Updated: Feb 3
Why should we need one?.. It would be more appropriate if I said the other way.. Why shouldn't we need one? Since I was associated with one of the leading Insurance Companies for a considerable number of years, I came across all kinds of people each having different notions about life insurance. What is life insurance… Actually it is a contract between the insurance company and the policyholder where the company agrees to pay a certain amount on the maturity to the policy holder or to the nominee in case of untimely death of an insured person. It covers the risk of death of human life due to natural causes and accidents. The policyholder pays a premium to the insurance company to cover the risk of life.But very few people understood the true meaning of life insurance.
Most of my clients were more interested in the returns they would receive on maturity . Others would opt for insurance just to get tax benefits.They would often ask if on maturity they would get more rate of return as compared to other saving instruments. What' s more they would ask for shorter time period policies. Whereas life insurance is a long term contract generally lasting anywhere between 15 to 40 years. The longer term is always advisable.
Evidently everyone wants to enjoy the maturity returns during their lifetime. Life is uncertain. Eighty percent of people I came across were only interested in monetary gains from insurance . They gave it priority over their loved ones. They never felt that by getting their lives insured, they are actually securing the financial future of their families and loved ones in case of unfortunate events like death. They never realized the fact that life insurance would prevent their families from undergoing financial stress and agony, more so if they are financially dependent on them. They never paid any heed to it.
Times are uncertain. With a coronavirus pandemic hovering around,it is always worthwhile to get a life insurance policy. It not only ensures peace of mind but also looks after the financial needs of children and family when you are not around. There is always a plan to suit individual needs. Premiums are always pocket friendly. They don't cost much.
It's such an irony that the first thing people and relatives ask the family after the death of their loved one is ' did the deceased have a life insurance policy' without ever realizing the importance of it in their own lives. People value insurance only when they are caught in unexpected and undesirable situations.But what's the use of realizing when nothing can be done. I realized its importance only after becoming an insurance agent. I started the insurance work by getting the first insurance policy in my name.Being a single parent to my child it was all the more important. God forbid if something happens to me, his future would be safe and secure. People would spend thousands of rupees on clothes and undesirable things but would hesitate when it comes to insuring their lives. It's such a pity.
I had spent hours explaining the significance of life insurance to the people I met, only to hear a loud big ' No' from them at the end of the meeting. Even if somebody agreed it would be as if they are doing me a favour. I would get very frustrated at times.
I would come home and shout at my mom' I am not a beggar. I can' t stand people's behaviour. Maybe I am not suitable for this job. ' I had joined the insurance company because it gave me flexibility to work as per my convenience. As my child was small and he needed my attention. I always wanted to be financially independent although my parents never pressured me for work. I thought it would be easy to convince people initially.On the contrary, I found it very tiring and stressful work. It's not easy to convince people. And that's so true. But my mom would always inspire me by saying try a little harder. Don't lose hope. Have patience. Even the development officer at the insurance company, under whom I worked, would motivate me and say , ' That's the reason why you are here .You are into insurance to educate people about its significance as many are still ignorant'. For a developing nation like India, insurance plays a vital role in the economic progress of a country. It has a positive effect on the standard of living of the people.
I met people from all walks of life. Once my laundry man approached me to get his life insured. I was very excited and surprised at the same time. Out of curiosity I asked why he needed one. I even doubted his ability to pay a premium initially. But he innocently replied, ' My father died when I was just seven years old. I had four siblings. My mother had health issues and could not go out for work. Fortunately my father had taken out an insurance policy a couple of years back. The amount was sufficient to support the family financially. So I needed one for myself as I know even if I am not around, my family would not have to beg relatives for financial assistance. ' I was impressed. Even though he didn't earn well enough, he always made sure that he paid his premiums on time. Such was the respect he had for life insurance.
You don't need a mahoorat or auspicious time to purchase a life insurance policy. Any time is a good time as long as one falls within the insurable age limit...the sooner the better. This article of mine is a wake up call for all those who have been running away from it. Realize the value of life insurance before it's too late. It's a must have for everyone. And mark my words ' you will never regret your decision.' Lastly I want to applaud all the insurance agents for their commendable work of making people aware about the benefits of insurance. They have been working hard helping their clients and families in settling insurance claims all this while nonstop during the second wave of pandemic. Don't you think somewhere we failed to acknowledge their contributions towards the society?....