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Transfer your risk first

Risk means deviation from expectation. If it is in your favor it feels good if not then it’s a problem. Being human we always want to change the situation in our favor but sometimes we fail as everything is not in our control, but we have tools to minimize the consequences. We are having different types of risks related to life, health, wealth, long life, critical illness , loss of job, loss of property, loss due to accident etc which causes emotional as well as financial loss. Emotional loss can not be compensated but financial loss can be managed or minimized.
We keep money to full fill sudden requirements which life throws on us but at times we are not aware whether it is sufficient or not. Generally the amount saved by us for crisis don’t even generate returns to beat the inflation and hence purchasing power of our money decreases with time.
I would like to share my experience about an incidence which took place with my neighbors Mr. Krishna and Mr. Murli, they are close friends and working in the same company. They are very close to me too. Last year I attended Krisna’s marriage in Delhi while Murli is of 35 years and blessed with two kids. His wife is a nice lady, who takes care of her family with great affection. Few days back they were going to office in Murli’s car which Murli was driving. Suddenly they met with an accident and collided with a city bus and both were seriously injured .People took them to a hospital which was close to accident place. Mr. Murli’s condition was very critical, Murli had internal injuries and Krishna too was injured with multiple fractures. So doctor decided to go for operation for both of them and gave estimated expense for Rs 500000 lakh & 300000 for Mr. Murli and Mr. Krishna respectively. Mr. Murli is the only earning member in his family and he has stopped working . So the family had no income and even the family has not sufficient saving to meet the expenses. Hence, to meet the expenses the family would borrow from relatives or take loan from available sources but due to time constraint and the entire family is in deep stress. We all can imagine the situation and the pain which the family is facing.
Mr. Krishana parents have come from his native place and he is fortunate enough that he took a mediclaim policy and term insurance after his marriage on his father’s advice. With his parents at his side Krishna is relaxed about emergency money required towards hospitalization expense as it has been taken care by insurance company.
This can happen with anyone of us. Moreover we all are living more or less under the same circumstances but the same can be avoided by purchasing a mediclaim policy against payment of small premiums like Rs 15000/- annually depending upon age and the size of the family. If Mr. Murli would have the same mediclaim policy then the family need not to worry about the expense as the Insurance company has to pay the same.
In present scenario Mr.Murli has burden of Rs 500000 loan while Mr. Krishna’s father advised him to invest Rs 300000 assuming that he has paid towards Medical emergency .
So not taking a right decision made a big loss to Mr. Murli and trying to come out of it will be more tough Being close to him I am trying to compensate him emotionally but fact can not be denied that he is under pressure of loan and planning to repay .
So pay less ,transfer your risk and let them carry it …be relaxed, happy and enjoy day with your family.

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