Today in this post I am going to tell you about Importance of Life Insurance. How is insurance beneficial for our business? Is our insurance beneficial for our country and society?
Insurance has become an essential part of the society nowadays. Because a person considers insurance to be free from all the problems by doing insurance. That is why the insurance business will be so popular as never before. It has become necessary to get insurance done for some work. Nowadays, when any person joins a job in a company, before that his life insurance, medical insurance and many other types of insurance are also done.
Importance of Life Insurance
We can understand the benefits of insurance and its import from insurance in different areas in the following way.
1. Business Benefits from Insurance
Protection against business risks
Every business person gets the insurance of his company, farm, factory and the machinery installed in it. So that the insurance work gets a kind of protection in the insurance. All the risks in the business, the insurance company takes all those risks on itself. In this way, a person doing business is constantly running his business and without any problem, he is busy in his work and also has to earn more profit.
Capital Protection
To start a business, the most important is its capital. A business runs with the help of this capital. Be it a small scale business or a big scale business, every business has capital, and the life of the business depends on the protection of the capital. When the property of the business which is capitalized by the accidental accident, if it gets damaged, then the insurance completes it and prevents the business from breaking down.
Growth in business branch
When any businessman gets his own insurance done and also gets his business insured, there is also an increase in his business branch. That business mind gets a loan easily. Credits include raw material for production. Many insurance companies provide insurance by keeping the insurance policy as a security.
Partnership Business Gets Special Benefit
If a partner dies in a partner ship business, the capital of that deceased partner’s share is to be paid to his successor officer without any delay. This requires a free-for-all amount, which the business faces financial difficulties when it is exited from the stock. But if the partner’s joint life insurance is happening, such a problem does not come because the insurance company From the money received or the problem is solved.
Benefit to Mill Owners
Owners of every mill and factory have 2 types of benefits from insurance.
First: This mill and factory owner has insured every machine installed in his mill and factory, if any type of damage occurs in these machinery due to an accident, then this owner will be able to compensate the damage of these machines. Insurance can claim in the company and can take a vibration session.
Second : The labor working in the factory or mill also gets insurance, while working in the factory or mill, if there is any loss to these workers due to an accident such as a hand fracture, or any such accident, then they can claim their accident. The base can get additional compensation.
2. Society Benefits from Insurance
Insurance is also proof that there has been a lot of development in human civilization. Now-a-days, not only the person thinks of the present but also thinks about the future and is also aware of it. Every person gets his life insurance so that if he suffers any loss due to an accident, he can claim compensation from the insurance company. Importance of Life Insurance for Society is very big.
3. Sense of Responsibility
Insurance extends to carry on the spirit of uttara-obligation in society. Every person pays the insurance policy premium from his present salary for the protection of his family’s future. The result of which is that all the members of the family are always ready to fulfill their obligation towards him.
If the person who gets the insurance dies, then his family gets a huge financial help.
4. Industrial Development
The insurance company has an important role in industrial development. The money the insurance company takes as a premium from the insured persons, it invests that money in the country’s industries, so that the country does not have to wander around for financial help and their duration is constant.
Equal division of losses – Another benefit of insurance company is that if any person suffers any kind of loss from an accidental accident, then his burden is not shared on one person or organization and shared in many members of society. is. The insurance company takes premium from many individuals, the insurance company shares the risk with this premium. This is a Main Factor of Importance of Life Insurance.
Suppose if a person dies in an accident, then compensation will be done to that person from the money deposited by all these members, the insurance company does not give anything from them.
5. Personal gain
Loan Facility
The main benefit of getting insurance is also that the insured person can also take a loan from the bank. If any person has got his insurance or his property insured, and he wants to take a loan for some work, then the person has to fill the loan form in the bank to take the loan and also the insurance policy along with the document Will have to be engaged and also write the insurance policy number in the form as well. The bank can take that insurance policy as security and give the loan to the person taking the loan.
Security
Importance of Life Insurance: Protection – Insurance provides protection from risk to individuals. If any person suffers a serious loss due to an accident, then the insurance company provides protection to that person. Compensates that person so that that person has some financial help.
Savings
Saving-insurance is also a kind of saving for the present and future of a person. Every person plans his old age, how will he live his life in his old age. Because every person does everything in Young-Age, but it is very difficult to do his work in Old Age. So in such a situation, every person thinks that his retirement time is very close, for this, every person is saving for old age through insurance.
Freedom from worries
Insurance also frees a person from his worries. Every person gets his insurance done and gets rid of the anxieties of the present and the future. He has a belief that he has got the insurance done and the loss in the present or future will be repaid by the insurance company, as according to the insurance policy he continues to pay premium to the insurance company.
Tax relief
Every person gets insurance also, so that he can also get tax relaxation. According to the tax, the income tax officer at the time of tax check deducts some percentage of the total income from the total income, after which tax is imposed on the income.
5. The Benefit of the Nation
The country gets a lot of profit from the insurance company. Because insurance companies need to invest a part of their funds in government securities, due to which government gets a lot of money easily in credit. Apart from this, the government also gets foreign currency from the insurance company.
