National Youth Day: How insurance products can help young Indians achieve their long-term financial goals

livemint.com:

With India expected to have one of the youngest populations across major economies in the world till at least 2030, it is important to secure the financial and social security of the country’s youth in order to capitalise on this demographic dividend. Towards this end, it is critical that they develop the requisite financial skills that can nurture good financial practices and begin their wealth creation journey as soon as they gain formal employment. 

As more young Indians begin to prioritise their financial well-being over spending on lifestyle enhancements, insurance solutions that protect against the vagaries of life while also serving as saving instruments are gaining increasing popularity. Let us delve into key aspects of financial planning and understand how life insurance products can help young Indians in achieving their long-term goals.

Considering current levels of inflation and rising mortality risks on account of rapidly evolving lifestyles, it is pertinent to have a robust plan that can financially secure loved ones even in case of premature mortality or permanent disability. These demands having a clear financial security strategy that involves purchasing saving instruments and insurance products that can create an ample financial buffer for emergencies and different milestones such as one’s retirement. To begin with, it is important to set future goals, calculate how much capital would be needed to meet them and start investing wisely in your early twenties. Consulting with an experienced financial advisor who can provide guidance on how to structure your investments and help in crafting a suitable financial strategy is highly recommended. Following it up with disciplined saving and investing habits along