Insurance is must for everyone because it will help financially to the dependants of the insured person after death of the insured person. Insurance means only insurance but not the savings. Maximum policies offering by insurance companies having both the insurance and savings. The reason behind this is to improve their business turnover. The returns for an average policy holder from these policies works out a less than 8% interest on maturity.
A wise person takes term policy for insurance. For savings he/she invests money in the financial instuments like mutual funds SIP(i.e. Systematic Investment Plan), bonds, banks' fixed deposits, postal recurring deposits, stocks, buying land or house with the help of loan etc.
Moreover from these instruments better returns can be enjoyed and withdraw money very easily for urgent needs.
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