- Support to families during an emergency
- Financial security
- Transfer of Risk
- Compulsion on having Insurance
- Peace of mind
Uncertainties are the only certainties! The pandemic has made us realise that we all live in an unpredictable world these days. Thus, there are many legitimate reasons to prepare yourself for the unannounced curveballs. What better than getting yourself insured! Insurance is a contract between the insured ( policyholder) and the insurer( company) that guarantees a decided sum of money i.e compensation to the insured in return for the premium amount. It is ideally an assurance from the insurer that any unforeseen circumstances shall be taken care of by the company.
From cars to medical care, we have insurance for everything. it covers everything that is valuable to you.
Hope you now understand the crux of having insurance. Convinced? No! Let us explore a few more benefits to understand why you should avail yourself of one!
Support to families during an emergency
Health of family members is the biggest concern for everyone. From babies to our elders, anyone can require emergency health support anytime and may need to get hospitalised for the treatment. With the increasing costs of medical treatment, hospitalisation can easily drain all your life savings if you are not prepared well.
In such scenarios, having health insurance can help you save your savings and incur the cost of treatment without having to worry about losing your savings or getting under the burden of a loan.
Today, when the cases of critical illnesses such as cancer, heart attack and other life-threatening diseases are becoming more and more common, having medical insurance helps you to manage the extremely high costs of treatment for such health risks which may sometimes even cost you your entire life’s savings. Acting like a shield that protects your life’s savings, the cashless facility offered by most health insurance companies wherein the company directly pays the cost of treatment to the hospital, enables you to go for the best available treatment without thinking much about the expenses.
Financial security
No matter how much wealth you have created, any unexpected moment can dent your financial position. If you want to become financially secure then insurance is just the right option. You can not only cover yourself but also your family and assets from any unforeseen event. Financial security and independence act like a three-legged tool i.e savings, insurance & investment. Hence one of the key steps towards attaining long term financial security is Insurance. Take the first step today to ensure a better tomorrow.
Transfer of Risk
The basic principle of insurance is to transfer the financial risk from the insured to the insurer. Insured is the one who gains cover in return for a premium and the insurer basically represents the company. In case of any unforeseen event, the insurer promises to pay the insured a promised compensation. Thereby reducing your risk. Insurance is just a way of mitigating your risk to a third party. What better than transferring it to the company? Why bother always when you can solve the problem without much effort. Insurance does all and you only need to insure.
Compulsion on having Insurance
At times Insurance is necessary as it is mandated by law. For example- Motor insurance is necessary if you want to run it on the road in India. Nowadays accidents are very common and insurance comes in handy. You can opt for any company of your choice and enrol for any plan. The objective of the insurance is to protect the insured from mishaps. Also, insurance companies have now expedited the settlement process unlike earlier thereby making it easy for the people. You can also enrol for an automated deduction facility to prevent delays in payment. Nowadays the insurance process has become easy and seamless where you don’t have to put in efforts to either get insurance or claim it.
Peace of mind
The only output of insurance is to have peace of mind. Worrying for the future is human nature. And we all have all the possible reasons to add to the list. Job, financial security, health and list are endless. Having it will help you to cover most of your worries and get your peace of mind. A peaceful mind is the most lethal machete to chop all the miseries in one’s life. Why worry more when you can secure yourself with insurance.
The benefits of availing of insurance are endless, the above are just a few to mention. Insurance not only provides security against life but also covers assets. You can easily transfer all your risks to an insurance company and concentrate on better things instead of worrying always. The greatest weapon against stress is to choose one option over the other! Insurance is just the right option for everyone. Remember to attain financial freedom in the long run you will need to take a step today.
Also, before opting for any insurance, understand the policy coverage and exclusion, it is advised to read all the words in the document carefully. Consult an expert because we now have policies that not only secure but can also assist in achieving your financial goal.
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Disclaimer: The views shared in blogs are based on personal opinion and does not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.
