Life Insurance and Astrology

Surprising? Sounds Unusual! Yes although one may wonder what insurance has to do with astrology there is a definite linkage between the two extreme concepts.

Insurance as we all know is a science based on the principles of law of large number. Insurance is the system of creating a pool where a large number of people exposed to similar risks are brought under one pool and in case any person suffers any loss, he is compensated from that pool.

Insurance has existed since ages in formal / informal manner. May be insurance as a scientific method was not recognized by even then knowingly or unknowingly it has been practiced since time immemorial. Insurance promises to make good a loss in case it arises from specified events Insurance thus covers uncertainty. No body knows his future and so he takes the help of insurance to protect himself from any possible contingency arising in future. He therefore buys peace of mind by paying a small contribution known as premium. He sacrifices his current expenditures to safeguard his future liability.

Insurance is a beautiful concept and can work wonders if marketed properly. It takes time to sell insurance as there is only a promise on paper. In this modern time a consumer think twice even after inspecting physically the goods, comparing with various brands, gathering information and so on…

What will be the scenario if we can predict certain events with some accuracy and planning for insurance can be made accordingly. It will definitely make the task of selling insurance simpler provided it is explained and sold properly.

The solution to this process is with Astrology. Although there is wide debate about accepting astrology as a science but who understands and believes in the concept they are very well aware of the scientific basis of astrology which many great scientists have failed to refute.

Astrology has existed in our society since ages and people resort to the help of astrology irrespective of caste, creed, colour to know their fate and get solutions to their problems. Astrology never provides total solution to the policy. However it definitely helps in avoiding, minimising the impact of unforeseen events.

Astrology is just like the process of Risk Management. As we study in Insurance the risk can never be removed, its impact can be minimized if proper planning is done.

Similarly Astrology shows us the path what lies in our future and how one can lead a better life by planning for unforeseen events.

Let us compare the process of risk management with astrology. The process risk management includes :

1.         Risk Avoidance

2.         Risk Reduction

3.         Risk Retention

4.         Risk Transfer

 

1. RISK AVOIDANCE –

It is very difficult to practice this concept as due to fear of accident one cannot stop walking on roads, one cannot stop working with machineries, but still of there is possible danger he may take suitable measures to avoid risk.

2. RISK REDUCTION –

If a person knows that he faces a possible danger he may take sufficient care so that the risk of loss is reduced. This is just a safeguard measure to reduce the intensity and impact of risk.

3. RISK RETENTION –

A risk is retained when a person leaves everything on almighty and faces the risk as it comes. This is again not a solution.

4. RISK TRANSFER –

In astrology complete transfer of risk is not possible. A risk can be transferred by doing pujas, wear gem stones or similar activities. To some extent the impact of unforeseen events may be avoided.

How astrology can help in Insurance?

As we have already learnt insurance is done to reduce the impact of unforeseen events. For example if the bread-earner of the family dies the whole family will be in disarray as it will be difficult to continue their living. And if the same person had insurance his family will get the compensation from insurance and the amount may be utilised for their daily living.

Insurance is taken for the following needs :

1.   Education of children

2.   Marriage of children

3.   Family Needs / Occasions

4.   Maintain daily living in case of death of bread-winner

5.   Medical Needs

6.   Old age / Pension

One taken insurance based on his capacity to pay the insurance premium. A large number of people do not insure themselves as they do not believe in the concept of insurance. Many do insure themselves but not adequately i.e. there is underinsurance. Underinsurance is as bad as no insurance. If we take an example a family of four members who have a monthly expenditure of Rs.20000 per month in fooding, housing, maintenance, education etc.

Suppose the bread-winner dies who had an insurance policy of Rs.50,000. Though his family will get Rs.50,000 but if we calculate the return on this amount @15% it comes to Rs.650/- roughly per month which is grossly inadequate to  meet the needs of the family in case of death of the bread-winner. So being underinsurance the insurance served no purpose. This is why it is recommended that insurance should be done on Human life value i.e. the need of the person and his family. Do you think the family member of the bread-winner will appreciate his prudence. Certainly Not!

How to use astrology in Insurance?

When a insurance agent collects the data of the family he can collect the date of birth, time and place of birth of each family member. The agent can himself learn astrology or undertake the advised of a professional astrologer to advise on the various aspects of life of the brad winner and all his family members. The astrologer can prepare a report on approximately. The time his children will get married, risk he faces in life, risk of his family members.

After studying all the facts the agent can suggest a tailor-made cover for the bread-winner and his family members. I am not emphasizing that this report should be 100% correct. This report is just an approximation and anticipation of events in advance which will save the family from financial troubles in future.

This will also create a positive image  of the agent in the mind of the prospect and his chances of getting business may increase greatly.

Let’s take an example : Whenever a child is born in family the agent can prepare a horoscope and gift it to the family. The family will admire the commitment of the agent. Next after the ceremony is over he may give a proposal for insuring his life and advising the amount he may require in different stages of life. Lower the age, lowest is the premium. This concept he should inculcate by showing the comparative benefits if they insure the child later.

The agent should act as a complete adviser, consultant, and risk manager to the family.

The agent should stand by the family at the time of crisis. This will help to create confidence in the family about the concern he has. If the agent is successful in practicing this concept with few families. I believe he will never look back for the insurance business. His attitude will create a market for him which will be long lasting.