The word “Insurance” refers to the promise of repayment of the money in the case of any loss to the insurer. The insurer may be an individual or a company who have made prepaid to an insurance company for a secured life. Insurance also offers “security against future loss”. We cannot predict the timing and the incident of loss. So we need insurance plan in order to protect ourselves from the future loss. An insurance policy provides financial assistance to support personal, medical and social services.