Insurance is important and imperative

The current Covid-19 global pandemic has reiterated the significance of human life, survival and healthcare. In unforeseen challenges like this, it has become imperative for us to shield ourselves from all types of known and unknown risks. Insurance cover is one such safety net that protects us against total financial loss. I realised the importance of having multiple and comprehensive insurances at an early age. Later, I understood that the decision taken at the right time proved to be a prudent one.

In 1999 I had five warehouses in Dubai to store those commodities imported from India. Out of them, four were located in the same compound and the fifth was located nearby in another compound along with other trader's warehouses. I would visit frequently and sometimes play cricket with our workers during lunch hours. One day we had played as usual and I returned to my work. I sat in the office, which was a temporarily erected room. As I was inspecting the documents, an ear-splitting sound of a powerful explosion was suddenly heard from outside. After a few seconds, something heavy dashed along the walls of our warehouse. I ran out to see what had happened and was stuck to the spot. There had been a huge explosion in the adjacent compound and nearly 17 warehouses, including ours, had caught fire. In a few minutes, that fire turned into an inferno. The reason behind the explosion was that a neighbour had stored firecrackers in his warehouse and a little unexpected spark had caused the blast. The blast and the fire were so powerful that they destroyed everything we had stored in our warehouses.

Had I not insured my warehouses and the stock, I would have lost everything and been expelled from the business - thanks to my father's advice. He had long back insisted on purchasing a general insurance policy for our properties with priority. When my claim was settled, I got most of the compensation against damage and my business survived with that amount. This incident inspired me to purchase other categories of insurance like life insurance, vehicle insurance, and health insurance. After some years, when I suffered from a prolonged illness, my medical insurance cover compensated all the expenses of medications, tests, surgeries and hospitalization. I understood then the importance and potential of having an insurance cover. I secured and covered not only my family members but all the employees of our group with life insurance and medical insurance, which benefitted them a lot.

Friends, life has become uncertain with the ongoing rise in inflation, expenses and risks. If we are the sole breadwinner in our family, insurance cover for everyone is a must as calamities truly come uninvited. Besides, insurance gives us a feeling of security and peace of mind. I like a quote by Indian spiritual leader Sri Sathya Sai Baba - The grace of God is like insurance. It will help you in your time of need without any limit.

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