Term insurance plans for financial stability

Vishesh Khanna, 41, talks about how the loss of his brother in-law made him realise the unpredictability of life, and the importance of ensuring the well-being of people you care about.

first met my partner Mihir Bijur nine years ago. He also happened to be my brother in-law, but we preferred to call each other partner in-laws.

We used to go out quite a bit, but the music never really appealed to us since we were born around the 70s and early 80s. An idea that started out as a fun conversation over a couple of drinks soon became reality about three years ago when we opened Door No. 1 in Bandra for like-minded folks like us.

During one monsoon evening last year, we shut shop early and asked most of our staff to go home. As the rain picked up outside, we decided to tuck into some tea. Thats when it struck us that there may be people outside who were stranded on the roads. Mihir immediately put up a tweet, announcing that anyone stranded in Bandra could come in at Door No. 1.

Gradually, people started trickling in and soon, there were around 10 guests who had walked into our place. We offered them tea, coffee, biscuits and fries and had our team not gone home, we would have definitely dished out some dinner as well. A few of their homes were really far off, so we asked them to stay back until the water receded and it was safe for them to travel. It took little time as always for Door No. 1 to light up with music and conversations.

Even as monsoon got underway this year, the Door No. 1 family was shook up by Mihirs sudden demise. It had been his idea to ask people to come in during heavy rains and a couple of days ago when the city came to a standstill, I sent out a tweet yet again. And this time too, we had a couple who came in for biscuits.

When we started our business, we had no idea what we were getting into or about the hurdles and challenges we would face along the way. The learning has been incredible over the years, especially with licensing and documentation. But I also realised how unpredictable life can be.

From that unpredictability stemmed the realisation of the need of Insurance. I think insurance is an absolute must and its imperative that one plans for the well-being of the people one leaves behind. It doesnt matter if you are in business or service, or whether you are the only earning member of the family, insurance ensures that your loved ones are financially taken care of.

I feel term plans are more important than regular investment and return-based policies, because your focus is not on regular returns and instead, on the safety and security of your family when you are not around.

Vishesh and Mihir realised the importance of being there for people, and offering them help and support. A term insurance plan lets you be there for your loved ones, even in your absence.

ARN: ED/08/19/15398