How owning life insurance at an early age can add significant value to your financial planning
In India, the life insurance industry is rapidly growing, and in 2027, it aims to reach INR 14.5 trillion. This growth is driven by a number of factors, including increasing awareness of the importance of financial planning, rising disposable incomes, and the growing popularity of digital channels.
In the age of digitization, where awareness about financial planning among youngsters is on the rise, one aspect often overlooked is the importance of owning life insurance at an early age. It is interesting to note that India has the highest youth population, at a staggering 66% below the age of 35, is a force to reckon with, with an immense potential for growth in the immediate future.
However, the Indian life insurance industry, although witnessing a surge in awareness, still struggles with low penetration and unawareness regarding the benefits of life insurance when taken at a young age.
Owing to the evolving landscape of the life insurance industry, let’s understand the benefits of buying life insurance early:
One of the most compelling reasons to consider life insurance at a young age is the advantage of lower premiums. Insurance premiums are calculated basis factors like age, health, and risk factors. By starting early, individuals can secure policies with lower premiums, which results in significant long-term savings. Locking in a low premium early in life ensures that the cost of coverage remains affordable throughout the policy’s duration.
Also Read: 12 Golden Investment Rules followed by Warren Buffett which may make you rich
Life insurance provides a safety net for dependents in unfortunate event of the policyholder’s untimely demise. Owning life insurance at a young age lets individuals protect their loved ones
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