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  Business   In Other News  01 Mar 2019  5 reasons to change your opinion on insurance

5 reasons to change your opinion on insurance

THE ASIAN AGE
Published : Mar 1, 2019, 3:24 pm IST
Updated : Mar 1, 2019, 3:24 pm IST

The insurance industry has been protecting us from any kind of health hazards, car accidents, and many other situations.

Insurance. (Photo: File)
 Insurance. (Photo: File)

As we grow older, the more we should be careful about our actions, because with every action all our assets including all our life goes at stake. Hence, to provide some form of guarantee or cover the insurance companies are there to protect us from any kind of emergency situation. The insurance industry has been protecting us from any kind of health hazards, car accidents, and many other situations. Despite its 400 year old existence, we somehow or the other have neglected our silent guardian.  

Therefore, today Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance shares with the Financial Express some points which states why we should not neglect the insurers. The Financial Express has reported the points as following:-

1. Invest in a foreign Trip instead of saving for a bad day

Considering you’re employed, your father or mother may request you to save your money for the worst days. This idea may appear to be wise, but saving your income just to pay your hospital bills is a mentally frustrating exercise. Insurance can help you in this regards, the insurance firm will help you choose the right insurance policy besides getting you the best healthcare. Even when you’re hospitalized, the insurer will pay your daily expenses. Invest a few thousand rupees, which would be equal to the money spent for leisure and entertainment, will save you from paying the costly hospital bill that arises from something un-wanted like a mosquito bite.

2. From phone bills to loans, we cover all

Have your phone got stolen, did you just rammed your car into a pole, have you lost your passport on your Mauritius trip? .Have you become bankrupt to pay loans/EMI because you are towed down by an accident? From health to phone bills to car accidents and many more; there are insurance policies available for you to protect you from any serious accidental situations that may affect your state of mind and that too at affordable rates.

3. Easy claim settlements

Now insurers can settle your claims within a few minutes. With help of AI and ML, the insurance industry has become technologically so advanced that as soon as you upload your picture and documents using your mobile phones your claims get settled. Suppose you’re travelling and your flight is delayed, the insurer transfers the claimable amount to your bank account even before you arrive. Similarly, if you’re in the middle of a foreign land and need some help; just give a missed call to your insurer to get immediate help. Insurers are gearing themselves up to invade into the lives of millennials by making the transactions efficient.

4. Participating in a social cause

Have ever loaned your money for a friend in need, have you ever contributed for a social cause?. Insurers also follow the same path; the insurers gather huge chunk of money from a various pools to pay for those who meets an accident.  Although, many think that pooling money in insurance firms is a lost cause as it earns no returns at the end of the year. 

However the fact is – it is a social pool that is being undertaken, and if lucky there is no claim like scenario, and if you are not so then you are taken care of.

5. Think positive

We always think that nothing will happen to us. In fact, no one knows what is written in one’s fate. Anything can happen to us anytime anywhere. So, it can happen to anyone, and it can happen to you. It would be advisable for you to take an insurance policy before anything happens to you. Be it a health policy, a home insurance policy, insurance for your vehicles, a personal accident cover and a cyber-insurance policy.

Also don’t forget that whenever someone talks about financial tools like insurance, do not brush it off by saying that you do not understand the concept, or you don’t need it at all.

Moreover, we belong and influence the strong, stable and growing economy of the country and are seen as a smarter and better equipped than the previous generations.

Insurers too have pulled their socks up technologically and in other ways to be at par with our strides with us by offering required products, alluring coverage and a smooth claims experience. Having sufficient protection hence is not only a smart choice, but also the best decision keeping a financially stress-less future while we continue living our life to the fullest.

(With agency inputs)

Tags: health insurance, insurance