In our society men are generally given the responsibility of taking financial decisions. Men are always found concerned about accumulating a sufficient amount of finances to provide a rich and comfortable life to their parents, spouse and kids. Also, they are the one who is supposed to be always ready to meet the financial needs of the family members at the time of any medical emergency, for kids’ education, marriages and financial stability of their spouse.
One thing that helps men in ensuring that there is enough corps for all these situations is Insurance. There are different natures of insurance schemes available in the market to fulfill the financial needs in different scenarios. However, insurance, being a complex subject, is always neglected. Therefore, our Best for Him podcast invited an insurance expert – Mr. Naval Goel Founder & CEO, PolicyX.com who simplified insurance for men in conversation with our anchor Bhawana.
Calling it a historic phenomenon, Naval shared that ‘despite the changing scenario where females are equal contributors in finances, Men are historically kept responsible for the financial well-being of the family, where the entire family depends on the income of the male members.’
But what kind of insurance plan is important for males? Responding to this, Naval explained, “There are 2 types of insurance plans – Health Insurance and Life Insurance and both are critical for them. Health insurance is important for them to get access to the medical facilities at the time of the medical emergencies with its cashless facility. Life insurance is basically designed as a mechanism to replace the income in case an unfortunate incident happens to the males”.
While in todays’ corporate job scenario, men are mostly provided insurance from their offices, however, Naval said that ‘corporate insurance can be inadequate at times which might not be able to fulfill the larger bases of needs of their families. Moreover, considering the medical inflation, the corporate insurance that comes in a limited amount may not be sufficient to meet the expenses of hospitalization’. Therefore, Naval instigated listeners to evaluate their responsibilities, needs and expenses and decide the sum insured amount to fulfill them.
Highlighting another factor that calls for insurance urgently is the accident. As men travel for work every day to the office or another city or even country carrying a huge risk of life. Thus, health insurance, life insurance as well as personal accident policy can be really helpful for men to ensure that their families don’t suffer for funds in case they meet with an accident, assets Naval.
Breaking the myth that buying insurance is hard, Naval explains that ‘with the advent of digitization, it is quite easy and quick to buy insurance via insurance web aggregators as they provide you complete knowledge, pre & post-sales services and ensure that your claims are settled on time without letting your families suffer’.