GenZ, Millennials’ financial planning habits!
Recent data from IRDAI suggests that awareness regarding insurance has steeply risen among people aged between 26-35.
What’s the first thing that comes to your mind when you hear about millennials and money? Carefree, adventurous but financially reckless? If that’s the case, think again. A recent survey has revealed that 70% of millennials actually have financial security as one of their key life goals. And to achieve that, most of them preferred life insurance.
The same survey also highlighted how being physically and mentally fit also featured amongst their major life goals. So clearly, millennials and GenZ understand how health is wealth, and leave no stones unturned in maximizing it. And for that, having solid health insurance is a key stepping stone!
Increasing penetration Recent data from IRDAI suggests that awareness regarding insurance has steeply risen between ages 26-35. Insurance companies too, are evolving to match pace with the needs of GenZ. Increasingly, more health insurance policies have begun to offer coverage for mental health treatment and complimentary wellness perks to appeal to the younger lot.
Experts suggest opting for a health insurance policy early on in life, so that you are able to get comprehensive coverage at relatively low premiums. Notably, as one ages, the amount of premiums payable also marches up.
When should I get insurance? Do not procrastinate getting health insurance until later in life. A portion of your first salary should go towards paying your health insurance premium. Generally, insurers offer discounts on annual premium payment, making them easier on the pocket as compared to making them monthly or quarterly.
If you or anyone in your family has a history of a certain condition like diabetes, be sure to timely take on additional riders covering those conditions as well. This will go a long way, helping you battle your problem without denting your finances.
If you’re an avid traveler, be sure to tick off adequate insurance coverage from your checklist, so that you are secured and financially covered, irrespective of whatever part of the world you’re in.
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