The purpose this day is to make the general public aware the importance insurance, to remove misconceptions about insurance, and encourage everyone to choose the right insurance and secure their future.
What is insurance and why is it needed?
Insurance is a financial security system. It is a contract where an individual or organization pays a certain amount money (premium), so that in the event any financial loss, accident, or death in the future, compensation is received from the insurance company.
There are many uncertainties in life—accidents, illness, natural disasters, premature death, etc. As a result these events, families often fall into financial crisis. One the ways to protect themselves from these situations is to take the right insurance.
Objectives National Insurance Awareness Day
To increase awareness about insurance among the general public.
To inform people about the benefits insurance.
To inform them about the correct way and steps to take insurance.
To warn about fake fraudulent insurance companies.
To highlight the activities government and private insurance companies.
This day helps people understand the need for insurance and motivates them to make important decisions in their lives.
Different Types Insurance
Insurance comes in different forms. Some the important types of insurance are:
- Life Insurance
It provides financial protection to the family, especially if they are the sole earner in the family.
- Health Insurance
It covers medical expenses. Sometimes it is difficult to bear the expenses hospitalisation due to sudden illness or accident. Health insurance helps in bearing such expenses.
- Vehicle Insurance
It provides compensation in case car or motorcycle accidents.
- Property Insurance
It is useful in case damage like natural calamities, fire theft.
- Education and Future Savings Insurance
This type insurance is a savings arrangement for the future. It can be helpful for the higher education expenses children for life after retirement.
Common misconceptions about insurance
In many countries, including Bangladesh, many people are still not interested in taking out insurance. There are some misconceptions behind this:
Many people think that insurance means losing money.
Some say that nothing will happen me, so I dont need insurance.
Many people think that insurance only means getting money after death.
Some do not understand the complex rules and regulations insurance.
A major objective Insurance Awareness Day is to eliminate these misconceptions.
The correct way to get insurance
It is important to keep some things in mind before getting insurance
Understand your needs Life insurance, health insurance property insurance—you need to decide which is more important to you.
Check the credibility of the insurance company It is important to check whether it has government approval not, what is the previous record like.
Read the contract carefully Premium, term, terms and conditions—all should be understood well.
Service and claim process How much money can be received in which situation and how file a claim—all these should be known in advance.
Raising awareness in government and private initiatives
The Bangladesh government has taken various steps to strengthen the insurance sector. The Insurance Development and Regulatory Authority (IDRA) supervises this sector. Government and private organizations undertake various awareness programs on this day such as:
Seminars and discussions
Distribution posters and leaflets
Advertisements in the media
Programs in schools and colleges
These programs help increase interest and confidence in insurance among people.
Benefits of insurance in brief
Ensures financial security
Builds savings for the future
Stands by your side in times of accident or danger
Protects family
Gives peace of mind
Challenges and things to do
There are still some challenges in the insurance sector
Lack of awareness
Fraudulent companies
Complex paperwork and processes
Trained sales representative shortage
These problems need to be solved:
Public awareness campaign
Digital and easy insurance services
Reaching insurance to rural areas
Incorporating financial education at school level
Conclusion
National Insurance Awareness Day is not just a day to celebrate, but it is a message—Insurance means a secure future This day reminds us that no one is ready to face accidents or unexpected events, but we can prepare in advance. And one of the means of that preparation is insurance.
Let us become aware ourselves, understand the importance insurance and try to bring family, friends and society under the insurance cover. This is how we can build a safe and secure society.
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