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Life Insurance for GenZ

Generation Z is young, smart, and promising, but sometimes, they fail to determine the potential financial risks. So, to safeguard their future, life insurance is a wise choice, and something that will also protect their families in unforeseen times. In this article, we will understand the importance of life insurance for Gen Z and check the best plans for them. 

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Top 5 Plans in India for Life Insurance for GenZ

Insurer Claim Settlement Ratio Entry Age Maximum Maturity Age Maximum Sum Assured
TATA AIA Sampoorna Raksha Supreme Instaprotect 98.53% 10-65 Years 100 Years No Limit
Bajaj Allianz Life eTouch 99.02% 18-45 Years 99 Years 10 Crores
PNB MetLife Mera Term Plan Plus 97.33% 18-60 Years 75 Years No Limit
Kotak Life e-Term 98.82% 18-65 Years 75 Years No Limit
SBI Life eShield Next 97.05% 18-65 Years 100 Years No Limit

*Note: The policyholder for aforementioned table is a 23 year old non-smoking male, with 4 Lakhs salaried annual income, opting for Rs. 1 Cr life cover until 50 years of age

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why is Life Insurance Important for GenZ?

Life insurance is a great way to ensure flow of income among family members when you are no more and to make sure that their lifestyle isn’t hampered. Additionally, life insurance also takes care of wealth creation alongside protection and benefits. Below are some of the reasons why it is important to buy life insurance for millennials or GenZ.

  1. Financial Security Towards Family

    Life insurance is one way to make sure that your family is never in financial distress after your death. In this case, term insurance can be availed, as it is the most affordable life insurance and only provides death benefits. 

  2. Lower Premium Rates

    As a GenZ, you can avail high life cover at low premium rates. The older you get, the higher your premium rates are going to be. Whole life insurance for millennials is also a great option as it will protect you and your families until the age of 99 or 100 and with very minimal premium rates.

  3. Wealth Creation at Young Age

    At the time of buying a life insurance policy at an early age, your money has a long time to grow. Because of this, the maturity or death benefits received at the end of policy term is also more if you invest in your 20s. For example, if you purchase a life insurance policy at 25 years and continue paying premium amounts until 60 years of age, your amount has 35 years to accrue into a retirement corpus. On the contrary, if you purchase the same cover at 40 years, you have only 20 years to grow your funds. So, early investment increases the cash value of your investment in future. 

  4. Pay off Debts 

    GenZ individuals may have a debt at a young age, such as credit card debt or student loans, and life insurance can provide a safety net for family members in case they are no longer able to pay off their debt. 

  5. Protection to financial dependents 

    GenZ may have dependents at a young age, such as children or elderly parents, and life insurance can provide financial support for these dependents if the person were to pass away unexpectedly. 

  6. Tax Benefits

    In addition to the aforementioned advantages, you can also save money on taxes if you have an active life insurance plan, under Sections 80C and 10(10D) of the Indian Income Tax Act.

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Types of Life Insurance for GenZ

Out of the number of life insurance options available for GenZ, below mentioned are a few that can be beneficial to them:

  1. Term Insurance

    Term insurance is the most affordable and convenient type of life insurance and provides death benefit to the nominee upon the demise of the policyholder. Millennials or GenZ can avail term insurance as they can not only secure their loved ones but also buy the policy at much lower premium rates. 

  2. Term Insurance with Return of Premium

    A term insurance with return of premium is a variant of term plan that offers maturity benefits, and also gives you the premium amount back if you outlive the policy term. So, if you buy this variant of term insurance, you can not just pay lower premium rates, but upon maturity, you will also receive maturity benefits. 

  3. Whole Life Insurance

    Whole life insurance plan is a life insurance plan that provides you coverage for 99 or 100 years. Therefore, if you buy a whole life plan at an early age, you will be paying lower premiums for the rest of your life and make sure of your loved ones’ security even at old age.

  4. Endowment Plan

    An endowment plan is a life insurance plan that offers dual benefits of life cover and wealth creation. Therefore, if you purchase an endowment plan, you can receive guaranteed returns along with life insurance’s protection. 

  5. Money Back Policy

    With money back policy, you will receive a percentage of the sum assured at regular intervals during your policy term. However, if you outlive the sum assured, you will receive the remaining portion of the corpus as well as the accrued bonus at the end of policy term.

  6. ULIPs

    Unit Linked Insurance Plans (ULIPs) offers financial security for your family members, as well as builds wealth through market-linked returns from systematic investments. With ULIPs, you will get dual benefits of investment and insurance and therefore, enjoy wealth creation from a young age.

What are the common misconceptions that GenZ should avoid when buying life insurance?

The millennials or GenZ have a vast horizon of knowledge regarding several topics, and life insurance is one subject that they should have clarity about. Below mentioned are few of the common misconceptions that you, as GenZ, must avoid:

  1. Life Insurance is an extra expense

    Millennials or GenZ are individuals with low or no income source, and thus, people often misguide them into thinking that life insurance is an added expenditure. You must not overestimate the premium costs and opt for life insurance while you’re still young so that you can avail high life cover right from a young age.

  2. Life Insurance needn’t be bought at young age

    It is often advised that life insurance must be bought when you’re young because you will have to pay less premium. Moreover, since you may still be pursuing studies while your guardian/parents avail a loan for you, the life insurance can help pay off the loan when you are not alive.

  3. Life Insurance isn’t mandatory

    Life Insurance is the most important decision for a person as it involves the security of self and loved ones. It makes sure you are covered when you have an accident or critical illness and when you die, your family/dependents will be taken care of by the life cover.

  4. Life Insurance norms are difficult to understand

    With the right set of guidance from the insurer or from trusted sources, learning the fundamentals of insurance is no rocket science. You can easily understand the norms of life insurance and avail a policy that best suits you from Policybazaar with the help of their customer care service.

Wrapping it up!

GenZ knows the way to living a smart ife, and adding life insurance to their portfolio will enrich their financial understanding. Moreover, it will safeguard their families and future needs from unforeseen circumstances. Hence, make the move, but after proper research. You may take help from Policybazaar which compares among 15+ insurance companies and gives a detailed list of the best suited.

FAQ's

  • How many Gen Z have life insurance?

    Ans: According to the 2022 Insurance Barometer Report, Gen Z has a strong need for life insurance, with only 34% having coverage.
  • What is the significance of life insurance for millennials and GenZ?

    Ans: These are some of the reasons why millennials and Generation Z should get a term plan early in their lives: 1. Your Family's Financial Stability: Term life insurance provides financial security to your loved ones, guaranteeing they may continue to live their lives and achieve their life objectives even after you are gone.
  • Why should millennials start thinking about life insurance now?

    Ans: Even if you don't have a family or a mortgage, you may have other debts such as education loans. By purchasing even a little life insurance policy while you are young, you may ensure that your family will not be burdened with the responsibility of repaying your debts if something were to happen to you.
  • What is the age of Millennials and GenZ who should purchase life insurance?

    Ans: Millennials, those aged 24 to 40, are at a point in their lives when they require life insurance and should definitely buy it to safeguard their dependents/loved ones.

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