Insurance ensures a confirmed source of income for your family in the unfortunate event of your death. The premium paid by you is marginal compared to the risk of loss of income. It can also be used as an investment tool to cover the risk and simultaneously provide a steady flow if income during the later stages of your life. Income tax exemption is tool used by the government to encourage you to insure yourself. To put it briefly, it is a must to safeguard your family's future in case you are not around to support them.