants will be able to continue living as the same status as before without hardships.
Most insurance plans available today come with a savings element built into it which would enable you to have a comfortable retirement.
These policies help you plan not only for protection against death but also for a financially independent future.
The amount of premiums payable depends upon the type of policy, term of policy sum and your age. You could pay these premiums monthly/half-yearly/annually.
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