INSURANCE AND ITS DIFFERENT FACETS
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by: Nail Brook
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Word Count: 867
Tsunami
is one such thing that insurance companies will never be able to forget in
their lifetime. It was one worst day in the history of mankind as well as for
insurance companies who had to shell out huge claims following that. The
figures show that the claim is expected to reach up to billion. The case
was even bad when the deadly Katrina Hurricane hit US. The claims are expected
to reach to a staggering billion and it is said that the year was the most
expensive year in the history of the insurance companies with
Tsunami and Katrina all happening in the same fiscal year. The impact of the
natural disaster certainly hit the insurance companies most of the big
insurance companies in
and
without any hassles. But this was marred by Tsunami.
Still the
insurance companies did not get affected that much as most of the parts of the
territories hit were not insured. In
Karnataka which were badly hit were not covered fully. It was then that the
Tamil Nadu government woke up and got the families and land covered under
various insurance schemes but till then the damage had been done. So what is
more important is what lesson have we learnt. We mean the Insurance Company and
the general public.
As for
the insurance companies as a result, insurance premiums have risen to record
levels. But insurance companies and regulators will already be on alert for
specialist insurers - for industries such as oil and gas - who may be
destabilized by the costs of the disaster. The exposure is said to be limited
to holiday resorts, personal accident, travel insurance and marine risks. For
general public in large it is in the best interest to get themselves insured.
For people living in areas prone to natural calamities it is very important
that they are covered by insurance. The cost of getting insured and the
benefits thereafter are far more then the actual cost. First and foremost
advantage is that it creates compulsory savings in the way of premiums that are
paid to insurance companies. Secondly asset protection this is one of the major
benefits of having an insurance policy because the kind of asset protection it
lends to all your valuable assets which may otherwise have not yielded any
returns had it been affected by natural calamities. Life insurance is the only
product that offers tailor made customized solutions for all your savings need
at all stages of life be it for yourself or for your loved ones.
Life Stage | Primary | Life |
Young | Asset | Wealth |
Young | Asset | Wealth |
Married | Children's | Education |
Middle | Planning | Retirement |
Across | Health | Health Insurance |
The above
table exemplifies at each stage the needs and how life insurance products can
help you achieve these goals. So next time when you are hit with any kind of
natural calamities please make sure that you are insured. It does not mean that
only those people who are affected by natural calamities should be covered with
insurance but also general people who work today in this highly stressful life
also need cover. Their cover is basically from the diseases arising out of this
highly stressful life and also most of the office goers are either traveling
through public transport vehicles or private vehicles and they also need cover
against unforeseen circumstances arising.
For more information on Life Insurance Products
that suits your needs do visit www.bharti-axalife.com
About the Author
Nail
Brook
Life insurance Company in
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