Insurance Lessons to be learnt from Bollywood movie Oh My God

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Yes, it is true that one can learn a lot from movies and the movie OMG: Oh my God was a very good Bollywood that really drove the message why getting an insurance was so important. The 2012 movie raised some pertinent questions and Akshay Kumar and Paresh Rawal came up with stellar performance for the movie.

The movie had two important messages- one was about getting insurance, and second, how to be wary of unscrupulous godmen. Out of them, the first issue of insurance was something that the common man still needs to learn about.

It is important to understand that in modern age, the insurance companies spend a great deal of money while selling their insurance products but not many people are aware that there are some rights when they can exercise while making a claim and the movie managed to throw light on this issue.

One of the issue that the movie raised was why one should research the insurance document thoroughly before signing on the dotted line and why it was important to go through the various products before choosing the right policy. In the movie, Kanjibhai lost his shop in an earthquake and the insurance company denied the claim stating that it was an Act of God. Hence, you should be thoroughly aware of the exclusions of the insurance policy before you buy the policy or your policy will be rejected.

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It was shown in the movie that Kanjibhai lost his shop in an earthquake which was a natural calamity. While it is impossible to avoid a natural calamity, it is very much possible to get specialized cover against fire, flood, and earthquake, something that Kanjibhai did not have. Hence, you should get riders to safeguard against such scenarios and get extra protection so that your loved ones do not suffer in case of your untimely death.

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Moreover, although Kanjibhai was unhurt in the incident, what if the shop had collapsed while he was in it? In such cases, it is important to get term insurance so that the family does not suffer if the bread winner of the family suffers and untimely death. The money from the term insurance will help the family take care of the daily needs in the absence of the breadwinner.

The movie also teaches us that it is important to identify one’s needs beforehand. In the movie, Lord Krishna takes the human form of Akshay Kumar and helps Kanjibhai through some of his ordeals by giving him moral support, and he says that it was Kanjibhai’s journey to complete. However, not all of us are fortunate enough to get direct moral support from God and so it is important to understand one’s needs very early and have a course of action in place so that you know what to do when calamity strikes.

The movie indeed teaches a very good lesson about getting adequate insurance while there is still time and about reading the insurance documents thoroughly and clarifies any doubt before you start paying premiums for it. In one scene, Kanjibhai tells the insurance company manager that no one reads the miniscule writing at the bottom of the document and the manager retaliates that it was his fault that he did not read the policy thoroughly. This is a lesson in itself and one should not overlook any word on the written document. Yes, insurance companies deliberately write them down in a manner so that they can be overlooked and they can kind of take advantage of the situation later, but thankfully things are changing after IRDAI has made the rules more strict and in favor of the policy holder. It is the duty on our part to follow the instructions properly so that we do not end up making a mistake like Kanjibhai.

Shailesh Kumar

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