Today I will start with a small real-life story that touched me so much, painfully though. (This was a write-up I made for Navratri Festival.)
She is “M”; married with two sons and was working for the retired personnel of the Armed Forces. I proudly manage her Investment Portfolio.
Me: “Want to meet you, Ma’am”
“M”: “Come over at 12:45hrs, I will wait for you”
The moment I walk inside her office, “M” will open her bag to pull out her lunch box. Without using a buzzer, her staff walks in with cutlery for two people. She shares lunch with so much love and affection. Next 1 hour we engage ourselves in animated talks about life, kids, and our work. Last 5 min, I do the work for which I have come to meet her.
This ritual happens every time I meet her. On 28 May 2020 “M” left everyone for her eternal abode. When I got the call at 4 am informing the Devil Covid19 had taken her away, I was devastated, frozen, and felt amputated.
She left a lot of things unfinished. One of them was Rs. 2 Crore Home Loan without an Insurance cover. This matter hurt me so much more as an Insurance Advisor. The maximum I could do was get the family an amount of Rs. 3, 00,000/- from the SIP-Insure that I have done for her. It was peanuts in money terms to the mounted debt.
What does Insurance mean?
Is it an Income or a Protection? or is it supposed to be best used as Protection against probable Loss of Income?
The purpose of Insurance is lost in translation. The concept of protection takes a back seat. Mostly due to the mindset we have.
Clients (1): I want my whole money back on maturity.
This prompts the Advisor to give you Rs. 5 Lakhs Money Back Insurance Policy at a premium of Rs. 25000/pa instead of Rs. 1 Crore Term Insurance at Rs. 15000/pa
Clients (2): Nothing will happen to me. I work out daily and my company covers me.
This prompts the Advisor to think that “You Know Everything”. So you stay Under-Insured in Life and Health costing dearly when that “Nothing” changes to “Something” unfortunately happens
Clients (3): I will do it next year. I am too young to have insurance. Let me enjoy life now.
This prompts the Advisor to think that “You are Super Rich, Cool, and Well Supported by Family”. Your wealth and health are left unprotected.
Clients (4): Why should I buy Mediclaim Policy for my kids and siblings and parents?
This prompts the Advisor to think that “You don’t care for the family”. Why spoil his relationship with you.
If you are in any one category mentioned above, you need to relook at your attitude toward insurance.
“Insurance is a pure form of love in paper format. By that yardstick, Expression of Love is Protection.*
Not having adequate insurance either for your life or health is a permanent Code Blue situation. Your Blue sky could turn cloudy and dark. You will lose the power to buy a Garden Vareli Blue sari or your favourite Blue colour SUV in the near future.
The bottom line is “An unprotected wealth is not a healthy wealth plan at all”. Every day is an occasion to plan and pray for Peace and Prosperity and take action accordingly. Yourself with Health Insurance and protect your wealth with Term Plan.
Founder & CMD, Trackfinder Financial Consultancy
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