Every business is subject to risk, some are internal while some are external.

Transformation is a constant process these days. Whether it is technology, consumer preferences or even our economy, the rapidly evolving and increasing digitized economy, the fast paced transformational trends has the potential of being the potential for organizations and businesses to be disrupted and perhaps even be displaced.

Risk is inherent in every business, but unlike most other businesses, it is the maximum in case of insurance Companies, since they are in the business of taking risks and hence risk management is their core function.

Having the core competence of writing policies that deal with specific risks, or sometimes even undertaking exotic risks, the general presumption is that insurance companies are good at managing their own risk.

However, the truth is far from that. Most of the insurance Companies, who are good at assessing risks are not too good when it comes to setting up structures internally to manage their own operating and business risks.

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We all have dreams but most of them end up as just unachievable desires. We often wonder that when we had set our goals, why they still they remain unattainable.

Every goal in life requires money at the right time and in the right amount to make it into a reality. The problem with most of us is that we do not plan our investments according to our goals, but rather just invest in a totally unplanned manner.

If we throwback on our life, we would find that traditionally, most of us invest without any planning. An annual bonus at work or an inherited wealth is just invested for the purpose of ‘saving. Saving is certainly good, as pure pundits would also confirm, but not attaching a goal to the investment is what makes it almost worthless.

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Our life is our most precious possession and hence we need to ensure that it is protected to the fullest. We may take care of our lifestyle and health in order to protect our lives but unfortunately it does not control our life span. Regardless of our income when we are alive, we have no control on what the future holds for us. That’s when a term plan helps to insure our life term.

A premature death due to a sudden illness or an accident could have a devastating effect on your family members not just emotionally but financially too effecting their household expenses and maintaining their standard of living, especially when you are the sole breadwinner of the family.

Even with the multitude of savings based, profit sharing and market linked insurance plans available, it is imperative to have a term insurance plan which covers your life in the purest form of insurance; one which provides a guarantee that if something happens to you, your loved ones would not have to bear the financial loss as well.

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