Why insurance is important to an individualDo you know why insurance is important in our life? Do you think insurance is important to save income tax only? This is the bad luck of our society where most people don’t know the real benefit of having an insurance plan. Almost everyone consider insurance as an investment tool and not able to exploit the actual benefit of insurance. In this article I will share why insurance is important for an individual and how one can plan his/her life perfectly with the help of insurance.

5 reasons to support why insurance is important

With the term “insurance” many people understand only about LIC policies. Actually it is not their fault, as they don’t get much exposure and not able to explore why insurance is important. This is good that Govt. is also encouraging the awareness of insurance by various schemes.

Buy some security in advance and be smart

The major benefit of insurance policy is it will provide you risk coverage. E.g. two wheeler insurance will cost you some Rs 1000/- every year. With that you can make sure that in case of any damage to your bike you can get enough recovery benefit. Similar to that life insurance, car insurance, health insurance and now a day’s even mobile phone insurance will help you to buy a security in advance. An iPhone user can understand the importance of insurance, as the phone can damage anytime. The interesting thing is you have to spend a little amount to buy that coverage. If you plan accordingly then with this small investment indirectly you can be tension free.

Be tension free and take risk as much as you want

Just imagine how much we are planning every day for our future. Child education, marriage, retirement planning, travel plan and many things. What if the earning member of the family died suddenly? These plans for rest of the family should not impact. In that case a term insurance plan can simply save your family’s life. Now those who really understand the importance of insurance would have already buy a term plan. And for others don’t wait till it is very late. Just imagine a minimum amount of 10,000 – 15,000 can buy a life cover of 1 crore. Now you can take risks, don’t have to feel the pressure of doing something out of your box. Enjoy every day life with your family, as everything is planned now.

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How to live a peaceful life

This point might be similar to the previous point, but I will extend the previous point a little more under this point. Risk management is the major issues we face in our everyday life. Many people are suffering from hyper tension and various diseases as they are not able to plan for their future goals. Why not buy enough insurance in the beginning of every year for all necessary items in your daily life? E.g. if you buy a family floater health insurance covering your parents and in-laws, you don’t have to worry about the medical uncertainties. As after 60+ years of a family member health issue is the biggest worry. And now a days it is not at all easy to get good treatment with affordable cost. But a health insurance with proper facility, enough cover can resolve this issue very easily. If you really understand the importance of insurance, I think you can plan for uncertainties and spend most of your time concentrating on your life, family and work.

Love to do experiment with your life, buy insurance

Many people afraid of doing things in daily life. That is true because in our country almost every family is depending on one earning member. In that case if that fellow wanted to do something out of box is always discouraged by his/her soul only. By doing proper insurance planning one can easily listen to his/her own interest as well. One can invest in stock market fearlessly, take part in adventure sports, and concentrate on start ups and many more things. But never forget the importance of insurance, take enough insurance and then go ahead with your experimental attitude. E.g. many people are getting afraid of travelling to abroad after recent airline crashes. That doesn’t mean that people are not travelling on those routes? That doesn’t mean that you will forget dreaming of fulfilling your foreign travel dreams? Simply go for enough travel insurance which will help you in many ways while travelling abroad.

Be smart and stay one step ahead in your peer-group

You can be the smartest person among your friends, relative and colleagues by spreading the benefits and importance of insurance. If you really understand all aspects and how to utilize an insurance plan then you can easily keep cool in your daily life. E.g. why not go for a home loan insurance and keep your home loan secure? This is a coolest way to secure your home loan and also spread the message how much organised person you are when it is planning of daily life expenses.

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Do you think this is too much gyaan? But I have to write like this as majority of our country people doesn’t know the importance of insurance. People always stress much on the upfront money they are spending for any insurance product, never realize the benefit they are actually buying with the help of insurance. So, change your though process and understand why insurance is important to an individual in our daily life.

6 COMMENTS

  1. Thanks for share such great post. I don’t have very many assets then I decided to have life insurance to protect my beloved kids. If I happened to pass away at least I can give them early protection and they can get best education. It really give peace of mind. If you have other financial issue, you can contact credifin-nederland.nl ; help to make your debtor being able to pay your debts is easier, faster and sustainable.

  2. Such great knowledge shared by you santanu. Thanks for sharing this knowledge with us. I have already aware of life insurance important but don’t know anything about home loan insurance. Thanks

  3. sir,

    Please send me these kind of useful important information. I would like to read such articles regularly.

    regards,

    • Hi Rakesh,

      You can subscribe to our email list or like our Facebook page to get regular articles from this blog. And thanks for finding the articles useful. Keep visiting 🙂

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