According to recent survey conducteed by Max Life Insurance and Kantar IMRB only 45% of well educated and tech savvy people aged 25-35 have heard of pure protection term plans and barely 17% bought such insurance policies.
According to experts Millennials today follow the YOLO (You Only Live Once) principle. Millennials want to spend on latest gadgets, fine dining, and costly garments while the need to buy insurance is put on the backburner.
Many young people don’t have any immediate liabilities or dependents so there may be no need for insurance. Others want to spend on tangible things that drive immediate gratification instead of focusing on the longer term. This kind of attitude is worrisome and perplexing. Everybody needs an insurance cover that can effectively replace his income after settling all outstanding debts. Sole or primary breadwinners without adequate insurance are playing with fire.
The good news is that term plans are ultra cheap if bought at a young age. A 30-year-old man will pay barely Rs 9,000 a year for an insurance cover of Rs 1 crore till the age of 65. Delaying the purchase doesn’t save you any money. With every year of delay, the overall cost climbs up.
There are single premium plans, limited premium payment plans, increasing cover plans, staggered payout plans and even plans that return the entire premium if you survive the full term. Each of these variants is useful in certain situations.
While this profusion of choices is good news, many millennials have not been able to decide which policy to buy. Yourlicagent.in helps you cut through the clutter and choose a suitable term insurance cover.
Contact D Hari Babu ( Call 9246599566 ) Insurance Agent from Hyderabad for more Guidance on how to take term Insurance.