India, Oct. 28 -- Subhendu Kumar Bal, President and Chief Risk Officer, SBI Life Insurance has said that the core purpose of life insurance is to financially protect your loved ones in your absence - by replacing lost income, repaying debts and supporting long-term goals like children's education or retirement.

"Being underinsured means that your policy coverage is insufficient to meet these actual financial needs. For example, consider Raj, a 35-year-old professional with a '50 lakh policy. At first glance, this seems adequate. However, his family has a '70 lakh home loan and additional living expenses. In his absence, the insurance coverage couldn't cover all liabilities - leaving his family financially vulnerable despite having insura...