Page 31 - IC23 life insurance application

3.These needs are hierarchical in nature and would drive you for satisfaction in that

order. So long the lower needs are not satisfied, the higher needs do not push very

hard.

4.As one ascends this hierarchy, there are varieties of options available. However

not so many options are available to satisfy the basic needs.

These needs can be represented in a pyramidical structure. The fundamental needs

are at the base. After these are satisfied, one rises to the higher step. Once you

appreciate how important are these needs, you shall realize that insurance can be

used as a means to satisfy these needs. It is rightly said that insurance deserves the

first money, for it guarantees the satisfaction of the basic needs. Having adequately

provided for these, one can go to next step to earn self esteem and to realize one’s

potential and privacy.

Satisfaction of these, needs money and there are three sources of money available:

1.Investment of time : One can invest his own time, working in agriculture, factory

or any other profession and thus with his own labour earns money. He thus invests

his own time and acquires money which goes to satisfy his needs.

2.Investment of money :-- One can save money earned by investment of his time,

and invest it wisely to generate more money which can also be used to satisfy his

needs.

3.Charity is considered another source :-- However it is too deoreasing to be even

considered as a legitimate source of money.

Thus there remain only two sources - Investment of time and investment of money.

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