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  • Category: Miscellaneous

    Is life insurance important these days.

    Recently many insurance companies are coming in private sector. Earlier days insurance means it is LIC of India only. Now that concept is changed. Many private companies which are controlled by IRDA are coming with many new policies and incentives. But many people see this insurance also as an investment and no weight is given to the risk factor. Many people think it is a waste of money. But in these days of speed, I think it is always essential to get our life insured so that the people who are dependent on us will not have any problems in their routine even though the food winner is no more. In fact, somebody told me it is wise to insure our life in such a way that our family without also will have a stable financial position. I solicit the advice of the learned members.
  • #615663
    Though many private players have come into the field of life Insurance, the general public are not yet convinced with their existence and motives as there is no past record of claims being settled by them. Where as LIC is known to us and almost every house member is insured with LIC and the transparency part of LIC has attracted many and the claims are reasonable and early redress too. In these days of urgency and not caring attitude of others behaving on the roads and elsewhere, we have to safe guard our lives and even natural calamities are not behaving to our expectations. Therefore LIC has become important to us.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #615664
    Life insurance is important for many middle class families who do not have a large reserve to dip into always and there is often one earning member on which the family depends on. The cost of living,rental prices,school expenses,groceries all mean that the hard work couple earning money legally do not have much to save regularly. Then are the crucial EMIs to be paid for the loans or property.If God forbid,in the unfortunate event that the earning member is suddenly snatched away then, the family has to suffer the financial nightmare in addition to the emotional grief of losing their loved one. Some believe that the premiums paid are a waste of money and take a risk.I'm of the view that we can take a risk for ourselves but not for our dependents. It would be very useful for anyone to having a family or dependents to have a life insurance so that in case of the eventuality,at least family has something to fall back on.

  • #615692
    In my opinion, life insurance (term insurance), medical insurance and accident insurance are absolutely must nowadays. However, we must not try to mix insurance with investment. The three aforestaded insurances provide a protective umbrella to the policy-owners and their families.
    Beware! I question everything and everybody.

  • #615701
    Firstly people need to understand that Life insurance policy is not a savings scheme. Many people take Life insurance policies and later cry that they did not get good returns. I do not understand this concept. Your life is insured hence it is not a full-fledged savings scheme. To attract members, the providers are providing certain interest or bonus but it is not the best investment at all, in terms of savings. Life insurance should be taken with the aim of getting a lump sum amount on your death. Mainly it is the nominee who will be benefiting from it. But we will have the satisfaction that we have kept aside something for our nominee. Especially if they are depending on us, they still can live decently even after our death.
    "Do not give up, things might not favour you always"

  • #615702
    Any kind of insurance is a need. The loss of life of a near and dear is unbearable and the personal loss cannot be reversed,replaced nor recouped at all. Along with the personal loss there will be a financial loss also. Life Insurance is just a cushion and compensation to some extent of the financial loss occurred due to the death of the insured.

    Insurance becomes all the more necessary when the income earning person also had incurred liabilities. In such a case the insurance will lessen the burden of ful liability falling on the dependent survivors.

    Not only life insurance, but insurance should be taken for all possible eventualities in modern day contexts if affordable and available for the purpose . While the popular ones are Health, life, marine/transport and transit, liability, building, loss of cards, now insurance can be on any possible eventuality where there is risk.

    Insurance at least for the important essential ones, should not be approached with the aim of investment and return. They should be seen only as a precaution and prudent provision for losses that may happen due to various uncertainties and risks inherent in them.

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