– Santosh Acharya
Food, shelter, and clothing are considered essential necessities for human survival. However, in today’s changing modern times, even after these essential needs are met, it is necessary to keep oneself and one’s dependent family alive. Life insurance is a means of providing financial security for this.
In general, life insurance refers to a financial contract between the insured and the insurer. In which the insured pays a certain insurance premium, and the insurer agrees to pay a certain amount to the insured’s family if the insured dies within the insurance period or to the insured himself after the insurance period ends.
Death is an eternal truth. A person who is born will definitely die one day. However, its time is uncertain. This type of uncertainty creates great financial insecurity and risk for the dependent family. Life insurance is related to the task of providing assurance against various types of financial uncertainties that have occurred and may occur in a person’s life.
Similarly, nowadays, additional supplementary contract facilities (rider benefits) are provided by insurance companies. Subject to the conditions, it has been facilitating and providing treatment expense services to reduce the harsh reality of Nepali society, which is the huge amount of money required to treat a fatal disease as per the Critical Illness Protection Plan, which has forced the Nepali society to sell its assets earned throughout its life and even sell its ancestral movable assets.
Similarly, some life insurance companies have been providing medical expense facilities up to a maximum of 100,000 in the personal injury accident facility. In case of complete disability due to an accident, many other facilities such as monthly expenses facility are provided to the insured during his own lifetime as mentioned in the contract.
Therefore, the attractive facilities provided by Nepali insurance companies these days have changed the traditional perception of life insurance. Now life insurance is not only a security after death, but also a solution to the problem of being deprived of quality treatment due to financial crisis. Due to the treatment expense facility, the insured can get excellent health care at the time of need, which reduces the financial burden and gives peace of mind. In this way, life insurance has become not only a security shield, but also a reliable financial partner that helps in living a healthy and safe life.
Generally speaking, in Nepali society, the income of the head of the family is the main source of livelihood for the rest of the family members. The main foundation for building the future of the children of the family is also the income of the head of the family. As long as he is alive, he takes responsibility for all the financial expenses and provides financial protection. He considers it his main duty to feed the entire family even if he is half-eaten. The rest of the family members also know that the family cannot survive without him. Therefore, the person who earns the main income of the family is the foundation of the survival of the entire family.
The main pillar of the family, who will be the breadwinner of the entire family while he is alive, should first consider who will take responsibility for the upkeep of my family and the future of my children in my absence? Who will support my family when it goes through a financial crisis? Whatever happens after death, according to the Nepali proverb, ‘Marapuri Dumai Raja’ means that a responsible person will think from the beginning. In his absence, he should think in time so that his family does not suffer any pain in every step, every safe place, every breath and every cloth.
Should we think in time about what to do if it is our turn to die due to various reasons and have some foresight to provide some financial relief in his absence? Yes, life insurance is the scientific solution to the solution of self while we are alive and self when we are not alive. Therefore, it is said that life insurance is a blessing while you are alive and a grant to your loved ones with compensation after death when you are not alive.
Why has life insurance become mandatory?
##Financial security and stability
Life insurance has become indispensable in today’s era to protect the family from financial burden in case of sudden death, accident or serious illness. As people grow older, potential factors for diseases such as sugar, pressure, and thyroid appear in every home. Which requires monthly medication to control. These medical expenses have now become an integral part of lifestyle, not just an additional expense.
However, as such necessary expenses increase day by day, it is becoming difficult to manage with regular income. Although Nepali society still does not pay close attention to this issue, timely life insurance provides financial stability in the future through a lump sum payment. It not only helps to face emergencies, but also helps to build a worry-free future by ensuring financial security.
Solutions to problems that may arise in a person’s life cycle
Various financial challenges can arise in the human life cycle. If a person passes away before the average age, his family may have to face a serious financial crisis. Similarly, living beyond the average lifespan may require additional financial resources for additional health care, special nutrition, medication, and other necessary facilities. Also, if the main earner becomes dependent due to an accident, the financial stability of the family can be seriously affected.
Life insurance is an effective way to stay safe from such uncertain situations. It helps to provide financial security and a secure future to the family by minimizing financial risks.
Future Assurance
Life insurance provides a secure foundation for education, health, marriage, old age, and emergency expenses, ensuring a bright future. It creates an opportunity to become self-reliant at every important stage of life while maintaining financial stability.
Effective investment option
Insurance companies provide long-term benefits by using the insured person’s premium in safe investments. This provides long-term assurance of investment when the investment is made only in specified places as per the instructions received from the regulatory body Insurance Authority and its direct supervision.
Loans and Emergency Assistance
After completing 3 years of annual insurance premium payment from a life insurance company, you can take a loan without any hassle, without any additional fees, and without pledging any movable or immovable property, but only against the collateral of the insurance policy, making it an easy solution in case of financial crisis.
In Conclusion
In the modern scientific 21st century, life insurance is no longer a luxury but has become the fourth essential necessity after food, shelter, and clothing. To secure the future of the family and reduce the financial burden in emergencies, every person should take life insurance. Let’s choose the right plan today and ensure a secure future for ourselves and our family.
(The author is the Branch Head of Acharya Himalayan Life Insurance Biratnagar Branch.)
