The modern world revolved around risk. Provision of adequate security to the life of the people and the property is the fundamental duty of the civilized society. The civilized society manages the risk through insurance. Insurance helps the loss of the bread winner and allows the family to lead a life without much economic strain. Hence the law of insurance has been the subject of considerable public importance. Insurance is also a contract between two parties and as such is a part of private law which is created according to mutual convenience of the contracting parties. To that extent it serves a social purpose and promotes public interest. Insurance industry is shrouded in mystery, a myth was created that it stands for the best interests of the customer. The consumer of life insurance is ignorant about the concept and the intricacies of the insurance contract.