A new survey reveals that 61% of Gen Z and Millennials in India now prefer to invest in health insurance, reflecting a significant shift in attitudes toward financial protection and wellness.
Commissioned by HDFC ERGO General Insurance and conducted by NielsenIQ, the survey polled 2,200 respondents across 17 Tier 1 and Tier 2 cities, with 1,400 Gen Z and Millennials forming the core sample.
Rising medical costs were cited as a key motivator by 37% of respondents, while 36% said wellness benefits like health check-ups influenced their decisions. Despite being digital natives, 67% of Gen Z still preferred offline channels for purchasing insurance, indicating strong reliance on agents.
Commenting on the findings, Anuj Tyagi, Managing Director and Chief Executive Officer of HDFC ERGO General Insurance, said, “The Gen Z and Millennial contribute to more than 50% of India’s population, as compared to the world average of 47%, thus making it a vital force in shaping the country’s economy. This sect of population is in fact reshaping the insurance industry and pushing the insurers like us to rethink the way we offer customer experience. Their key expectations include transparency in processes, digital ecosystem with quick TATs, and hyper-personalised services. At HDFC ERGO, we believe in building meaningful interventions for our customers to make insurance a a part of their everyday lives. This survey reinforces our mission to empower the next generation with insurance that’s relevant, accessible, and responsive to their evolving needs.”
The report also found that 44% of Gen Z avoid personal insurance due to lack of awareness, while 43% of Millennials rely solely on corporate health cover. Cities like Kolkata, Bengaluru, Mumbai and Chennai showed strong interest in pre-hospitalisation cover and flexible premiums.
