WHY YOU NEED ADEQUATE INSURANCE

In the recent accident that took place on Elphinstone road station 22 people lost their lives and 35 people were injured. In light of the accident, there are numerous rants and outrages about the government failing us, being irresponsible, not doing their duty, etc.

The 22 people who lost their lives are sanctioned 5 lakhs each by the CM of Maharashtra but is 5 lakhs enough if they were the bread winners of their families?

With a spec of doubt and any debate we all can agree that 5 lakhs for the dependent of the deceased is not enough, we also can’t expect the government to go higher than 5 lakhs.

Debates are on about how the government failed us but if something were to happen to you today, are you sure that you haven’t failed your dependents? In india only 5% people have adequate insurance so only their families won’t suffer from financial loss while dealing with emotional loss.

The government only declared 5 lakhs for the people who lost their lives, what about the injured people?

In Mumbai 23,468 accidents were reported which was the highest in the country. I hope not but if you do meet with an accident tomorrow and you are among the very few who have medical insurance, it will only cover your hospitalization bills.

Have your planned about the loss of income during your recovery period?

What if you get partial disability?

What if the accident causes damage to your ability to have same income as before?

In my personal experience I have seen people having an attitude of “I’m fit and fine, why do I need insurance?”, so were the people who unluckily were at Elphinstone station that day. The insurance is not for you or your return of investments, its solely for the financial safety of your dependents.

As of today, I can say that people in early 20’s who have zero dependents have more insurance cover than people in 30’s and 40’s who genuinely need to have good insurance cover.

You need the following in the same order of priority.

1)     Adequate Life Insurance

2)     Adequate Medical Insurance

3)     Adequate Personal Accident Insurance

Just having an insurance won’t serve the purpose, you need to have adequate insurance which means you have to review them every once a year or once in two years.

The government changes once every five years and will always have pros and cons and has no liability once they are out of power but you are constantly responsible for your dependents even if you have untimely death so the government can afford to fail in its responsibilities and duties, you definitely can’t.