Today’s lifestyle and elaborate financial world is making us more prone to risks that were not even assumed to exist in the olden days. The non-life (general) segment of the insurance sector offers a plethora of options to choose from to insure a person or his needs from head-to-toe. However, one must have an eye to recognise the risks he faces that can be insured but that cannot be reduced or mitigated. Insurance is an important element of financial planning. However, more so as a risk-management tool rather than an investment.

It is in one’s own interest to secure and insure his health, wealth and property. Tracing back in time for a few years, insurance policy was considered to be useful to safeguard the revenues in the future. However, in this day and age, the mounting risk of financial uncertainties makes it necessary to have an insurance cover.

The main reason to insure ones interest is protection against future financial losses. It offers the insured a peace-of-mind to help him achieve a higher productivity. It helps to attain a sense of security that he will remain safe from financial hardship (expect deductibles and co-pay, to be explained further). These hardships could be the result of theft, loss of income or medical emergencies. When insured with covers like Medi-Claim and Personal Accident, it helps to remain self-dependent. Especially for senior and retired citizens, whose medical expenses gain a lot of attention, insurance is a good brace. Furthermore, it motivates welfare of employees and helps as a strong support for business continuation. It also acts as a savior from re-adjustment needs at the time of occurrence of an event that result in severe losses.