Page 24 - IC23 life insurance application

period. Spend now pay later is the present economy's Unique Sales Proposition

(USP).

The youngman who can see the bright future which is almost assured in a

developing economy-does not mind to borrow to live a home, a car or even a holiday

for which he pays as he goes along. The credit card facility has made spending

much easier as it is devoid of the pangs of cash transaction. Most young parents

take upon themselves a lot of liabilities which they hope to clear at a later date.

And this opens a rich market for an insurance agent. Most of the lending institutions

insist upon life insurance of the borrower so that they don't face problem in case the

borrower does not survive to repay the loan. It is also the interest of the borrower to

provide for the liability through adequate insurance so that the family is not deprived

of its enjoyment due to an unfortunate eventuality.

This pattern of spending is widely prevalent in the western countries fuelled by

plastic money and high income. May be this has triggered the insurance market so

much that almost 90% of the working population is insured. This is the pattern which

has been embraced by our young generation and therefore insurance agents must

appreciate this change and encash it.

5) Growing tribe of small entrepreneurs:

For a variety of reasons, the entrepreneurial spirit has seized the country. Youngmen

who were hitherto ensconed in high salaried jobs are coming away to start on their

own. They are a determined and a confident lot. Business ownership creates

additional personal life and health insurance needs for the owner as well as business

disposition problems , should the owner die or become disabled. Employee benefits,

Copyright Dr Rakesh Agarwal Sashi Publications Private Limited

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