Page 41 - Banking Finance January 2019

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the re cond t on for the successfu f nanc a ann n hen
e enter nto serv ce or rofess on th an attract ve sa ar
ac a es or earn n s that t e e can u h h va ue
nsurance o c es at a o er r ce as there s an advanta e
of t e n our ves

onc ion
n a soc a st c econo c s ste the state has to rov de
soc a secur t hereas under the ca ta st c econo c
s ste th s s a ersona res ons t As er the nstruct on
of the un on overn ent the has ra sed a fund for
offer n soc a secur t to econo ca ea er sect ons and
unor an ed eo e of the soc et n nsurance has o er
and a t to essen the ntens t of the osses that occur
due to an nd of acc dents
n the a sence of an such f nanc a ac u a fa a
a a enerat on eh nd n f nanc a ter s n the a sence of
he otent a of nd an fe nsurance sector s re ar a e
the ro e of a read earner
thou h t s at ver o eve hen co ared th the o a
standard nsurance sector as not at the to r or t of
ortance o i e n rance in inancia
o c a er n our countr for a on t e nter ed ar es
anning se those o c es h ch attract a u co ss on
thout cons der n the needs of a c ent
f nd v dua s an a ro er ana e ent of the r f nances
the can rea the enef t of a sound f nanc a ann n f
fe nsurance s nd s ens e for f nanc a and soc a secur t
the nsurer eets an sfortune the r fa need not have
to our fa e ers he on a ro r ate a of a n
to dra n the r e er enc sav n s f there s a u su fund
f nanc a ann n for u an fe c e s to nc ude fe
that s rov ded fro the nsurance co an n such
nsurance nc ud n fe nsurance n our f nanc a ann n
c rcu stance ot on th s ut a anned nsurance o c
s ver res ons e ste to rov de secur t to the fe of our
a so he s the fa of the nsurer to overco e anned
fa e ers u an fe ust e correct va ued and
f nanc a stru es e car n for a n arents rov d n
nsured for ts fu va ue
educat on to ch dren a n off ort a e etc and further
ore t s a ta sav n too An nd v dua a have three
he f nanc a oa s shou d e dec ded n ht of hard rea t
fo o n enef ts fro the nsurance o c usua the u
of an nd v dua to ach eve the t s nterest n to note
eath enef t Surv va enef t and Mar et u s de
that the fe nsurance s a tr e enef t dea e nco e ta
e the onus or rof t d str ut on ne can ta e the
concess on a free nco e and the cono c rotect on
advanta es of these enef ts of the nsurance o c es h e
rov ded the nsurer here s no a ternat ve of a fe
dec d n the r f nanc a oa s
nsurance for a ha eacefu and secured fe
nder sect on of the nco e a Act the
nsurance re u h ch an nd v dua a s s ava a e as Re ere ces
ta enef t Start ear nanc a ann n at oun er a e s orres ond n references have een c ted

AN N NAN | JANUARY | 2019 | 1