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Keeping millenials fit and healthy with insurance

Early insurance buyers need to shell out lower premium rates and are entitled to no claim bonus. This step was taken to draw millennials towards insurance - and stay insured

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Millennials or the Gen Y worries more about their smartphones and latest apps than their health and wellness. Statements like "I am young and healthy. I don't need a doctor, I don't need tests, I don't need any medicines. So why do I need insurance?" - could well be the mindset of this generation.

Millennials are so over-involved in their 24x7 gadget-driven lifestyles that medical or health insurance is the last thing on their minds. If truth be told, the very lack of insurance gives them the false perception that everything is fine and that they don't need to go to the doctor and get a physical examination. And so far, by an odd logic, if one goes for insurance, then one routinely goes in for a check-up and blood and other tests — and gets a clean bill of health, or otherwise.

Contrary to the popular millennial mindset, health insurance can be life-changing for it makes the insured aware of the significance of wellness, switch them from a sedentary to a more active lifestyle, and ensure good health throughout their working life and beyond.

Luckily, millennials in urban and rural areas are becoming attentive to the risks of unhealthy lifestyles on one hand and the need to improve their physical and mental health on the other. Nowadays, increasingly people are trying to beat the negative effects of late working hours, active social life, lack of exercise, anger issues and sleep deprivation with office workouts and healthy diet, fitness regimes, regular holidays, adventure sports, and relaxation methods like meditation.

In spite of all these, however, the number of millennials who are medically insured is revoltingly derisory. About a quarter of this group does not have health insurance, and only 13% have disability coverage. And only a mere 36% have other insurance plans. That means that 64% of millennials are likely to leave their dependents in a financial hole if something unfortunate happensi.

In addition to this, with the cost of healthcare including invasive treatment skyrocketing, millennials benefit from buying insurance early in life— for the benefits overshadow the risks. For example, millennials in the age group of 22-35 get wider coverage at lower premiums. The reverse is true as one grows older.

Intending to bring millennials under the insurance protection, the Insurance Regulatory and Development Authority of India (Irdai) notified the New Health Insurance Regulations, 2016, which, amongst other things, decides premium based on an individual's age. Early insurance buyers need to shell out lower premium rates and are entitled to no claim bonus. This step was taken to draw millennials towards insurance - and stay insured.

Going with the flow, a few insurance companies are endorsing wellness and preventive care while they push millennials to invest in insurance. They communicate with consumers and offer them information on new services and tips on how to stay healthy. They conduct health camps as well as intimate the consumers about the approaching premium renewal dates. This helps institute enduring trust and relationship between the company and the customer.

40-50 million people are under the weather at any point of time and an unrevealed number are suffering from lifestyle diseases including cardiac problems, hypertension, and diabetes. India being home to 356 million 22-37 year-olds - the largest youth population in the world - then medical insurance becomes an utter requirement. Treating ailments without ample insurance can destroy savings, put quality medical aid improbable, upshot in job loss, and leave one in debt or even destitution. A good and decent health insurance can help mitigate the blows.

Last but not least, India's future, its financial growth and affluence, lies in the health and wellness of the millennials. Following the millennials are the Gen Zs, a generation that will never know what life is without wifi. So, insurance companies should design their health care benefits strategies to better suit the unique needs of this generation along with the millennials. The trick is to get them started as early as possible.

The writer is joint managing director, Star Health and Allied Insurance

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