All of us know that a human being is an income generating asset. No matter whether one is uneducated or highly educated, every human being has some inherent ability to generate income in one or the other way. An uneducated coolie at railway station generates income by carrying luggage over their heads. A well-educated employee of any organization generates income by doing some paper works in their offices. Income is usually generated with some skills and abilities that one possesses. These skills or abilities are therefore considered as ‘Assets’. The value of these assets is measured by analyzing the income produced by a working individual.

Now suppose, a man (one who doesn’t have any government or stable job) knows the art of repairing mobiles suffers a serious accident. This uncertain catastrophic event has put full stop on his earning ability for a time being. God forbids if he loses any of his hands in the accident then he is barred for his entire lifetime from generating any income through his business of mobile repairing. The chances were also that he could have also died in the accident. Such terrible life-shattering event may then start taking toll of not only him but also his entire family who is dependent on him for their survival. He and his dependent family will not be able to fulfill their daily and occasional needs like fooding, clothing, school fees, electricity bill, water bill, house rent, medical bills, etc.

Being rendered disable for lifetime is not a good sign for his family’s further survival as their only source of income is no more in a position to earn for them. The economic condition of the family is thus seriously affected. And unless other viable financial arrangements are made available for their sustenance, they would be forced to live the life of penury and misery. Such viable financial arrangement could have been made possible if that man had taken some insurance in the past! If that man had really taken the concept of insurance seriously in his life! But how would he or his family feel if the man receives substantial compensation from an insurance company for his medical expenses (only possible if he had taken some insurance in the past). And since the man didn’t take any insurance so the happiness and joys will come to a sorry and pathetic end. Having known the uncertainty of the risks in the form of accident, sickness, disability and death that one could face at any time of one’s life, it becomes essentially compulsory to get one’s life insured.

In India, owing to the flawed management of country, prevailing cancer of corruption and willfully-imposed social discrepancies, the financial life of a commoner is under serious threat. The main problem is not that of poverty but it is the immature and wicked administration that doesn’t want to do anything serious for the underprivileged and the downtrodden. In such political and social crises, insurance can become our only hope and only stay during our lean times. Insurance can become our savior and relief when our income generating ability comes under the attack of some casualty or any unknown life event. Insurance can also come to our rescue during hospitalization, burglary, theft, breakdowns, earthquakes, floods, fire, or any peril that does financial damage to our life and also to the assets possessed by us.

Assets are the things that have financial value to us. These are insured so that we could get some financial compensation in case they are destroyed or made non-functional before their expected lifetime. One’s income-generating skill, one’s possessions like house, motor car, laptops, etc, one’s business setup like factory, etc, one’s land, and many other things that have some inherent financial value in them are assets. Damage or risk to damage may come through accidental or natural occurrences. These events are unpredictable like the timing of our death. Such accidental occurrences are called perils. Breakdown, flood, theft, burglary, fire, earthquake, lightning, etc, are perils.

Friends, since no one knows what is in store for us in the coming time, no one knows whether we will be able to maintain our earning ability or not, and also whether we will be able to look after the happiness and the needs of our families or not, I therefore request you to think seriously about taking the benefits of having insurance in your life. It can play a major role in keeping smiles on the faces of our loved ones- here and hereafter.

Let us know why one should have insurance policy during one’s lifetime:
1. As a safeguard against some future threat to one’s income-generating skill or ability.
2. As a source of safety, security and comfort of one’s family in case one has to meet a sudden death.
3. As a financial security in the form of compensation in case one faces damage to one’s assets.
4. As a complimentary tool to raise one’s standard of living.
5. As a shield against unpredictable risks (fire, earthquake, accident, flood, etc) in life.
6. As a future protection for one’s family’s needs, comfort and convenience.
7. As an instrument to preserve the value of human life.
8. As a faithful friend to save one’s business from getting severely ruined.
9. As a document of surety for taking loan from any bank.
10.As an asset in the form of financial value it entails.

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