Considering the uncertainties in life, it is always advisable to think about defensive measures against possible misfortunes that one may have to face at a certain point in life. It would be unwise to rule out such possibilities especially when the entire human race is living in the most anomalous time. With much having been changed over the years, be it lifestyle or living standard, one should take positive measures against the future conditional losses to avoid the possible risks. Insurance is the right choice that protects a person from the contingent risk of losses through financial means. It is one of most important protective measure effectively designed to provide the means for the individuals and societies to deal with some of the major risks faced in daily life.