How insurance can help you gain freedom from financial risks

August 13, 2021 1:23 PM

This Independence Day, be well informed and choose to be free of financial worries by covering your risks with insurance.

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The past year and a half have made the importance of being future-ready more important than ever before. It has made us pay heed to the fact that Illnesses, accidents, natural calamities, and other unwanted situations can occur anytime without any warning. And in the situation that we are faced with these unforeseen circumstances, it not only takes a toll on our emotional well-being but may also drain us financially. With some foresight and planning, especially for insurance-related choices, we can be free from such financial worries.

This Independence Day let us understand the significance of being free from the stress of any exigency turning into a financial crisis.

Why you should buy insurance?

The pandemic has highlighted the significance of securing risks through insurance and increased insurance awareness. Despite that, insurance penetration, on the whole, is still very low in the country. Though adequate and relevant insurance is the foundation of good financial health, people sometimes avoid it considering the complexity of the subject, not understanding one’s risks and so on. But it is time that you should understand that unexpected incidents and accidents can lead to major financial instability and put people or organisations in distress.

With this in mind, here are five tips on how insurance can help you:

Freedom from the stress of hospitalization expenses: In case of medical emergencies, we always scout for the best healthcare facilities for ourselves and our families. A comprehensive and adequate health cover will make quality healthcare accessible and during a health emergency, you can focus on your or your loved ones’ health and will not have to worry about finances.

Freedom from worrying about costs associated with any critical illnesses: Nowadays, lifestyle-related diseases are becoming commonplace and can have a devastating effect on self and family in the unfortunate event of being stricken down by any such condition. Considering such vulnerabilities, look at additional security by purchasing a Critical Illness policy on top of regular health insurance. These policies are affordable and will guarantee a lumpsum payment in the event of the insured person contracting any of the named critical illnesses covered.

Freedom from your and your family’s old-age worries: Providing a healthy and peaceful life to our parents is the aspiration of every child. You must not depend on an employer cover and not wait for a calamity or medical emergency to cover your parents adequately and in time.

Freedom from losses due to unforeseen events/calamities: While the pandemic and the increasing frequency of natural calamities are a constant reminder of the significance of having insurance cover for not just your health but home and businesses as well. Therefore, make it a point to consider insuring your home, its contents as well as your business assets.

Freedom from worrying about vehicle liabilities: While third-party motor insurance is mandatory in India, it will not cover you for loss or damage to your motor vehicle. Therefore, invest in a comprehensive motor insurance policy as well as important add-ons which will provide complete peace of mind.

This Independence Day, be well informed and choose to be free of financial worries by covering your risks with insurance.

by, Subramanyam Brahmajosyula, Head – Product development, SBI General Insurance

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