Along with saving and investing, people are slowly realising the importance of investing in their health and are foraying into the insurance market. Experts say, Insurance is finally being considered as an investment while earlier it was done only for tax-saving purposes.
Whenever a person starts getting financially stable, the first thought that crosses his/her mind is to save a generous amount each month. With the increase in financial education and financial inclusion, people have been finding ways of investing their money in either the stock market or in mutual funds, among others. Although both of these come with a high-risk factor, industry experts say people eventually look for higher returns.
Sanchit Malik, Co-Founder and CEO of Pazcare, says, “Investing is something which everybody wants to try but remains hesitant because of the risk involved. But since we have lived through a global pandemic, one thing it has taught us is the importance of our health. Taking care of our health is one thing which wasn’t even considered an investment till a couple of years back.”
Along with saving and investing, people are slowly realising the importance of investing in their health and are foraying into the insurance market. “Insurance is finally being considered as an investment while earlier it was done only for tax-saving purposes,” adds Malik.
According to multiple industry reports, the health insurance sector, in particular, has seen a sudden spike after the pandemic because people are slowly realising how important it is to have a safe backup option in case of any medical emergency.
“Invest in insurance to not lose the health and wealth that you have built up till now,” says Malik. He further adds, “With the ease of having insuretech platforms, it should be mandated to have an insurance policy, similar to having a PAN Card, for every individual to at least be self-insured.”
The amalgamation of insurance and technology has made many advances in the last decade as everything is online and easily accessible, people have started relying more on insurance. Experts say people have also started trusting the insurance market and know that their money is going towards their betterment.
Along with that, experts point out that the group health policies from employers also play a big role. “Every employer will want to make sure that their team is well taken care of. It is necessary as the employees will then be able to give their one hundred per cent to the organization when they are assured that their organization also caters to their needs.”
He further adds, “The job market has more or less become a barter system because the employer and the employee are both gaining something from their association. It has become integral for the growth of the individuals to be taken care of both personally and professionally.” Many times, it is seen that employers have a holistic approach to the employee benefits that they offer their employees, including comprehensive health insurance.
Experts say, a comprehensive health insurance package to get the recruits insured from day 1 is often aimed at by the up and coming organizations. The need to invest in a well-curated health insurance policy is the top priority among the organizations and the job-seekers.
Having said that, keep in mind only depending on an employers group health insurance policy is frowned upon by financial experts. One should always opt for basic individual health insurance or a top-up/super top-up health cover to be rightly insured.