Insurance is the fundamental of the economy

 Insurance is the fundamental of the economy

While choosing insurance plans as an investment, we are doing the wrong approach on Personal Finance and really miss the meaning of Financial protection. The family which depends on the income of the individual is required to ensure insurance for that particular earning person. 

If the individual dies in an unforeseen circumstance, the sum assured will help the financially distressed family. Just as saving is good for a country, so too is insurance the absolute protection of a country. It is seen as a duty not only to the dependent family but also to the nation through protecting by insurance. This will reduce the financial burden on the state. The family is also moving towards economic self-sufficiency.

Instead of simply working, earning a living and spending on impulsive buying, it is essential to take action such as saving on income, buying insurance in the event of unforeseen. There is no alternative to a people of a country becoming self-sufficient by fulfilling on Personal Finance. 

Here are some of the insights through Insurance,

  • Higher household savings
  • Economic growth for the Nation
  • Safety and Security for the Individuals and Businesses
  • Support on Medical Emergency
  • Generate Long term financial resources
  • Positive for the Financial industry
  • Generate more jobs (Employment)
  • Spread the risk across various industry
  • Tax savings lead to liquidity for the Government.

All that has been said will give Financial Freedom to the every individual and reduce the dependence on Government.

Kindly share your views / comments with a smile :)

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