Thread on #insurance. Those who think Insurance is a scam, a scheme for milking money and et al. No am not saying that those who think this way are wrong but let me clear few misconceptions and myths on Insurance. Am part of this industry for a long time.
Health Insurance: If one doesn't have insurance, can he set aside a regular every month to provide for that rainy day, when money will be required to pay for health care. People in the very high income brackets, but people from lower income to upper middle income class, can they?
As an individual may be one can, but can you provide for a family of 4 to 6 including parents? And will that money that you set aside in a bank - does it not have opportunity cost?
Instead of saving Rs. 3 to 4 Lakhs per year (so that you have a financial cushion at the end of 5 years, is it not better to pay around Rs. 20k for a family of 4 and invest the remaining balance in an investment?
Other challenge: Medical Inflation is hovering at around 12 to 15% plus. And the current pandemic is witnessing a minimum expense of Rs. 3.00 to Rs. 3.50 Lakhs for hospitalization and medicines.
Have seen many lower income persons such as Taxi Drivers who have gone into deep debts because they could not afford their families' hospitalization (esp. operation charges).
Ask the people whose finances were not impacted by having Insurance. As people in business, whose business who were able to recuperate out of a Fire / Flood / Storm / Earthquake.
Insurance operates on the law of large numbers and probability - that losses of few are borne by many who are more fortunate. I have settled businesses that have been disrupted due to Fire, Riots (in Gujarat - lotsa them) and because of Insurance they have survived.
The money that Insurers get as premiums gets invested in markets through treasury operations and in that they support the economy.
#TradeCredit Insurance: These days, Export Houses are exposed to the risk of receivables - that is also insured to a large extent.
#TransitInsurance: Imports and Exports are supported by way of Transit Insurance. Your exports will come to a grinding halt but for insurance. Insurance and Banks play a key role in revolving of money.
Ask those families, where upon the passing away of the breadwinner, how #LIC has come to the rescue by dispersing funds very quickly. There are some excellent plans from LIC. How each considers them is a different point. And I respect it.
My thread is a gentle reminder that seeks to remove misconceptions and misunderstanding. Am ready to questions on Insurance especially Non Life. There are people in any system who constitute the black sheep but the entire system can't be called a scam or a fraud.
If by the example of few rotten politicians, if we call the political system a rotten one, then by the same token, we have a Narendra Modi, an Amit Shah, or an Annamalai or a Tejasiv Surya. We also had a Sushma Swaraj too. What do we call them?
Not many people know Lachit Borphukan, a great Ahom warrior who defeated Aurangazeb. Do you NDA awards Lachit Borphukan Gold Medal to the best cadet passing out of the Academy? November 24th is celebrated as #MahaveerLachitDiwas on the birth anniversary of this heroic son.
The Battle of Saraighat 1671 was known to be fought on the banks of Brahmaputra in Guwahati. Lachit Borphukan, recognised for an proficient strategist, was selected by the King of Ahom to be the commander-in-chief of the Army.
Led by the braveheart, the Ahom Atmu used tactics of guerilla warfare and wise terrain choices to come out victorious in the battle against the Mughals. When Lachit Borphukan got grievously injured, the Ahoms started withdrawing. It was then that their general Lachit said,
This is being shared with permission from a friend of mine!! For those who love play of words, cross words and like.
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The little boy looked at me with a haunted expression and said, *I see anagrams*.
My face turned pale. You mean, like word jumbles, I asked.
Yes, he said. He pointed to a sign and asked me what I saw. STOP I said.
He said, I see POTS. Sometimes, POST, or OPTS or TOPS.
God, I said, did you tell anyone?
Nobody will believe me, he said. I saw you solving a crossword, and thought you would understand.
Read that, I said, pointing at MEDICAL STORES.
DECIMAL TOSSER, he said.
And that, I said, pointing to a DICTIONARY.
INDICATORY, he said.
I gasped.
He pointed to a garbage man and said bag manager. He saw a poster of Britney Spears and said Presbyterians.
#friendships Sometime it happens instantly, the chemistry works, people become friends. But to make it last, we need to keep investing in them, in some ways - from both the sides. Friendship, that is not nurtured, dies like a plant that is not watered over a period of time.
I have lost friends over a period of time. There was one person, with whom I used to spend every sunday - the first half. We were in Gujarat, then. Used to go to movies, have something, and then have some lovely ice cream which was available only in Ahmedabad.
He got transferred and promised that he will be in touch. That was the last that I hear from him or about him. Checked with our common friends. He cut off from them too.
A big officer came to stay in the housing society, who had just retired.
This elderly big retired officer, shocked and disturbed, walking in the Society park every evening, looking at others with contempt and not talking to anyone.
One day he sat near an elderly one in the evening for a chat and then started sitting continuously with him.
His conversation was always the same topic. “I was such a big officer that one can’t imagine and don't ask, Here I have come in compulsion, etc. etc.”
That elder used to listen to him peacefully.
One day when the “retired” officer showed some signs of inquisitiveness in his eyes and some curiosity, the elderly listener finally gave him the true wisdom.