Insurance – Blessings in Disguise
In India, people do not talk about mishappenings – as it is a maxim that it does not augur well. To top it all people consider insurance as an investment opportunity, which by nature the fails the entire concept of insurance – to transfer risk – whereas investment is to take on risk. In today’s world with complex understanding of risks, one can insure any risk which it does not want to take on viz. Life Insurance, Car Insurance to name a few, which are related to the common man.
A country which witnesses one road accident every minute which in turn claims death of a citizen in every three minutes one can easily understand the importance of Car Insurance and car insurance companies. Car Insurance is primarily for any financial protection against any physical damage / injury which would be resulting from any traffic collisions. But people fail to understand the importance of it as it includes the payment of upfront premium – which traditionally is not in the culture. In today’s world, where there are plenty of Car Insurance Companies – it is offered from an numerous companies to dealers of the cars – it is pity to see that government has to take policy actions and make mandatory for the vehicle owners to insure the vehicle.
To talk about another facet of the insurance is Term Life Insurance, when you ask a young person do you have a life insurance, his reply would either be “looking for it” – if he is careful in using words or “will not die soon” shows how serious is young India about insurance. You can ask for term life insurance quotes to your agents who provides coverage to the insured at a fixed rate of payments for a particular term and if something fatal takes place to the insured, during the benefit then it will get death benefit else the payment will be forgone, it is the later part of the plan which raises doubts concerns in minds – as people are unable to digest the entire premium paid will be forgone after the term. This tendency of customers forces insurance companies to think of innovative plans viz. endowment plans, ULIPs etc which are linked to market – thereby exposes the insured to market risk too, whereas the entire concept of Term Insurance was to pass on the risk of death to insurance company and not to take on risk further. One should empathize with the mother who has lost his son at a young age and even the pain of seeing the first car of a middle class man in a junk yard – and start seeing insurance premiums as the blessings in disguise!
There are various companies, private and government who give term life insurance quotes. Choose your suitable policy and relax.