The complexity of the world and the limits of human foresight means that not everything can be controlled or planned for. But we can transfer some of the risk/mitigate the financial risk by buying a life and a health insurance. The earlier we insure ourselves the better as rising costs can burn a hole in one’s pocket.
Insurance premiums on an average in India have increased by 25-30% over the last three years and we have one of the highest medical inflation in the world at 14%.1 Setting aside some emergency buffer for healthcare expenses needs thus is a necessity. Most working professionals in India are covered by their employers through health and life insurance but rising inflation also necessitates having additional cover if one is in job transition or there is a unforeseen loss of employment.
The covid pandemic acted as a catalyst for ushering in a sense of awareness of having a health/life insurance to protect our loved ones against life’s unforeseen emergencies. IRDAI data shows that India’s insurance penetration was 4% of the GDP in 2022-23, which implies we have a long way to go. Even before one begins her investment journey for fulfilling long term goals, it is essential to create a financial back up with health and life insurance to support the family.
Diese Geschichte stammt aus der January 2025-Ausgabe von Investors India.
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Diese Geschichte stammt aus der January 2025-Ausgabe von Investors India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
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