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  • Category: Miscellaneous

    Is insurance a new sector where people are getting aware of it?

    Every year, people change their habits, perceptions, and rituals. Investment is one of them. To date, the majority of the people are afraid to invest in the share market but due to widespread knowledge sharing on YouTube, discount brokers, and new IPOs, people started their journey towards earning money from the stock market. Similarly, people buy term insurance, vehicle insurance, and life insurance to get benefits from accidents or any mishaps. Still, many people do not realize the role and importance of insurance. What is your view about insurance and its awareness in India as an investment or safety? Do you think, the government will take huge steps to make people aware? Will the insurance sector be the new sector in the coming years?
  • #748413
    Yes it is the fact that more awareness has been created for the necessity of having insurance cover for life, property and business and thus the electronic media through which comparable policy rates are given has induced the people to choose their choice of insurance and be secure. Moreover this pandemic has created the awareness that if anything suddenly happens to us, our family need to be taken care off and thus provision for insurance has been made in every family now as we do for provisions of monthly materials required for the house. The four members of the house need to be secure and we cannot take risk without insurance and apart from LIC other companies are also coming with great coverage and offers and therefore the insurance has been playing important role in compensating the loss of life and properties.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #748421
    There was a time when insurance was considered as a very good investment as well as a safety method and return on investment was also very good and was in a range 8 to 12% per annum which is quite high seen from the today's standards. At that time LIC was the leading company in India for all types of insurance instruments and people invested in it heavily because the rate of return was very good and safety of insurance especially life insurance was also well covered.
    Today situation is totally changed and there is no question of return on investment in many of the insurance schemes and they are only covering the risk for which a person is paying the insurance premium.
    Now people have to be more aware of this new type of insurance which is becoming very common in today's world. There are still many people in our country who would not like to pay anything for the insurance until unless there is an element of return in it.

    Knowledge is power.

  • #748442
    First of all, one should know that insurance is a protection to us and to our property. When we are the only breadwinner in our family and something happens to us, our family should not be in financial problems. Here the role of insurance comes.
    My cousin brother was working in a private company. He was taking care of his mother, wife and two daughters. During the Corona pandemic, he expires, His family is in total darkness. Already they have the sorrow of losing a member of the family. Added to that is how to manage their future. Luckily he took two-term policies of LIC each worth Rs.30,00.000/-. That family received that money. Then gratuity and PF amounts were also received. Now they are having some source of income in the form of interest to the amount they fixed in the banks. That is how insurance saved that family.
    Another advantage is that you are getting good returns on the other plans and it is giving higher returns than bank FD interest rates and there is guaranteed returns policies also.

    always confident

  • #748443
    What I would like to add that every one of us working in a reputed companies or govt organization drawing good salaries and our family details are with the concerned offices. The offices must take group insurance through the LIC and the premium would be very less for the same as entire staff of the company and their families are insured and the premium can either be born by the company as part of social help contributions or even cut part of money from the monthly salaries. This way the life of every employee would be insured and when something happens, the kin gets the benefit for sure, and need not run for pillar to post for the survival. Hope this suggestion would be taken by every company and secure their employees as the living as become more insecure these days and none would help our family after the death.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #748468
    The life becomes standstill if our own relatives die prematurely and in such situations, insurance policies taken up by the diseased would be of great help for the families.we should not forget that casualties might take place all of sudden. Only the well thought plan by taking the insurance policies both health insurance and other policies for the families of LIC would be helpful to a great extent.
    We have witnessed many families suffering from financial crisis since no policy was taken and the entire families are under the financial strain due to poor planning.

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