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Young Russians are increasingly buying endowment insurance policies

According to the analysis of endowment portfolio of IC Rosgosstrakh Life over the previous two years, the company’s client base is getting younger. Coverage programs are becoming increasingly popular among people under 40 years of age. Notably, men are more interested in endowment than women. This was reported by the insurer's press service.
Young Russians are increasingly buying endowment insurance policies

In 2023, the endowment products of IC Rosgosstrakh Life, that financially protect life and health and form capital for the future, have been mainly concluded by clients aged 30-49 years. Their share is 56%, which exceeds the 2022 figures by 5 percentage points.

“In general, over the past year we have seen increased interest in endowment programs among younger audiences. This is a good trend, since the main goal of the program is to secure the financial well-being of yourself and your loved ones. It is especially relevant for able-bodied middle-aged people who bear financial responsibility for their family, including children and elderly parents,” notes Gulnara Orlova, head of department for development of insurance products and services of IC Rosgosstrakh Life.

Endowment is gaining popularity among men. The share of contracts concluded in 2023 by the stronger sex grew by 2 percentage points and amounted to 44%. However, the policies bought by women still dominate at 56%.

“In recent years, we have noted growth in popularity of life insurance programs. People increasingly want to be financially protected in case of unforeseen situations and to have a reliable financial cushion that will maintain their usual standard of living no matter what happens with their health. After all, endowment life insurance programs provide a high level of long-term financial security of life and health from adverse events in an amount many times greater than the payment, from the first day of operation. The program allows the client to protect savings from unexpected expenses associated with the need to restore health, and also receive a social tax deduction annually,” says Gulnara Orlova.

Photos are from open sources.

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