The entry age of people going for insurance cover is showing a marked shift to the late 20s from 30s.
By ANISHA MOTWANI, DIRECTOR & CMO, MAX NEW YORK LIFE
Children are pretty much the centre of our lives and this is all more relevant in the Indian context. Parents invest and save for not just their children’s education, but also for their marriage and future.
Social orientation makes the Indian parent not just plan for their own retirement but also ensure financial legacy even when the child is well settled in life.
Independent researches indicate that life insurance has emerged as an important financial instrument for protection and contractual savings today. Increasingly, young people are showing affinity to invest in life insurance at an early stage.
Our experience corroborates these findings as we see the entry age showing a marked shift to the late 20s from 30s just five year back. We believe the trend is reflective of the fact that young people are starting their careers early today and want to achieve major material milestones of life, such as owning a house, buying the first car or even planning for their children’s future, earlier than their parents.
Rest of the article at: http://www.moneyguruindia.com/article.php?cid=407&id=1
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The industrialisation of India has been good for life insurance companies, though with this comes the trends we are use to here in the West. These include waiting later in life for marriage, kids, mortgages and yes, life insurance. The speed at which India is growing, combined with India’s population offers great opportunites.
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