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Shield your loved ones from economic adversities L Insurance is among the best financial guardians to your loved ones and assets in your absence. Make sure you and your assets are adequately covered. ■■ Suneeti Ahuja-Kohli
ife has strange ways of surprising us, and it can easily derail all the hard work we do to nurture and protect our loved ones. Catastrophic events such as an accident, permanent disability, a sudden loss of earnings or even life, pose unforeseen risks to any plan. We have always been taught to look at the positive picture and hope for the best to happen, but it is also good to be prepared for the worst. This is the reason why we are big proponents of insurance. Be it life, health or general, an insurance policy is a financial guardian to your loved ones and assets, should something happen to you. Insurance made a huge difference to Mukherjees in 1993 when they lost the main breadwinner of their family in a road accident in Delhi, India. “I am the youngest of the three siblings. I was 13 when we lost our father. My elder sister was 15 and eldest one was 17, just out of school. It was a major set back for us, emotionally as well as financially. My mother was working, but dad was the main breadwinner, and as children we were distraught, too worried about my eldest sister’s university education, and our schooling. Thankfully my parents had a life insurance, which bailed us out of our tough days. My sister started her university education in time. In fact, all three of us completed our university education without a hitch, and today we are all well settled because of the forward thinking of our parents, who realised the importance of having an insurance and didn’t live hoping for the best,” says Charumitra Mukherjee, a soft-skill trainer at a consultancy firm in Dubai. An insurance policy is the best bet in case of an adversity. If you are without one,
trust your bank to help you get an adequate cover for you and your family. Banks in the UAE have exclusive tie-ups with insurance companies — for life as well as non-life (auto, property, health, etc.) — making it convenient for you to shop for all kinds of insurance under one roof. First Gulf Bank (FGB), for instance, has a host of products under its bancassurance channel that cover life, general and retirement options. The diverse set of
products are complemented with a board of financial planners who analyse the needs of customers and recommend who should buy insurance, for how long and how much. Union National Bank (UNB), for instance, gives its customers access to a host of policies under its bancassurance channel. These include: motor insurance, smart account, critical illness, LifeShield, EduCare, TriPlus and WomenCare.
Here’s a round up of the types of insurance that are a must for anyone with assets and dependants.
■■ Life Why is it important? Life is a fairly smooth ride when there is » Continued on next page