Insurance as an asset class, provides protection against risks of mortality, morbidity and market volatility. The risks of mortality and morbidity are easily understood, through simple expressions of Dying too early and Living too long. However, the understanding of Market volatility risk is often drowned under the clamour of Risk vs Return, Illiquid, Long term nature, Lock Ins and other such terms. A simple illustration of market volatility is the impact on your investments and returns, accumulated over a period of time, in the current market. The investment management philosophy of insurance companies, especially in Par and Non-Par products (Endowment and Money Back) is based on Investments for Long term, with an Asset – Liability matching and management. This is the fundamental differentiator of Insurance companies and other financial asset classes, which is largely overlooked. It is this key differentiating capability of Protection against market volatility, that enables insurance companies to honour the guaranteed commitments made at the time of purchase of policy.