Earlier we never use to have some thing called as Vehicle Insurance, but since the Automobile prices went so high that in the event of damage I may not have enough resources to cover the loss, which triggered the concept.
Recently I have started hearing about gold savings / insurance, this is not to insure the ornament in the event of loss, this to make sure that a father will be able to buy a gold chain to his daughter's marriage, so start saving from her first birthday. This idea is triggered only because of ever increasing price of the yellow metal along with its white partner.
The days are not far, when an insurance company will start selling a product on basis of food prices. 3 years back a 100 kg packet of rice was available at Rs.1500 and today it is around Rs.4000. If the same continues then by another 15 years Rice packet will be around 12k, which is quite enough to sell a savings scheme for daily food.
Forget about 15years later, I think already food prices are so high that such a product can be sold to 60% of Indian population, because India's pride, middle class families can't afford to buy vegetables any more! I do not see vegetable vendors roaming on streets these days, have you ever asked him, why he is not coming to your street? Because he knows that with current food prices most of home makers do not buy vegetables every day.
An advertisement about such a product will be some thing like this. A lady goes to big Bazaar with a budget of 6k for monthly grocery, thinking that last month it was 4.5k so 6k should be more than enough this time. The bill is reaching 10k this time, she checks the bill only to find that items are much less than what she bought couple of months earlier. Oh god, what should she do now? How can she continue to provide healthy food to her family? Here comes food Insurance, Predict future food price rise and save from today.
Finally, I wish if India can regain its glory of selling gold and diamond on roads as in Vijayanagar empire or at least this Food Insurance does not become a reality.
