Page 23 - Insurance Times October 2023
P. 23
Financial Planning in
General Insurance:
Ensuring Security and
Binita Shah
Stability Head Cross-sell and Banking Business
Anand Rathi Insurance Brokers Ltd.
Financial planning in general insurance begins with a comprehensive assessment of risks. This
involves evaluating potential threats to personal or business assets including various aspects of
lifestyle or potential associated risk, assets, personal belongings, property, vehicles, travel
(domestic/international), health (evaluate current health status or any existing medical conditions)
and liability.
Introduction: comprehensive assessment of risks. This involves
evaluating potential threats to personal or business
Financial planning is a crucial aspect of modern life,
encompassing various domains to secure one's financial well- assets including various aspects of lifestyle or potential
being. In the realm of insurance, financial planning plays a associated risk, assets, personal belongings, property,
vital role in safeguarding individuals, businesses, and assets vehicles, travel (domestic/international), health
against unforeseen risks and uncertainties. This article (evaluate current health status or any existing medical
explores the significance of financial planning in the context conditions) and liability. By identifying these risks,
individuals and organizations can determine the type
of general insurance, emphasizing its role in providing security
and stability. and level of insurance coverage needed to protect their
interests.
I. Understanding General Insurance:
2. Customized Coverage:
General insurance, also known as non-life insurance,
encompasses a wide range of policies designed to protect A crucial aspect of financial planning in general insurance
against losses and damages. These policies cover various is tailoring policies to specific needs. Insurance plans
should align with an individual's or business's unique
aspects of life, including property, vehicles, travel, health,
and liability. General insurance policies are essential to circumstances. Financial planners work closely with
clients to select the right policies, ensuring that they are
mitigate the financial impact of unexpected events, such as
neither over-insured nor under-insured.
accidents, natural disasters, theft, and legal liabilities.
II. The Importance of Financial Planning 3. Budgeting for Premiums:
Insurance premiums are a regular expense, and effective
in General Insurance: financial planning includes budgeting for these payments.
1. Risk Assessment: Planners help clients allocate funds for insurance
Financial planning in general insurance begins with a premiums while maintaining overall financial stability.
22 October 2023 The Insurance Times