What is insurance in lic?

Answer 1

It is sometimes argued that life insurance is a sort of gamle, in as much as it enables a person to take a chance regarding the receipt of a large sum of money on the occurrence of a contingency such as fire or death, by paying a small amount of premium. This is not correct ! The purpose of insurance is to protect the insured against losses resulting from hazards beyond his control. It should not and does not, enable the insured to profit from the ococurrence of the event insured against. It can and does only indemnify him to the extent of the loss suffered by him.