Life Insurance :A Game or Safety

Do you know?

75 % of Indian  population is not covered under any kind of life insurance. Youngsters go for health insurance, insurance for their property. But why they don't think about a life insurance?

Importance or benefits of Insurance:

1. Security and Safety: Insurable risk losses will be compensated, like goods, life, etc.
2. Distribution of risk: Risk in insurance is spread over many people rather than being concentrated on a single individual.
3. Security and Saving habit: Inculcates Saving habits, provide security in old age with the pension plan,
4. Easy to get loans: A trader gets easy loans, also provides a sense of security to the lenders.
5. Advantages of Specialization: Businessmen etc get specialized insurance services for safeguarding their property. can easily get loans
6. Development of Social Sectors: Insurance funds are an important source for investing in infrastructure projects
7. Social cooperation: Burden of loss is shouldered
8. I too agree that you should understand what benefits you  and which policy suits you and to be decided without taking stupid suggestions from half learned salespeople. This is the question of our dependents life too. Life tenure no one knows and on the contrary long-life safety is also required. 

Drawbacks or Myths: 

1. Ignorant about the financial risks: "Nothing will happen to me"
2. No understanding of insurance products: Different types of insurance based on your personal choice and need. Also, they feel expensive and fewer advantages.
3. Insurance provided by the employer: As they already have insurance of the company in which they work.
4. Good health: People feel they are young and healthy and don’t need insurance.
5. Procrastination: People don’t consider protection a priority

Untrained staff who are hired and fired frequently, so no proper guidance to people to understand the correct policy for them.

People who have purchased feel cheated as they have been said something and something else is being put in the document. Initially they are assured for everything afterward we have to work as per document. Which is again a big gimmick many times. Faith is lost and feedback negative.

Conclusion:

It is an important investment. Every youngster needs to start investing but this will happen only if they find advantages. Companies need to work on how faith factor can be developed. Stop working on only higher officials training or changing. Companies need to think on what changes they can do on the ground level? Plans of sales and temptation will be time being, these figures will not change or grow in India. And it is our responsibility to spread awareness for life insurance. Every year many people die and there families not just need a mental support they even need a monetary support which only life insurance can provide you. 

Written By:
Abhay Joshi


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