Life policy compensates the estate the sum assured in case of death of the insured. The policy will ensure financial continuity of the estate in the absence of the deceased who happens to be the bread winner.
Pensions is a very important policy as it ensures financial cash flow after retirement. As you are aware, ii is always difficult for a retiree to put up normal life without an assurance of earning at the end month. It has resulted in to death in some cases due to financial frustrations.