Life is uncertain, anything can happen at any moment. You are trying to cross a street, a car hits you and you lose your leg. Here lies the importance of getting life insurance. While life insurance cannot give back your legs, it will surely cover the loss in terms of money. This is the most obvious reason for getting life insurance, however, there are many other reasons why you need life insurance.
After the maturity period, you get your insured amount along with a bonus. The money will help you in old age.
In case of death, during the insured period, your premium will be waived off and your nominee can get the benefits.
If you want money immediately but have no other source, you can get a loan by using your insurance policy as collateral.
What other possible benefits do you see in life insurance?