Insurance Importance in India: Insurance in India has now become an important part of your economic security, not just a document. Any medical emergency, road accident or natural disaster can put many families in financial crisis. And the biggest thing is that this is happening every day. Despite this, the country’s large population still does not take insurance seriously.
In view of the increasing cases of serious diseases, accidents and natural disasters, the importance of insurance has increased more than ever. Financial experts believe that lack of insurance can now be like putting all its deposits at stake.
Why is insurance reach in India low?
Vivek Chaturvedi, CMO and Direct Sales Head of Go Digit General Insurance, says, “Insurance should be an important part of overall financial planning.” But, it is a matter of concern that the access to non-life insurance in India is still less than 1%. It is far behind other emerging economies and developed countries in the world.
There are two main reasons for this. First, lack of insurance awareness and second its limited availability. This is the reason that when a serious illness, accident or natural disaster suddenly knocks, then crores of people stand at the mouth of economic destruction.
Motor Insurance: Travel without armor on the road
There are about 5 lakh road accidents in India every year. Nevertheless, more than 50% of vehicles in the country are due to third-party motor insurance. Along with this, many people do not take important protection like ‘on damage cover’.
According to Chaturvedi, this is a big lapse. A good motor insurance not only helps in repairing the vehicle, but also gives relief from legal and economic responsibility in the event of an accident. It also plays a big role in the protection of insurance drivers, passengers and pedestrians.
Health Insurance: Prevention of medical bankruptcy
Diseases can come anytime and anyone. And given today’s treatment expenses, a large hospital fees can also end someone’s saving saving.
Chaturvedi clearly says, “Many Indians are far from a big medical emergency due to bankruptcy.” When there is no insurance, people break their FDs, withdraw money for children’s education or drown in debt.
Health insurance is no longer limited to hospitalization. OPD, diagnostics, preventable checkups, and even expensive treatment such as liver transplant and post-up care are covered.
Ajay Shah, a distribution head of Care Health Insurance, says that diseases like fatty liver, hepatitis, and cirrhosis are increasing quietly, and by the time the treatment is revealed, the treatment has become quite expensive.
Home Insurance: On which everything rests
Many people in India get car and health insurance, but forget to insure the house. While that is the biggest property.
Chaturvedi recommends that both structure and content should be insured for the house to avoid damage in situations such as fire, theft or natural disaster.
Insurance also gives a sense of security, not just money
Insurance does not mean just a claim. It also helps when a person feels the most helpless. Dr. Pradeep Kumar Sharma, a neurologist at Livasa Hospital, Mohali, says that insurance not only helps patients in treatment, but also provides emotional support to them.
Experts believe that insurance is now your ‘financial seat belt’. Whether it is a car, body or house and house, walking without insurance is like playing directly.
Also read: Health Insurance: Elders can also get cheap health insurance, these are 5 easy ways
