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Man buys several insurance plans. Explain.

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Man buys several insurance plans. Explain.

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  • Insurance is a tool to safeguard against risk of losing assets, life, etc.
  • When a person insures something he feels safe and secure that even if he loses the insured things, he will get the insurance money to buy the new ones, or will leave money for family in case he dies.
  • This is actually a safety need as per Maslow’s hierarchy of needs.
  • Once, man’s physiological needs such as food, clothing and shelter are over he moves towards securing his physiological needs.
  • This makes him open a savings and fixed deposit account, buy insurance, etc.
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