Study the following case/situation and express your opinion.
Mr Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age.
i) Suggest him a policy which can satisfy the requirements of his children.
ii) Who are beneficiaries of policy?
iii) In the above case which principle is involved?
- Mr Jagan, a salaried person should take "Child Insurance Policy" to satisfy the financial requirements of his children.
- In a child insurance policy, children of the insured person are the beneficiaries.
- In the above case, the principle of insurable interest is involved.