Outlook Money
In your 20s, a term life plan costs less than your weekend entertainment but delivers protection that lasts decades. While movies and OTT subscriptions fade, early insurance locks in low premiums and lifelong peace of mind.
For many youngsters, weekend entertainment feels like a well-deserved reward after a busy week. Experiences matter, and spending time on them brings instant joy. Yet, when it comes to financial protection, the same enthusiasm often takes a backseat.
For many in their 20s, money decisions are often driven by experiences rather than security. Weekend plans, much-needed OTT subscriptions and gadgets feel tangible, while having conversations around death, disability or job loss feel abstract.
The average OTT subscription in India typically begins at Rs 149 for mobile access and reaches Rs 649 for premium subscription. The average movie ticket price at multiplex chains range between Rs 300 and Rs 500, while food and beverage expenses can easily reach Rs 300 per person.
Buying term insurance early in your 20s can save you a substantial amount over the long term as premiums are calculated based on your age and health at the time of purchase. For instance, a Rs 1 crore cover at the age 25 costs around Rs 400- 600 per month, but if you wait until 35, the premium jumps to Rs 1,300. By age 40, the same cover can cost over Rs 2,000 per month.
The coverage period for your term insurance policy should extend until the age when you expect to have financial dependents relying on your income.
For young Indians, the conversation needs to shift from “Can I afford term insurance?” to “Can my family afford it if I don’t have one?”
A term plan bought early is the silent subscription that runs in the background, ensuring your life stays worry-free and letting you enjoy the present, knowing your responsibilities are already taken care of.