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GenZs lead charge on term insurance, 60% want health features in life cover
Term insurance has become the top financial priority for Gen Zs, driven by a strong desire for long-term security, affordability, and simplicity, according to a new study by Tata AIA Life Insurance and NielsenIQ.
Titled 'New Age Habits, Traditional Values: Gen Z's Approach to Financial Planning', the study surveyed working Gen Z individuals aged 21–28 years (born between 1997-2012). Gen Zs are embracing term insurance not as a backup, but as the foundation of their financial wellness strategy.
Here are the key highlights:
31% of Gen Z respondents plan to purchase term insurance, the highest among all life insurance categories available to them.
1 in 4 prefer a Term + Wealth combo, blending protection with savings.
Notably, 57% of Gen Z intenders are willing to invest over Rs 2,000 per month, showing a stronger intent than current policyholders in this cohort.
2. Early Retirement Planning Gains Ground
Gen Zs are also fast-tracking the retirement conversation. With growing interest in the F.I.R.E. (Financial Independence, Retire Early) movement, many are balancing present-day needs with a long-term view.
18% are already considering retirement and pension plans, a notable shift from the wait-and-watch approach of previous generations.
3. Health & Wellness as Key Decision Factors
For Gen Zs, financial products without health benefits are a no-go.
60% of respondents prioritize physical health offerings when choosing a life insurance provider.
Male Gen Zs (65%) place a higher emphasis on wellness benefits compared to female Gen Zs (54%).
Even as Gen Zs swipe, scroll, and shop online, financial trust matters a lot.
53% rely on agents or bank advisors for insurance purchases, with the rest being through online and other channels.
At the same time, 25% seek financial advice on social media, showing the growing influence of digital creators and content.
'Our research underscores some vital insights: while Gen Zs are highly digital, they continue to rely on time-tested financial solutions such as term insurance for long-term security. With a focus on financial protection, health and wellness, and early retirement planning, Gen Zs are actively preparing for their future. At Tata AIA, we are committed to providing tech-enabled, accessible insurance solutions that meet the evolving needs of this forward-thinking generation," said Girish J Kalra, Chief Marketing Officer, Tata AIA Life Insurance.
Tata AIA commissioned NielsenIQ to conduct this study across eight major cities (Delhi, Mumbai, Bangalore, Kolkata, Hyderabad, Pune, Jaipur, and Patna), surveying working Gen Z individuals aged 21-28. The sample included an equal split between metro and non-metro regions, with 50% male and 50% female respondents and an average age of 25.
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