Hi Jyoti,
Right now it is a best time for you to take a life insurance as in young age insurance company provide various benefits and the charges are also less.
Insurance company provides various plan
Ex- Protection plan, Retirement plan, Investment plan & child plan.
The plan which is best for you depends on various factors for which you can refer to this thread viewtopic.php?f=7&t=12.
Yes you need life insurance to save your future. Get answers for what is life insurance? Do I need life insurance premium? How do I choose an ideal life insurance scheme? How does life insurance policy work? And more....Please visit http://www.aegonreligare.com/life-insurance/life-insurance.php
If you are a earning person then of course you should have a insurance so that you could have some benefit in your salary also as government does not deduct much tax if some one has taken insurance.