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Life Insurance For Millennials

Millennials born between 1981 and 1996 are currently in their twenties and thirties, and while this is the time to learn and explore it is also the time to start planning your future and securing your financial risks. Life insurance is one such tool that can help millennials secure their future by providing high coverage at low premium rates while building a corpus to fulfill their future financial goals. These plans offer death, maturity, and survival benefits along with additional bonuses as per the policy details. 

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Let us learn more about life insurance for millennials and see the benefits of buying these plans.

Why Do Millennials Need Life Insurance?

The generation that has seen the fastest advancement in technology has to be the millennials. They have survived wars and pandemics and thus understand the need for early financial planning. They understand the importance of both: savings and securing and hence to secure the financial future of their loved ones and build a corpus for themselves, millennials choose to invest in life insurance plans. 

Millennials also need life insurance because of the following reasons:

  • To financially secure their family in case of an eventuality

  • To create a corpus for themselves and fulfill their financial needs

  • To secure the future of their spouse post-retirement

  • Young and healthy people can get low premiums

  • To protect their loved ones against debts in their absence

  • Cover the funeral costs in your absence

  • To increase the benefits receivable from the employer's insurance

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+

Benefits of Buying a Life Insurance for Millennials at an Early Age

  • Financial Security: A life insurance for millennials can help you secure the life of your loved ones in the event of your unfortunate absence. It provides a death benefit to your nominee in case of your unfortunate death which they can utilize to pay their rent, child’s higher education fees, or any other medical emergencies.

  • Affordable Premiums: The premiums for young and healthy individuals are much lower than the premium rates for older people. Since millennials are younger individuals they would be able to get life insurance for millennials at a low premium rate.

  • Wealth Creation: Life insurance for millennials allows you to build your wealth over time by investing in market-linked products like ULIPs or participating in insurers’ profits through endowment plans.

  • Flexible Coverage: You can get flexible coverage for your life insurance for millennials by selecting the most suitable policy term, sum assured, and additional riders as per your requirements.

  • Customizable Life Cover: You can select the sum assured of your life insurance plans as per your suitability. You should however always keep your family’s requirements in case of your unfortunate absence in mind while selecting a suitable life cover.

  • Ease of Purchase: You can easily buy the most suitable life insurance for millennials in just a few clicks from the comfort of your home. The online purchase allows you to compare and select the best life insurance for millennials at the most affordable costs.

  • Additional Riders: You can include any of the available riders in the base life insurance for millennials to increase the coverage of the base plan. These riders can be the waiver of premium rider, critical illness benefit rider, terminal illness rider, accidental death benefit rider, accidental total permanent disability rider, or hospicare benefit rider.

  • Tax Benefits: Millennials can get tax benefits U/S 80C,10(10D), and 80D of the Income Tax Act of 1961.

  • Stress-free Life: With life insurance for millennials in place, you can live your life stress-free knowing that your family and loved ones will be taken care on your absence. This allows you to live a peaceful life and focus on other important aspects of your life.

What are the Best Types of Life Insurance Plans for Millennials?

The types of life insurance plan best suited for millennials that are available in India are as follows:

  • Term Life Insurance: Term insurance for millennials are pure risk protection plans that offer a death benefit to the beneficiary of the policy in case of the policyholder’s unfortunate death during the policy term. There is traditionally no maturity benefit available in regular term plans but other variants like TROP (Term Return of Premium) and 100% refund of premium at no cost term plan offers the premiums paid throughout the policy term at the end of the policy as a maturity benefit.

  • LIC: Life Insurance Corporation of India offers several types of life insurance for millennials that you can purchase online or offline as per your preference. These plans include endowment plans, ULIP plans, term plan, and savings plans to fit your needs. You can go through the list of various plans available to find the one that suits you the best.

  • Investment Plans: These plans include savings, ULIPs, and pension plans that provide maturity and death benefits. In case the policyholder suffers an unfortunate death during the policy term the insurer pays the death benefit to the nominee whereas if the policyholder outlives the policy term, the applicable maturity and survival benefits at the end of the policy term.

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5 Best Life Insurance for Millennials

Let us take a look at some of the best life insurance plans for millennials in India in 2024.

Life Insurance for Millennials Entry Age Minimum Sum Assured Policy Term
ICICI iProtect Smart Plan 18 years - 65 years Rs. 50 Lakhs 5 years - (99 - entry age) years
HDFC Life Click 2 Protect Super Plan 18 years - 65 years Rs. 50 Lakhs 2 years - (85 - entry age) years
Max Life Smart Secure Plus Plan 18 years - 65 years  Rs. 20 Lakhs 10 years - 67 years
Tata AIA SRS Vitality Protect Plan 18 years - 65 years Rs. 50 Lakhs 10 years - 82 years
Bajaj Allianz Life eTouch Plan 18 years - 65 years Rs. 50 Lakhs 10 years - 67 years 

Note: You can calculate the premium you need to pay for the most suitable life insurance by using the life insurance calculator.

