Dipankar Jakharia
Guwahati
I needed to get some new furniture made and, frankly, I had no idea where to begin. So I reached out to a friend who runs a furniture workshop—someone who knows which wood to use and which plywood to avoid. Within half an hour, I realised we were having two very different conversations. I was thinking about durability and comfort; he was talking about trends.
It took some effort—full persuasive force—to make him understand that I wasn’t looking for anything fashionable. I wanted furniture that was practical and easy to live with. I’m about to cross fifty; any chair or sofa I buy today should remain suitable for another thirty or forty years. The real risk, oddly enough, is living long enough to be stuck with furniture that no longer agrees with your knees or your back.
So I did my homework. I took measurements—for myself and my wife—made some informed guesses, watched a few YouTube videos, and did a bit of research. Then I laid out my requirements clearly: first, it must meet our physical needs; second, it should last at least fifty years. Aesthetics could follow. Once he understood, he laughed and called me stubborn. I took it in good humour. This reminded me of something I see often in the financial world.
Every now and then, financial product manufacturers come out with something “new”. It is easier to sell novelty—it creates the illusion that newer means better. To be fair, some products do improve over time. But more often than not, they are attractively packaged and sold at a premium.
Take the case of a friend who bought a health insurance policy for his 80-year-old mother. It sounded impressive—no cap on room rent, generous ambulance cover, even air ambulance up to Rupees 5 lakh. A base cover of Rupees 15 lakh, with another fifteen lakh promised as a top-up if the first is exhausted—all within the same year, under a single premium. Or at least, that is what he understood.
What he actually bought was a policy with “100 per cent restoration”. But in reality it different. Let us learn:
• Useless for single large bills— Restoration only kicks in from the second claim; it won't save you if one hospitalisation wipes out your entire cover.
• Same illness? Often not covered — Many policies won't restore the sum insured if your second claim is for the same or related condition.
• Critical illnesses are frequently excluded — For cancer, heart disease, or kidney failure, restoration may be allowed only once in a lifetime.
• Unused restored amount expires — Any restored sum insured that goes unused simply lapses at year-end with no carry-forward benefit.
• False sense of security with low base cover — Restoration can't compensate for an inadequate base sum insured; if the first claim exhausts it, you're already in trouble.
So while the promise sounds generous, the reality is conditional.
The lesson is simple. Niche products—whether in furniture or finance—are often designed for those chasing the latest thing. But if you want value for money, longevity, and peace of mind, simplicity wins. Trends will change. Your needs won’t.
