If universal education is the foundation of universal Prosperity, Insurance is the social shield for the cruelties of Life. Life is not merely cruel; it is capable of being a tyrant. It has the power to reduce the most wealthy man to a beggar on the street. Tragedies in life can make yesterday's upper middle class families into today's slum dwellers. Insurance can protect any policy holder from most of the tragedies of life. Every farmer knows after a drought or floods the full value of crop insurance. When the head of the family dies leaving a destitute family behind, the one question everyone asks is if his life is insured. In these days, the medical bill is a substantial portion of the income. For a mere Rs. 500/-, health insurance cover of Rs. 30,000/- was mooted a little while ago. It remains a proposal of good intentions.
Heart operations become necessary for many people. Once operated upon, the person functions like an ordinary man. Or else, his life is in danger. Industrial workers facing that need cannot rise to the occasion financially. Insurance can save him from the tragedy. Once such a good scheme has been introduced in one sector, gradually every sector of employment will come under it. There is a great positive aspect to any crucial insurance scheme. Educational insurance is becoming as important now-a-days. A worker's employment can offer him an insurance scheme which will provide his children the highest possible education his own salaried status can afford. Suppose both these schemes are introduced, one can witness a substantial rise in worker performance. Illegal strikes, gheroes, violence will vastly come down as those who participate in these unlawful activities will become ineligible for the benefits of insurance.
Crop insurance will compel the farmer to water in time, apply enough fertiliser, spray in time which will ensure a greater crop yield. Insurance policy holders in any field will be those of greater productivity and will be responsible members of the profession. Absenteeism, labour intransigence, work of poor quality or of false origins, etc. will be weeded out if insurance comes to stay. What no law can enforce - higher productivity - will become possible by the sense of responsibility of one who holds an insurance policy. Insurance is an eminent national institution. To integrate that with industry, farming, education, and health is good.