Situation No. 1 :-
Today, COVID has taught us an important lesson that everything is unpredictable. Any business or company, whether big or small, can close down anytime. Most large organizations last in the market for not more than 25 years. For instance, Kingfisher, D.C. Motors, Reliance RCOM, Air India, etc. Very few people know the reality and even fewer think about the future of the business. They think that since the company is making a profit today, it will keep doing so forever.
However, a company thrives on the good decision-making capabilities of the select talented employees and directors/owners of the company. And the most important aspect – it is governed by government policies. When a company is formed, 2 or more partners come together to start the business. They work together and take the company to a level where it starts making profits. During the beginning period of the company, partners draw a bare minimum salary (like 1 – 2LPA). Factually, these partners work for any other organization, they would probably demand such a salary on a monthly basis. But for a self-owned company, partners withdraw less salary to show the company as profitable. They compromise on their take-home salaries and take the company to new heights. Eventually, in a few years, the company reaches a point when it starts making a profit. And at that point, government policies changed and banned trade with the country when the company was exporting. For this reason or any other such reason, the company begins facing problems of survival in the market and reaches the verge of crashing down.
Under such circumstances, if the company fails, the efforts and sacrifices of all the partners in building the company will be reduced to zero.
Situation No. 2 :-
The Leader of one of the biggest business houses in India started his company from the ground up and grew it to share-value of more than 3000 Crores.
When he transferred his shares to his son, he was thrown out of his home in a matter of days. Today, he doesn’t even have enough money for his survival.
In this case, the company was up & running and quite successful and yet, the founder/owner of the company became homeless.
What is the solution for this ?
LIC of India has a policy that offers a lifetime salary over & above the shareholding, whether the company is operational or not.
It’s a reward from your company to you.
For instance, when a child is born, a parent sacrifices in life to nurture him, provide education, teach values, and empower him to be financially independent. And when the parent retires, the grown-up child takes care of him/her as he was cared for in his childhood.
That is the Reward of a Good relationship.
Likewise, you sacrificed for the growth of your company. So whether the company survives or not, you will receive your salary for the rest of your life from the company.
Corporate Bima enables you to get this reward.
Wouldn’t you love to secure yourself with such a reward ?