Types of general insurance policies most young people purchase
With an increasing number of millennial entering the workforce, they plan in advance not only for their own future but also for their families. It’s a different segment of generation- known as aspiration one. Today, millennial want the best for themselves and for their families especially when it comes to protecting about their loved ones or whether their love for favorite bike/car. And, this is because of high amount of influx of information symmetry in the online channels. More and more young people are breaking away the tradition of buying general insurance products from offline and opting for the digital platforms. Protecting oneself against various conditions has become the need of the hour. Little did many people know that how important general insurance is, not just in the case of a fatal accident or incident, but to save you from putting a huge dent in your pocket in a variety of scenarios? Well, let’s take a layman’s eye view to know the type of best insurance policy in India most young people purchase-
Motor Insurance Policy:
It takes a fleeting moment to turn an enjoyable drive or ride into a total disaster. Motor Insurance policy comes under one of the most important general insurance policies for younger generation. Today, more and more millennial are opting for motorbike insurance as they are that it provides a financial coverage against any damage or loss incurred to their vehicle. If you haven’t purchased the one, we would recommend you to purchase the right motor insurance policy for your vehicle. So, if you are in your 20’s or mid 30’s financial pundits advises to avail motor insurance (separate ones for two wheeler and four wheelers). With this, you can insure yourself against not just accidents, but also from theft and damage caused by a third party.
Health Insurance Policy:
In a growing economy like India, there are plenty of opportunities for youth and it has never been so good. They are earning a lot and don’t hesitate in spending with open hands. Whether it is the latest gadget or a vacation to an exotic location, the youth wants to experience all. And, when it comes to managing their finances, they are much informed than the previous generations. The millennial generation is aware about the health insurance, its benefits and financial security the policy offers. The health insurance is perhaps one of the essential types of insurance, because of the rising healthcare costs and increasing vulnerability towards illness. Young Guns are aware that the future is unpredictable and no one can afford to live without a proper health insurance plan in place. Well, if you haven’t purchased any of the health insurance products, you can think of-
• Accidental insurance:
This financial product comes really handy in case of an accident or permanently bodily injury. The policy is highly recommended if you work in a hazardous environment, which involves a lot of driving.
• Critical Illness Plan:
Turning 30 this year? Or perhaps already turned 30 a few years back, and trying to strike a perfect balance between your work and home? Or you might be doing too well in your 20’s. Well, despite the achievements and the fast paced life, takes a toll on your health and can lead to critical illness. Today, most of the young people purchase health insurance customized critical illness plan for their future. The plan covers major health emergency like cancer, kidney, heart-attack, etc. (11 standardized diseases by IRDA).
If you haven’t purchased any health insurance product yet, we would recommend you to purchase a health insurance policy as soon as possible to avail the benefits of a lower premium. Buy Early and live longer!
Well, these are some of the must have general insurance policies young people purchase. Today, getting insurance is no longer an option, but it’s more of a necessity. If you haven’t purchased any, think again, and buy now!
Hope this information helps you!
