Insurance a vital need

Human life is uncertain. Therefore, to safeguard our dependents, insurance is a vital need for their existence.

The institutions engaged in leasing of vehicles and property mortgages, insist that insurance cover is taken for the assets against theft, damage to safeguard the interest of their clients as well as to compensate the lending institutions.

Having known the advantages and the value of insurance, the public and various organizations show interest in covering their assets which has gained professional recognition in the society.

The benefits of insurance are:

* Peace of mind for all - You are free from fear of any calamities, since your valuable assets are protected by insurance covers.

* To minimize losses - Recover the loss. Insurance is to indemnify the policy holder restoring his financial losses and reviving his/her position.

* Social benefits - Safe environment paves way for safer thoughts and improves the living standards etc.

Over the past 30 years we have experienced several natural disasters. The tsunami devastation December 26, 2004, where many lost their lives and millions worth of property was damaged.

Insurance companies played a major role in reimbursing the losses of the insured and in settling claims worth millions, which helped recoup their losses. Insurance companies have been the saviour to make good the damage suffered by those affected by terrorism and natural disasters by settling claims worth billions of rupees to re-start their businesses.