Tapan Singhel: Getting insured is crucial for attaining financial freedom, as it ensures a worry-free life

Financial freedom for me is all about happiness, and it can only be achieved when one is worry-free.

I am a scientist by profession and I ended up in the insurance sector as a matter of accident. But I am lucky that I did so, because as soon as I got into this profession, I realised the importance of having adequate insurance coverage.

I remember when I got my first salary, I bought my family and myself a good health insurance policy along with personal accident and critical illness covers. Having a health insurance cover gave us the freedom to be worry-free, knowing that if anything were to happen, we would have the opportunity to avail of the best-in-class medical care.

Health insurance is key to financial independence

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Tapan Singhel

MD & CEO|Bajaj Allianz General Insurance

Health insurance is a tool that not only ensures the best treatment possible, but can also efficiently improve the lifespan of citizens and give everyone a life of dignity. And for me, that is the best form of financial independence.

Our needs and wants keep changing, so I don’t think financial freedom has one set goalpost. For me, it started with buying a scooter, then a house, my first vehicle, and so on. But when I secured these assets with home insurance and motor insurance is when I felt more financially free since my valued assets were protected.

While we were growing up, we were advised to save for the rainy day. Nowadays, people want to live for today and tend not to think about the future. I think, if you have your basic insurance coverage sorted out, you are well taken care of in achieving financial independence. For instance, insurance covers for your health, assets, eventualities like critical illnesses or accidents.

Term life insurance cover is a must

Apart from this, I recommend a good term policy, which will secure your life and take care of your loved ones, in case, god forbid, of any eventuality. My advice is very simple: getting insured is very crucial for attaining financial freedom because it leads to a worry-free life.

(As told to Preeti Kulkarni)