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The indian life insurance sector has grown to act as the world s 11th largest in just 10 years. A younger workforce, A rise in market competition, Personal incomes and regulatory initiatives make this a market to watch. Life insurance functions as the crucial component to good financial planning. On one hand, It safeguards your thus supplying you with, Ensures its growth, Money and in contrast complete financial well being. Life insurance can be termed as an agreement between the policy owner and the insurer, Where the insurer for a consideration commits to providing payment a sum of money upon the occurrence of the insured individual s or individuals death or other event, Such as terminal illness, Critical illness or maturity of the policy. Advantages of life insurancerisk cover, Life today is full in this, Of uncertainties scenario life insurance guarantees that the people you care about continue to enjoy high-grade of life against any unforeseen event. Planning for life stage needs, Life insurance deliver not onlys for financial support in case of occurrence of untimely death but serves the function of a long term investment. You can meet your goals, Be it the little building your, Their marriage, Ones' education dream home or planning a relaxed retired life, According to your life stage and risk appetite. Traditional life insurance policies i. E. Traditional offer in, Built guarantees, Endowment plans and defined maturity benefits through variety of product options such as money back, Guaranteed cash values, Guaranteed maturity values. Protection against rising health expenses, Life insurers through riders or stand alone health insurance plans offer the benefits for safeguarding against critical diseases and hospitalization expenses. This benefit possesses assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs. Builds the habit of thrift, Insurance for life is a long, Term contract where as policyholder, It is necessary to pay a fixed amount at a defined periodicity. This builds the habit of long, Term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages. Safe and profitable long, Term investment, Life insurance provides a superiorly regulated sector. Irda, The regulatory body, Through various rules and regulations ensures that the safety of the policyholder s money is the primary responsibility of all stakeholders. Life insurance being a long, Term savings instrument, Also ensures that the life insurers focus on returns over a long, Term and not recommended for consumption risky investment decisions for short term gains. Assured income through annuities, Life insurance is a notable member of best instruments for retirement planning. The money saved during the earning life span is utilized to supply a steady source of income during the retired phase of life. Protection plus savings over a long term, Since traditional policies are viewed both by the distributors together with the customers as a long term commitment, These policies help the policyholders meet the dual need of protection and extended duration wealth creation efficiently. Growth through dividends, Traditional policies offer a moment to participate in the economic growth without taking the investment risk. The investment income is distributed among the policyholders through annual announcement of dividends/bonus. Facility of loans without affecting the policy benefits, Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the positive aspects of the policy they have bought. Tax benefits, Insurance plans provide attractive tax, Benefits for both at that moment of entry and exit under the majority of the plans.