The consumer market in India is now largely determined by millennials. They are the largest demographic group with a higher income and strong digital influence. The information search is not difficult for such people; therefore, their awareness of various financial services is high.
However, life insurance policies are not popular among them, since millennials are the main breadwinners of their families. Insurers expect that annuity contracts will be in demand among such people over time.
Millennials, however, prefer to buy more flexible products; therefore, insurers need to be customer-oriented. Besides, digitalization of generation requires quick solutions from life insurance companies. Most of Indian LICs are making significant investments in technological solutions today.
Photos are from open sources.