At What Stage Should Millennials Buy Life Insurance Plans?

Millennials can buy a life insurance plan at any of the following life stages:

Different Life Stages Benefits
Unmarried People
  • Unmarried or single millennials can secure their dependent parents in their absence. 
  • The dependent parents can use this payout to pay for their medical expenses and other emergencies.
Married Individuals
  • People who are married can secure their spouse with life insurance for millennials
  • These plans pay a death benefit in case of the policyholder’s death during the policy term to take care of their financial needs
  • The maturity benefit received on outliving the policy term can help secure the policyholder and the spouse’s post-retirement life
Parents with young Kids
  • Parents with young kids can secure a large amount of money in their absence for their kids to help them realize their dreams and aspirations
People with Student/Home/Car Loans
  • People who have availed of a student, home, or car loan should buy life insurance for millennials to avoid their families being burdened with these debts in their absence.

Factors To Consider While Buying the Best Life Insurance for Millennials

Here is the list of all the factors you need to consider before buying the most suitable life insurance plan for yourself:

  • Assess your Requirements: You should always keep in mind the amount your family might need in your absence to fulfill their financial goals. The payout of a life insurance plan for millennials should be enough to cover your family’s financial obligations like rent and child’s fees.

  • Policy Tenure: The policy term of your life insurance for millennials should be long enough to cover you until your dependents are financially independent. You can purchase life insurance plans covering you till 99/100 years of age with whole life insurance policies if you have financial dependants like spouse or parents.

  • Appropriate Sum Assured: The sum assured of your life insurance for millennials should be enough to cover your family’s financial obligations and any remaining debts your family might have to pay off like student or home loans. You can use a human life value calculator to calculate the maximum amount of life cover you are eligible for at any life stage.

  • Premium: To ensure you are purchasing the best-suited life insurance for millennials at the most affordable rates, you should always compare life insurance plans online to find the best premium rate across all platforms. The premium rate can differ due to changes in age or health conditions. 

  • Available Rider: You should always go through the policy documents to see the list of available riders and their benefits. Riders like critical illness, terminal illness, accidental death benefit, accidental total permanent disability, and hospicare can enhance the coverage of your base policy and provide comprehensive coverage.

  • Online Comparison: Online comparison of life insurance plans can help you find the most suitable insurance provider. You should compare plans based on their premiums, policy terms, sum assured, and CSR values to find the plan that fits within your budget.

  • Buying Early: Buying life insurance for millennials at an early age can ensure that you are able to buy the plan at the most affordable price. The premium rate for life insurance plans increases with age, thus it is better to buy the most suitable plan at the earliest.

FAQ's

  • Can I buy life insurance for millennials online?

    Ans: Yes, you can buy life insurance for millennials online as well as offline as per your suitability. Online purchasing of life insurance allows you to buy the plan in a few minutes from the comfort of your home. This also reduces the paperwork and the hassle of visiting the insurance office multiple times.
  • When should I buy life insurance for millennials?

    Ans: Millennials should purchase a life insurance plan for themselves at the earliest to secure their family in case of an eventuality at the lowest premium rates. As the age of the millennials increases, the premium rates also increase for the same plan.
  • What is the right cover for life insurance for millennials?

    Ans: The right life cover for a life insurance plan can be determined with a human life calculator. By a general thumb rule, the sum assured for your life insurance plan should be at least 10 to 20 times your current annual income and should be enough to cover the financial costs of your dependants in your absence.
  • Does life insurance for millennials require a medical exam?

    Ans: Yes, most life insurance plans require a medical exam that you need to undergo before purchasing the most suitable policy. This medical test informs your insurer of your existing medical conditions and family history.
  • Is life insurance for millennials designed to specifically fit your needs?

    Ans: Yes, various life insurance companies provide life insurance plans designed to fit the needs of a millennial. These plans offer maturity, death, and survival benefits along with accrued bonuses throughout the policy and at the end of the policy tenure as per the policy details.
  • What is the best company offering life insurance for millennials?

    Ans: Before selecting the best company offering life insurance for millennials, you should always check the company’s CSR (claim settlement ratio), solvency ratio, customer reviews, and claim settlement process to ensure you buy the most suitable life insurance plan from the best life insurance company in India.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common benefits of term insurance:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term insurance policy in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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