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A gentleman worked hard all his life to create the mansion of his dreams. The savings of a lifetime and the passion of his entire family came together to build this dream house, a source of great pride for the entire family. Alas! Little did they know that this joy was to be so short lived. An electrical short circuit leading to a terrible fire didn’t just destroy the house, but left him and the entire family devastated. While the dreams were shattered, what hurt even more was the fact that the man’s lifelong savings were wiped out in a single tragedy!
Life can be unpredictable. Had this gentleman used a financial instrument called insurance, he might not have prevented his house from being burnt, but would have definitely shielded himself against a financial shock. Insurance would have compensated for the monetary loss, and he might have once again been in a position to build another home, maybe one even more resplendent than earlier!
Insurance, cannot protect us from life’s challenges, but can certainly compensate us for a financial loss arising out of those instances. The cost that we may have to pay for this tireless protector is usually a miniscule percentage of the loss that it covers. What we pay for buying this insurance cover is called premium.
Insurance works on the principle of accumulating premiums from a large number of policy buyers, and eventually compensating the loss of a few who actually incur it. This way we can not only insure valuable assets, but even business prospects or our lives.
Tragedies and losing loved ones can destroy lives and livelihoods. Life insurance can’t help to save one’s life, nor can it save us from the grief attached with death, but it can certainly provide financial assistance to the dependents and loved ones of the one who is no more. Non working dependents continue to get a steady income either as a lump sum amount or a steady monthly income – and their future need not look hopeless and bleak. As a responsible adult with people who depend on you greatly, you owe it to them to insure yourself.
Insurance can broadly be classified in two categories. |
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| To know more about either, as well as the different insurance options available in each of these categories, you are welcome to access the relevant sections on our website. Further, to discuss an insurance policy for yourself, its benefits or the Terms and Conditions, speak to our experienced professionals. This is where having an unbiased analysis and experts at your disposal is such a refreshing experience from what we have been used to over the years. |
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