Rajeev worked as an electrician in a small town. Life wasn’t easy, but he never complained. Every month, after paying rent, school fees, and daily expenses, he’d save a little for his daughter’s wedding. The marriage date was fixed, the invitations were printed, and the small, rented hall was booked. 

Ramesh went out to install a ceiling fan at a customer's residence the night before the wedding. However, he crashed heavily when his bike skidded on a wet road on the way home. He had suffered severe injuries to his leg. He required surgery right away, which would have cost ₹2,75,000, according to the doctor. The family was in a state of worry since all his savings had already been used for the wedding. 

But because Ramesh had a health insurance policy, everything changed. The policy covered the hospital expenses, and he could focus on recovery instead of debt. The wedding still happened — not lavishly, but with peace, smiles, and gratitude. 

Why Insurance Matters? 

Life is unpredictable, and any uncertain event can be the reason to drain your savings in a minute. Families often feel the weight of debt due to such uncertain expenses. People often think that insurance will be as costly as gold-but that’s not true. With FindiBANKIT, you can get an insurance policy for less than the cost of chai. And the best part is it gives you peace of mind so that you can focus on the other essentials without worrying about “what ifs”. 

What is Insurance?  

Insurance is nothing but assurance-the comforting thought that you and your family is in safe hands. This concept is not new. People used to do hunting in groups for survival because it going in group for hunting gives them a strength and they feel protected by the group.  

That’s how insurance works. A small contribution from many people creates a safety pool of money-ready to protect anyone who faces an emergency. 

The point isn’t to wait until you “need” insurance. It’s about living with the confidence that you’re already protected. With insurance, you know that you and your entire group are covered—without carrying the weight of a financial burden on your shoulders.  

Insurance is basically a promise of safety. You must pay a small regular amount, called a premium, and in return the company protects you financially against accidents, be it a medical emergency, a health emergency, or damage/loss of assets. It’s a way of transferring risk so that you and your loved ones don’t carry the entire burden. There are various types of insurance, such as life insurance (which provides financial protection in case of your sudden demise), health insurance (which covers your hospital and medical bills), vehicle insurance (which covers the damages of your vehicles, like cars or bikes), and there are other plans available for travel, home, and businesses.   

Think of it as a spare tire in your car. Most of the time, we didn’t even notice it and thought of it as a waste of money. But when the tire goes flat, that spare tire saves your journey. Insurance works in the same way-quietly sitting in the background, but helps to rebuild our lives when any problem arises. 

Getting insurance is not about expecting problems-it is about being ready for the problems.  

Benefits of Insurance 

The benefits of insurance can go far beyond emergencies. It gives us peace of mind with the confidence to tackle the uncertainties of life. Insurance acts as a shield for our lives. Let’s explore the benefits of insurance, which makes it an invisible yet integral part of our lives. 

1. Safety against financial shocks: Life is full of sudden expenses like hospital bills, accidental expenses, damage to vehicles or items, which can be the reason for a hole in your savings. Insurance can be the shield in that situation, which covers your costs and saves you from these kinds of emergencies.  
2. Peace of Mind: Life is unpredictable, and problems can knock on your door anytime. And for that unpredictable situation, you must be prepared. Insurance is not just about money; it’s about mental security. With the help of this security, you know that you don’t have to face any kind of financial setbacks in that devastating situation. You can plan and live a stable life without any worry of financial emergencies.  
3. Family’s Well Being: When someone buys insurance, they’re not just protecting themselves — they’re protecting their whole world. It’s about making sure their family never has to struggle alone. With FindiBANKIT, you can get the insurance that not only covers your life but also your spouse, children. And it’s not just about the life cover of your loved ones; you can cover the life of your vehicles via 2-Wheeler and 4-Wheeler insurance.  
4. Long-term Value: By doing insurance, you are not insuring yourself. It supports in major goals of life like children’s education, retirement, and wealth creation by offering small premiums. This stability allows individuals and families to plan their future confidently.  

Government Initiative for Low-Income Groups 

As we all know, people have a myth that insurance means high premiums and paperwork which are too complicated. The government has introduced several schemes that are pocket-friendly, especially for the economically weaker section. The aim of introducing these schemes is to provide them with financial security at minimal cost. 

• Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY): Covers life insurance up to 2 lakhs in case of death. The premium starts from Rs. 436 per year. People in the age group from 18 to 50 are eligible for this policy. 
• Ayushman Bharat-Pradhan Mantri Jeevan Arogya Yojna (AB-PMJAY): Covers up to Rs. 5 lakhs per family per year. Premium in this scheme is paid by the government. Families that come under SECC (Socio-Economic Caste Census) are eligible for this scheme. 
• Rastriya Swasthya Bima Yojna (RSBY): Covers health insurance Rs. 30000 per family (basic healthcare). Families which come under Below Poverty Line (BPL) are eligible for this scheme. 

Insurance adaptation rates in India vs. the World 

India’s insurance adaptation rate is far behind the global average. And it’s not just a little gap. It’s a huge gap and it will take years and years to fill this gap. According to the latest IRDAI report, the insurance penetration in India is 4% of GDP, which is reduced by 4.2% of the GDP in FY 22 to 4% of the GDP in FY 23.  

India’s penetration is much lower than the global average of 6.8%.  

India ranks 25th in Insurance penetration and 27th in insurance density globally in 2022-23. 

Although India’s insurance penetration is higher than China, Pakistan, and Russia. However, in terms of density, India stands behind China and Russia but surpasses Pakistan. Many developed nations and emerging Asian peers like Malaysia, Thailand, and China have higher insurance density figures-which means people in those places spend more per person on insurance than in India.  

Myths about Insurance: There are many myths about insurance is floating around. People believes that it is for old people, some thinks it is an unnecessary expense. These misconceptions often misled people and they don’t know the actual value of insurance.  

Myth: People often believes that Insurance is only for old people.  

Reality: Buying insurance has nothing to do with your age, instead of that buying insurance at young age is a smarter move-you must pay low premiums and get wider range of coverage. 

Myth: People of often feel it is a waste of money instead of an investment.  

Reality: Insurance in not wastage but an investment. You won’t understand the value of an insurance until and unless you met with an accident or any sort of emergency.  

Myth: People feel that it is an unnecessary expense and only for urban people.  

Reality: Nowadays, insurance products are designed which are affordable and pocket-friendly in nature which is appropriate for rural and semi-urban customers. 

Myth: People feel that insurance policies are too complicated to understand. 

Reality: Today's most plans are designed in a way that is easy to understand, simple, and transparent. 

Myth: The biggest misconception people have in their minds is that insurance is expensive. 

Reality: Insurance policies are designed to be pocket-friendly. With FindiBANKIT, some policies will even cost you less than the price of chai.   

Myths: Many people think that claims are difficult to the stories behind it or the slow processes. 

Reality: Modern insurance policies are designed to transparent ways and use legal ways to pay promptly.  

Insurance is a financial tool that protects you from unexpected losses or emergencies. Whether it is life, health, or a vehicle, it covers all the emergencies and helps you in the long-term plans like retirement. By choosing the right insurance, you are not only giving them any kind of safety but also giving them a shield to protect their dreams and happiness for everyone. 

So, this year, give your family a gift that is truly meaningful and comes with peace of mind, protection, and financial security. Contact your nearby FindiBANKIT agents and buy insurance according to your needs.