4 Insurance Lessons from Paresh Rawal’s ‘Oh My God!’

The movie ‘Oh My God’, is a story of a man, Kanjibhai (Paresh Rawal) challenging God in the court of law and ultimately discovering faith with a little aid from Lord Krishna (Akshay Kumar). Critics and the audience have likewise applauded this bold theme. Beyond the obvious lessons about blind faith, established religious practices, and humanity in general, there are some other learnings from the movie, particularly insurance related ones.

Read on to know the four insurance lessons from the movie Oh My God:

  1. Get coverage for yourself

Kanjibhai’sshop was entirely devasteddue to the massive earthquake. Thoughthe shop was damaged, luckily there was no bodily injury or loss of life.(Imagine the earthquake taking place when kanji bhai was present in the shop, it would have been another calamity for his family).

Lesson to learn: When anatural calamity strikes, it causes massive loss of life and property. For instance- more than 21,000 people were injured, and 8800 were found dead in the 25thApril 2015 earthquake in India, and around 3,500were hurt in the one that hit on 12thMay. On the other hand, more than 4000, people lost their lives in the floods/landslides that took place in Uttarakhand and Himachal Pradesh in June 2013 (Source- Wikipedia, NDMA).

Yes, it takes a completely unexpected natural disaster such as flood or earthquake to change the financial situationof anyfamily. What if you are the sole earning member of your family and become a victim of such natural calamity? A term plan will ensure that your family remains financially secure even in your absence. This cover will provide maximum cover for the lowest premium and acts asan ‘income replacement’ for your family during an unfortunate event (demise of the life insured).

  1. Get adequate cover for your property

The storyline of the movie picked up when Kanji bhai’s shop was shattered due to theearthquake. Although he had an insurance policy, it did not cover the Act of God causing incidents,andhence his claim got rejected.

Lesson to learn: Be it the earthquake in Sikkim, floods in Mumbai, or a tsunami hitting the coast of Tamil Nadu, all these calamities have shown how nature is unpredictable and can strike anywhere. While you can’t avert natural disasters, you can indeed protect yourself against the financial implications of rebuilding your damaged property.Property insurance includes specialised forms of insurance such as building insurance, content insurance, fire insurance, flood insurance and earthquake insurance.

Having adequate insurance for your house or property that covers against natural disasters, is always a good idea.In case any catastrophic devastation shakes the entire structure of your house, your insurance will come to aid.

  1. Read your policy documents carefully

Kanjibhai’s troubles started from not reading the insurance documents properly and blindly signing them. When his shop was shattered in an earthquake, the insurance company rejected his claim saying that the incident was an Act of God – something that isn’t covered withinhis policy (which Kanji bhai missed reading while signing the document).

Lesson to learn: If you are purchasing an insurance policy, it is important to read the fine print, includingexclusions (which may restrict your claim). For example, in property insurance there are exclusions like thewillful destruction of property or destruction caused by war, wear and tear and so on. Likewise, term life policy consists exclusions like suicide, self-inflicted injury, intoxication or narcotics, and accidental death under the influence of alcohol or drugs.

So, next time, you get a set of insurance documents, don’t be in a hurry to put your signature at the end.Read the fine print of your term life policy to understand the exclusions. The last thingyou would want is that your loved ones having to undergo claim denial.

It’s true that many times you can’t change the terms in the document; but, being more mindful of what you are getting into, isdefinitely a wiser option.

  1. Insurance companies can show you the direction,but the journey is yours

When Lord Krishnarescued Kanjibhai from the thugs on his bike and rode him to safety, Kanjibhai asked him to drop him to his home, which was nearby. But Lord Krishna told him that his task was to show him the direction and not complete the journey.

Lesson to learn: Your life journey is personal, and you must embark on your own journey. Similarly, insurerscan guide you and show you the direction, but, ultimately, youmust undertake the path that is right for you. This means that you must understand your current and future needs, and likewise go for an insurance policy (online term plan, child insurance, retirement plans). The decision to make insurance choices and live your life should be entirely your own. Making a right insurance choice will help you enjoy the journey and ultimately lead to a satisfying life.

Conclusion:

Though, how much ahead the world isin terms of technology, it is hard to predict the occurrence of natural calamities.But having adequate insurance can help in curtailing the financial losses that may arise after anaturalcalamity.

While the damages that natural calamities entail can rarely be measured just in terms of money, you must be careful enough to secure your financial future by having appropriate insurance covers in place.

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