Reborn In 17th century India with Black Technology

As for Raghav Joshi and Akash, after reading the document, their previous speculation was immediately thrown out of the window. They realized that the meeting was obviously due to the new insurance company established by His Majesty.

Vinod, after feeling like 10 minutes had passed, started to speak.

"Insurance is a new financial concept that has been invented by His Majesty for the benefit of the people. Currently, His Majesty's insurance company has three insurance policies: life insurance, health insurance, and disability insurance."

"After having a detailed analysis of the policy with my cabinet, we have come to a unanimous conclusion that the insurance policy could be made into a fundamental right and considered one of the basic necessities of a labourer or an employee in the empire."

He stopped briefly, letting everyone process the information.

The businessmen immediately looked at each other with concern, but no one directly voiced their doubts. Although the Bharatiya Empire had been liberalized and there were no longer class differences on paper, in the minds of most Bharatiya people who had grown up in a caste- and class-based society, the invisible barriers still existed.

"Uh," fortunately, Ravi Shetty, the nominal leader of the businessmen of the Bharatiya Empire, decided to voice everyone's doubts. "Should we all buy the insurance policy given by His Majesty's company for our employees?" He hesitated, then added, "This is not too good, is it?"

Vinod did not show any reaction. "You're true and false, Mr. Ravi Shetty."

"The part about everyone requiring to buy insurance policies for your employees and your labourers is true, but the part where you have to buy it from His Majesty's company is false."

He looked at everyone with confusion. "Don't you all know how His Majesty works? He doesn't ever get involved in monopolies. This has been the same with every industry he has gotten involved in. What makes you think the insurance company is an exception?"

The businessmen suddenly felt enlightened. "So we can start our own insurance firms and buy the policies for the employees, isn't it?" Akash asked.

Vinod nodded. "Exactly. The conditions for establishing an insurance firm are in the last part of the document. You can all go through it once."

The businessmen immediately flipped through the pages quickly and read through the requirements within a few seconds.

People like Ravi Shetty, Pawan Kalyan, Vignyan Borphukan, and Akash immediately lost interest as all of them or their direct family members had considerable stakes in one of the five banks in the Bharatiya Empire. But those businessmen who didn't get the opportunity or did not have enough net worth to invest in the banks suddenly felt excited since they now had an opportunity to get involved in the financial sector. Although the deposit of 500 kg is a lot, once a few of them join together, it will not be a big problem.

Everyone calmed down as this was acceptable for most of them.

However, there were still some people who were feeling apprehensive.

"Your Excellency Minister, I am mainly involved in the mining industry. I have read in the document that it is the right of the insurance company whether to provide the policy to the customer or not."

"But as you all know, the mining industry is the main industry where more accidents happen."

"Will the insurance companies be willing to provide insurance for my miners?"

Hearing the question, Vinod immediately frowned, but he quickly thought of a solution. "It is not my right to meddle in the affairs of private enterprises, but let me give a suggestion."

"The insurance firms can provide insurance based on the danger level of the customer. Since mining is an activity that is more danger-prone than any other job, the amount of money taken for insurance could be increased proportionally."n/ô/vel/b//in dot c//om

Arjun Kombu nodded in understanding as he felt thankful on behalf of his workers. But suddenly, he realized something: 'I am the one that has to pay for the insurance, aren't I?' The gratitude he felt suddenly disappeared, and his face turned a little ugly.

He felt like all his colleagues were looking at him like he was some sort of a fool,

"Your Excellency, the Prime Minister, this would increase the cost of labour by a lot. Could you please think of another solution? Or... " He hesitated, but gritting his teeth, he still said, "Could part of the cost be passed on to the miner? They are paid very well due to their job. I'm sure they can accept it."

Vinod's brows immediately wrinkled. "No, this cannot be done."

"It is the decision of the government to make insurance a right of every labourer in the Bharatiya Empire. No one can challenge this right."

He glared at Arjun Kombu. "I'm sure I don't have to remind you how profitable the mining industry is, so it wouldn't be too much for you to part with a little benefit for your hardworking miners." Explore stories on empire

Although Vinod was looking at Arjun, everyone involved in the mining industry and other dangerous industries immediately lowered their heads.

Vinod looked through the crowd as if to see if someone would object to his words.

"Let me tell you this: you all have been enjoying the cheap labour coming in from the northern part of the empire."

