subject: Significance of Personal Insurance [print this page] Significance of Personal Insurance
In today's world of increasing risks in every sphere of life, insurance has become an essential requirement of an individual. It was not so about three to four decades ago. In spite of this fact the spread of insurance is quite low in India compared to western countries.
There are different types of insurance products and the one which is more popular is the personal insurance. Personal insurance can be further classified into different categories - like life insurance, accident insurance, liability insurance, and medical insurance and so on.
Let us examine the need of personal insurance. We shall review the life insurance policy. First and most important reality of the life which no one can neglect is that every human being has to die one day or other. The time of death of the person has great relevance to his or her family. If that person is the only bread earner, then it becomes still more important. Because in such an unforeseen event there is imminent danger of his family coming to street- literally. And if it happens at a very young age, when he is married and also has children to support, the life of family after his death will be horrible. To avoid such eventuality to occur in family, the preventive measure is to have a life insurance cover.
Further in India now the joint family system is almost coming to an end for various reasons, which has increased the need to have self financial planning. In the joint family system the other earning members of the family used to take care of deceased person's family and dependants as their own family members. However such kind of guarding umbrella is no more available.
Depending upon one's earning capacity and saving proportion one can select the insurance plan for longer period. While purchasing a life time policy one has to keep in mind that he should choose only than kind of plan where he can be comfortably paying the insurance premium without any problem. He should cross examine the plans floated and available in market from different insurance companies.
Fortunately due to opening of the insurance sector to foreign companies, the scene in India has changed a lot. Indian citizens have now the opportunity to prefer very good, competitive, transparent, reliable insurance products made available from private life insurance companies - like ICICI Prudential Life Insurance, India's Leading and Number One Private Life Insurance Company since inception. During the last nine years it has a very good growth rate and lacks of highly satisfied customers. The yield on their investment in the form of premium payment has been quite impressive. The service provided is simply unmatched...
Further if the person chooses to purchase a whole life policy at a very young age, then he also gets the same at a very cheaper price because of the very low mortality charges. As the age grows, the risk is considered increasing and the person is charged higher at higher age for the same life cover. So it is always beneficial to go in for very long time, term insurance policy immediately after joining service and getting settled.
Further the policies from ICICI Prudential Life Insurance Company provides opportunity to earn high returns along with covering desired risks. Therefore the attitude of people towards insurance has changed favorably - they have got a taste now that insurance product can also be a very good investment product in one's portfolio.
A word of caution to prudent people- never get lured by misleading advertisements like that of LIC- " Jindagi ke saath bhi, Jindagi ke baad bhi". It is absurd. No insured person desires that he should die and his family members benefit from it. We must concentrate on policies which provide maximum return during life time of insured- creates more wealth, generate good returns and rewards policy holder in very decent manner.
So always prefer highly comparative, transparent, reliable, affordable, and high yielding policies from ICICI Prudential Life Insurance Company in India.
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