Busy life, busy streets and we all want to secure our future, secure family dreams and secure everything that is precious in our life. That’s where we opt for insurance and protection. Smart are all those people who have taken the bold decision to buy insurance and protect values/ dreams. Most people must have taken term insurance plans, health insurance plans, car insurance, two-wheeler insurance. These are absolute necessity in day today life. Apart from these four, many must have planned and opted for personal insurance cover, critical illness covers and insurance linked saving plans.
Depending on our needs and life goals we all have opted for insurance. Some of us must have bought it due to sales push by their agents or banks or finance companies. Whichever form you have purchased knowing or unknowingly, buying insurance is a great investment and protection plan.
Some pay onetime premium but most opt for annual premium payment. However, when it comes to paying renewal/ annual premium we all evaluate the cost. While decision has been taken long back, we all get hassled due to increase in premium which happens most of the time. Renewal premiums increase for many reasons, may be cost of reinsurance has gone high, may be due to a lot of claims which the industry has not seen before or predicted, may be due to increased future cost predictions, increase in taxes etc.
While we have little control over such instances, what we immediately do is, think not to pay the renewal premium/ do not renew/ look for new policies at reduced cost or reduced cover. Why is your mind thinking all these when you have taken the right decision?
Now take step back and look around you. Inflation is there in everything and everywhere. The price of petrol has gone up but we still use our car, price of airfares have gone up but we have not stopped flying, hotel stay cost have gone up but we still go on holiday. If you look minutely you will understand that cost of all our luxury has gone up. Price of cigarettes have jumped, so is the price of liquor but we never bothered here to cut down and save cost. We pay in lakhs now for buying smart phones and we do not think as we want the latest.
When our other avoidable expenses have gone up silently, why are you thinking so much on the must have expenditure ? Do not think so much whether to continue on your smart decisions or not. Rather never ever miss any insurance renewals.
