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Insurance Acts as Invisible Money

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May 18, 2018

It is easy for someone to spend hundred rupees on a cup of coffee, or even thousand rupees on a brand-new pair of shoes. Most people won't bat an eyelid before buying an expensive watch or even splurging on a luxury car. Of course, there is the added thrill attached to buying something new. But, if you ask the same people if they have spent even a small fraction of the amount towards the insurance needed to protect it, you'll almost always hear a resounding NO!

So, why the lack of fulfilment when buying insurance products? Well, unlike the aforementioned examples, you can't necessarily see, feel or touch the importance of insurance right away. Hence, instant gratification is hard to come by.

When it comes to buying products - wouldn't you much rather buy something you can feel and touch versus an emotion? In a similar way, insurance is sometimes not understood by a lot of people as they are unable to hold the protection that it offers. However, when you really need it, insurance offers you safety unlike anything you've ever experienced before.

The real strength of insurance usually comes to light after some sort of loss. This is when insurance swings into action - when you need it the most. Irrespective of the reason behind the loss, having insurance will secure your peace of mind and provide relief from dipping into your earmarked savings.

"Insurance is an invisible product, until one day, it isn't."

Once we buy insurance, we don't get any sort of safety net that we can actually touch. Instead, we get an e-mail with policy wordings, some of which we may not understand. Every year, you'll put money into your insurance, paying your premiums with due diligence, even though there's no tangible benefit to any of this. In certain cases, people may even feel like they're putting money into a black hole, and they're likely to never see their precious money ever again.

Just when people have convinced themselves that insurance absolutely isn't worth it, tragedy strikes. An accident could take a family member to the hospital, or you could lose a loved one in the blink of an eye. Suddenly, the insurance you had deemed absolutely worthless has come to your rescue. It may have been invisible before, but not anymore. As your loved one recovers and gets back on their feet, their medical bills will be taken care of by insurance. While you come to terms with living life without your spouse by your side, insurance will be there for you, providing you with financial stability during a truly difficult time in your life.

With all of this in mind, doesn't it make far more sense to spend some of your hard-earned money on peace of mind? If you're ready to secure your financial future, and the future of your loved ones, here are a few things you need to ask yourself and your insurance provider:

  • What does my policy cover?
  • What are the limitations or exclusions in my policy that I need to be aware of?
  • How can I better protect my loved ones?
  • How much financial relief can I provide my family in my absence?

While these maybe just a few questions you could be asking, they will get you moving in the right direction - and that could be worth a lot more than a cup of coffee.

Remember, insurance acts like invisible money - you can't always see it, but it will be there when you need it the most.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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