A life insurance policy is a financial product whose core purpose is to secure the buyer from financial loss. The different types of life insurance policies provide financial support in times of need and life-altering eventualities. These include death, illness, accidents, injuries arising out of accidents, and so on. But how did life insurance, as we know it, come to exist, what can it influence, and how does it shape the many other aspects of life?
Here are five interesting facts about life insurance plans that will answer these questions and make you rethink your stance on the insurance industry being dry.
Did you know that the first life insurance company in India taught a thing or two about humanity and equality to the then-ruling British Raj? The insurance company called the Bombay Mutual Life Assurance Society was founded in 1870. It was the first to equalise the insurance premium rates charged to Indians.
At the time, Indians had to pay more money than those of British descent to insurers. Noticing this evident injustice, the first Indian life insurance company set this inequality straight by charging Indians the same rates as Britishers. Talk about making your own table!
The practice of insuring the body assets of famous personalities began in the 1920s. Did you know that you can protect your hands, legs, teeth, and even your voice? One of the first people to insure his body part was silent film actor Ben Turpin who got insurance for his trademark cross-eyed act and appearance.
In India, south icon Rajnikanth has insured his legendary voice. He has the right to receive compensation in case he loses it. Even India’s nightingale Lata Mangeshkar (before she passed) had insured her voice from damage.
Over the years, there has been a complete shift from offline life insurance coverage to digital modes. Part of this is due to the many benefits of life insurance the buyer can get from digital life insurance. Gone are the days when policyholders had to stand in long queues, fill out elaborate paperwork, and go down to the insurance office when something went wrong.
Digital life insurance has become the norm, with every process, including buying, renewing, and comparing life insurance, carried out from start to finish online. There are various 100% digital insurance companies as well, and almost every insurer has shifted its processes online.
In recent years, there has been an immense emphasis on mental health. Mental health is finally receiving the limelight it deserves after people realised nothing was worth their peace of mind and emotional health. Earlier, it was improbable to consider that life insurance plans would cover mental health issues.
But with the recent rise in conversations about mental health, the IRDAI ruling in 2018 that made mental health life insurance coverage a mandate, and the shift in recognising its importance by corporates and workplaces as well, some insurance companies now cover psychological disorders and the allied costs including recovery, therapy, diagnosis, and more.
The number of people that underestimated the benefits of life insurance before COVID-19 were many. It was only after the onset of a health crisis and pandemic that there was an upward trend in the purchase of life insurance plans, especially life and health insurance. More and more people realised the importance of having financial security during unprecedented times of crisis, and this fueled the purchase of different types of life insurance. This shift remained intact even after the subsiding of the pandemic.
These facts about life insurance go to show that even something as technical as the insurance industry can be interesting. Apart from being amusing, they serve as lessons and crucial reminders of how vital it is to protect yourself and your loved ones with a life insurance policy.
To know more, please read the relevant articles at our website PNB MetLife.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
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Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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