Life insurance plans have been a feature of Indian homes for decades, with families choosing for them to protect their family' future for generations. However, according to a Life Insurance Council poll, although 91 percent of individuals are aware of the necessity for a life insurance policy, just 60 percent actually possess one.

High premiums, high tax rates, and reduced adoption of technology, among other variables, are to blame for such a low inclined graph. The COVID-19 pandemic, however, radically transformed the nature of this industry in 2020, causing not only a tremendous digital

Know more about life insurance meaning, benefits & types of life insurance in detail.

If you are wondering what is life insurance meaning, you should know that a life insurance policy is a contract between an individual and an insurance provider, in which the insurance company gives financial protection to the policyholder in exchange for monthly fees (known as premiums).