"The government is aware that these people are being underpaid for what they do, but we are overlooking it due to the emergency developmental needs and have not raised the minimum wage standards."

"But the safety of these people cannot be compromised under any circumstances."

"Within two to three years, the mandatory insurance policy as a fundamental right for an employee will be passed into law, whether any of you are ready for it or not."

"I'm just giving you all a heads-up to make sure that all of you are prepared—not to negotiate terms with you."

Everyone was shocked by the prime minister's tough stance, but unfortunately, none of them could refute the words since they had indeed been enjoying the cheap labour coming from the north and benefiting from the economic boom.

Then they all looked towards Arjun Kombu with a hint of resentment in their eyes. If this guy had not brought up the subject, they thought the prime minister would not have been so difficult to talk with.

Vinod got up, prepared to leave, but he suddenly stopped. "Oh, let me remind you all," he turned back with a devious smile on his face. "The information I revealed to you today is not only exclusive to you all; the Director of the Reserve Bank of Bharat, Mr Dharmendra, has already set off to the north to inform the northern businessmen of The government's plans with respect to the insurance policy."

"I am sure they will be much more welcoming to the change than you all are."

"I hope all of you realize that His Majesty does not view the northern part of the empire as the colony of the South."

"I can tell whatever the plan His Majesty has in mind is coming very close to the end. Then I can promise you, His Majesty will no longer prioritize southern merchants in everything as he did until now."

"So you can take this as a suggestion from a friend or a warning. All of you should stop being complacent and taking the Northern Elites as fools."

Vinod left without looking back.

All the top businessmen in the empire, with networks equaling more than a few hundred million Varaha, sat there in stunned silence.

---

A week after Vinod held the meeting with the southern businessmen, news about the insurance firm established by the royal family and its functions began to be publicized through the Bharatam Daily newspaper.

The people of the empire were amazed by the ingenuity of His Majesty.

Never in the history of the Bharatiya Empire has such a clever business model been invented.

"Insurance firm: A case study."

Professors of economics and business in various Bhartiya Institutes of Technology excitedly delved deep into the research of the new financial tool called insurance. Almost overnight, dozens of academic theses were produced.

Out of curiosity, even the customers of the five banks of the Bharatiya Empire came to inquire with the bank about the insurance policy.

Taking the opportunity of high popularity, Badrinath Mohan, the temporary director of Raya Insurance Firm, immediately sent out agents to set up booths in all the banks in order to tend to the customers.

In the first month after the news was publicized, no company had officially bought the insurance policies for their employees, except for companies under the Royal Family.

Engineers and technicians working in Raya Machinery Company were surprised to discover that at the end of the month when they received their salary, they also received three different receipts showing that they had life, health, and disability insurance for the next year.

Nag was one of those engineers who had received the receipt from the Raya Insurance Firm.

"What the hell is this?" he wondered aloud, standing outside the booth.

He looked around and saw many people looking confused as they saw the receipt, but he noticed an acquaintance laughing.

"Sr. Brother Praveen, you seem to know what this is. Could you please tell me?" he asked with a smile.

Praveen immediately turned around, and when he saw it was an acquaintance, he smiled cheerfully.

"This is insurance for us, bought by the company on our behalf."

"It's like this: if you get seriously injured, this insurance will cover all your medical costs. If you unfortunately pass away, a large amount of monetary compensation will be left for your family. Finally, if you get disabled in the line of duty, you will once again receive a large amount of monetary compensation from Raya Insurance Firm."

"This should have cost us a few dozen Varaha per month, but our company has covered all the costs for us. It's amazing, isn't it?"

Nag was immediately overjoyed. He did not know such a thing existed and thanked His Majesty from the bottom of his heart.

Right after the royal family started to provide insurance for their employees, Badrinath Mohan was overjoyed to know that their customers increased from only a few hundred to a few hundred thousand in just over a span of two months.

Unexpectedly, two months later, the Ahom royal family of Raja Jayadwaj Singha and the Gurkha Royal Family of Raja Sarvesh Ranavikrama both established their own insurance firms independently, becoming the second and third insurance firms in the empire. The southern nobles remembered the warning from the prime minister and slowly caught up, with some rich merchants gathering together to form an insurance firm.

Overall, in the span of six months from the news about the insurance firm being publicized, the Treasury of the nation had received over four tonnes of gold as a form of deposit alone.