A mere 20 years ago, there was only one insurance provider in the entire country, but a lot has changed since then. Today, there are 57 public and private companies that provide insurance products in two categories — life insurance and non-life insurance. In the past decade alone, this sector has grown exponentially and, according to projections, will continue to do so.

Despite this growth, in absolute numbers, more than 75% of the country’s population does not have insurance of any kind at all. Statistically, you, dear reader, are one of them. Either you couldn’t afford it when you wanted it or you do want it and just never got around to it. Whatever the reason, here are the 4 reasons why insurance is the best gift you can give yourself in 2020

1) Unexpected shocks = financial instability

Imagine that you just started a new job in a new city a few months ago. Your first few paychecks went towards getting the house and your routine settled. You just became debt-free when disaster strikes. You fractured your leg while playing football with friends or (insert inconvenient situation of choice here). Now that paycheck you were looking forward to is going towards paying for whatever terrible thing happened and, chances are, even that wasn’t enough.

When we’re faced with situations that we didn’t foresee and didn’t have money saved up for, we end up breaking the bank to cope. The financial instability that results from this can follow us for years even, depending on the severity of the incident. Insurance allows you to cushion the blow to your finances so a single event doesn’t overpower you.

2) Minimize the damage to your account balance

Let’s extend this example further. Now that something bad has happened, someone has to fix what’s broken. Insurance essentially compensates parties for losses. In the case of the broken leg, what you would end up paying out of pocket is far more than that what you would pay as premium for your insurance. So if you’re going to pay, you might as well pay less.

3) Insurance is a way of achieving financial health

It’s going to get a little technical but hang in there! So, legally, medical insurance premiums up to ₹25,000 for yourself and your family (spouse and children) and up to ₹25,000 for your parents can be claimed as a tax-saving deduction when filing your income tax. For life insurance, you can claim up to ₹1.5 lakh. You’re basically getting back money that you’d said goodbye to forever. Also, when you apply for loans, you have your insurance company vouching for you and assuring that the lender will be paid in case you cannot due to an event you’re insured for, making the lender more likely to approve your loan.

4) Every day you go without getting insurance is going to cost you… literally!

No matter what kind of insurance policy you take out, the issuing company does a thorough check on you to make sure the risk they’re taking on any individual isn’t more than it should be. This is especially pertinent for medical and life insurance. As you get older, the risk of insuring you increases, hence the premium on your insurance increases too. The same insurance policy you would get in February next year would be a fair amount more expensive than the one you could get today because you’ve aged a year. If you wait too long to insure yourself, the cost of your policy will be highest at the time when you’re most physically vulnerable.

Insurance is a truly important investment for your future. Out of all the players in the market, SBI General Insurance has one of the most comprehensive and affordable sets of offerings. Health insurance from SBI General has coverage from the most minor ailments to major injuries while bearing in mind the financial situation of the average Indian. Our motor insurance for a wide range of vehicles is perfect for weathering out the inevitable fender benders and scratches that are part of hitting the road. And our travel insurance is a must when going on vacation, with 24/7 support, worldwide protection and simple settlement for claims.

Why you should be getting your insurance through ZestMoney EMI:

Now, insurance is worth it but it does cost you. The price feels like a lot when you have to pay it as a lump sum in one go but that payment structure is a thing of the past with ZestMoney. ZestMoney enables millions of people to quickly access affordable credit and lets them pay for purchases in the form of Easy Monthly Instalments (EMIs), that too without a credit card or credit score. It may seem simple but being able to divide the financial burden of a large purchase, like an insurance premium, by splitting the payment into several months means that you, as an SBIG customer, can get yourself insurance without having to give up wants and necessities. Every time you pay your EMI through ZestMoney, your credit limit increases and then, in turn, so does your CIBIL score.

You can sign up for this directly at the time of checkout by choosing ZestMoney EMI under payment options or you can sign up through the ZestMoney website or app. All you have to do is enter your personal and employment details, complete the KYC and set up your auto-repayment; you’ll have access to your credit limit with ZestMoney in under 10 minutes. ZestMoney is partnered with thousands of vendors, like Amazon, Flipkart, Myntra and many more, so you’ll be able to use your credit limit everywhere that matters, starting with your first insurance policy.

Head over to https://app.zestmoney.in/?signup=true to get started.