5 Interesting Facts About Insurance in India
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.
1. The first life insurance company in India was a revolution in itself.
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!
2. Famous personalities can insure their body parts and talents.
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.
3. The rise in digital life insurance coverage is ground-breaking.
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.
4. Life insurance plans also cover mental ailments now.
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.
5. COVID-19 fueled the demand for a life insurance policy.
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 www.pnbmetlife.com.
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.
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