Only 17% of Indian millennials have term insurance, and 55% haven’t even heard of it.
Even if you’re not in the 17%, you definitely don’t want to be among the 55% who don’t know its importance.
So if you’re a millennial, here are 3 reasons why term insurance is essential 
1. Secure your parents
Many millennials delay buying a term plan because they don’t have a spouse or children depending on them. But what you might forget is that even your parents are dependents.
As they near retirement, they may start to rely on your income. And so, a term plan will give you peace knowing that they’ll be financially supported even in your absence.
2. Protection
Simply put, term insurance is where you pay a small amount of money in exchange for a large amount of protection. This protection usually kicks in in the event the policyholder passes away.
Not just that, if you ever develop a critical illness (eg. cancer) and have to quit your job, a term plan can give you a lump sum amount to make up for the lost income.
3. Low premiums
You can even get a ₹1 crore cover for as little as ₹10k a year if you are young and healthy.
Remember, the earlier you buy a term plan, the lower your premiums will be.
Plus, once your policy is issued, your premiums are locked in—meaning the insurer cannot increase them, no matter what.
So don’t delay it! As they say, “The best time to buy term insurance was yesterday; the next best time is today.”
If you have any questions or need guidance with term insurance, you can reach out to @joinditto’s advisors