Human life is subject to various risks-bolts from the blue can happen any time. Humans are also subject to diseases, the treatment of which may very costly. On the other hand, property possessed by man is subject to various calamities, natural and man-made. When human life is lost or a person becomes disabled permanently or temporarily, there is a loss of income to the household. The family has to face hand to mouth situations. Sometimes survival itself is at stake for the dependents. When it comes to loss, it results in either whole or partial loss in income to the person or entity. Risk has the ambiguous aspect. Death/disability or loss/damage could occur at any time. Losses can be mitigated through insurance. Insurance proves as an olive branch against various contingencies. Insurance products are innumerable available for life and non-life are many. In nonlife, apart from personal covers such as accident covers and health insurance, there are products covering liabilities under a particular situation.