National Insurance Awareness Day 2022: History, significance and how to observe the day

The National Insurance Awareness Day is observed on 28 June annually to make people aware about the several benefits of investing in an insurance plan or policy. Insurance policies offer financial cover in case of unfortunate happenings such as injury, accident or losses in business, among others, if one remembers to pay their premium regularly. Health, home and life insurance are the most sought-after schemes. People who invest in these can recover losses and protect their loved ones in the event of sudden death or illness. With time, the insurance sector has grown large enough to have a significant impact on a country’s economic growth. Since the start of the coronavirus pandemic, people have become more aware about the several health insurance policies that one should invest in. However, there remains a large section who still regards the purchase of an insurance policy is an unnecessary payment. Therefore, to convince people about the importance of insuring their lives and businesses, National Insurance Awareness Day is marked. History and Significance: Nicholas Barbon, an English economist, physician, and financial speculator set up the first fire insurance company in 1666 CE. He came up with this idea after a huge fire in London destroyed the city. After that, Barbon was successful in forming the first actual insurance company known as The Insurance Office, which was located in a small building behind London’s Royal Exchange.  From then on, the insurance market has only expanded to newer sectors. This special day is a reminder to check if all your insurance payments (or renewals) are up to date. Here’s how to observe National Insurance Awareness Day: - Make a call to your insurance agents to enquire about the current promotions, services as well changes in your premiums. -  Often insurance companies may offer information about their competitor’s rates while trying to sell you insurance. So make sure you get all details before deciding the best policy for yourself. - Remember that only changing your insurance is not the way to savings. Other factors, be it a defensive driving course, installing a home security system or even exercising regularly, can lead to added savings on your various insurance plans. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.