Insurance as understood in literal sense is a potential tool in the hands of a common man against the possible loss that can virtually wipe out the existence of family in turbulent times and it act as an safeguard to secure the future of the life of person. Insurance is imminent for every individual or family or company; so that it in case of rough weather, one can have some solaced so as to protect himself from unseen contingencies.

The concept of Insurance signifies planning for the future taking into account all the risk to which a human can undergo in near or future term. The risk can be to the life, house, vehicle, business and therefore, keeping in view different risks to the life of an individual; there are many types of insurance like Life Insurance, House Insurance, and Vehicle Insurance etc. The need of the human can vary from time to time. As in case a person is earning 1000 Dollars and is only earning member in the family of say 5 persons; then his life has to be secured to such an extent, that in case of happening to that earning person; one may potentially rely upon some other source of income; and to cover that life (Income generating), the insurance cover should be to the value of that individual person taking into account his income, inflation and other incidental factors.

Primarily there are many insurance Companies in the business of Insurance thereby trying to provide the policy of Insurance. The Insurance Company firstly appoints their agents to identify the segment of people who require insurance and also generate their business. Varieties of the policies are in market providing for thousands of the products like Unit Linked Insurance Policy (ULIP), Money Back Policy, pension Policy etc. The Primary object of the person acting for the Insurance Companies is to provide the best product to an individual after understanding the needs and requirements of a particular individual; as if the person is young; he can easily manage to put his hard earned money in various equity related sectors in the ratio of 70: 30 (Equity: Debt) and can build up a good corpus in his life time; which would derive maximum returns in his life.

Insurance as mentioned above is really needed by every class of the people. It is a form of contract entered into between the individual and companies which is governed under the provisions of the Statute.

In our country, there are many Insurance Companies operating in different sectors. Earlier the Insurance business was confined to the Govt. related sector; but now with the opening of the global economy, it has spread too many private sectors; network of Insurance is fastening up and is reaching to the potential customers.

Insurance as we do realize, is really needed by all so as to protect themselves from real and potential risks. The insurance agents generally deputed by the Companies are trained employees; but in this cut-throat competition; these people only in order to achieve their own targets befool the people. Though the Govt. has initiated many efforts so as to provide insurance; but still this is such a potential sector that can really grow and grow; as needs of human life never ends.

The global melt down through which the economy underwent; the turbulent times that we saw were just like nightmare as wealth of the people eroded thereby putting the dent in the economy; and in this tough times also, mass jobs were lost by the people and the unemployment scenario grew all over the world. Insurance is thus handy tool to protect these risks and is the significant need of the hour.