Page 27 - Insurance Times September 2019

policies (ULIPs). Endowments work particularly well if you Millennial is an entrepreneur.
want access to their money during a certain period, for If millennial started a business and is passionate about and
example, in 15 years' time when they want to pay for their want to ensure its success no matter what happens,
child's education. Endowment plans offer low risk with insuring it is wise idea! Life insurance can protect the
moderate returns. If one aspires to accumulate wealth, in business and keep it flowing without the millennial.
the form of ULIPs, they can speak to a qualified financial
advisor to assess their risk appetite and decide which type
is best for them. For people having children an ideal plan What factors to consider while finding

would be the one which has waiver off premium option. the best pick for the millennials?
Finding the right type of insurance plan might seem like a
The life insurance policies can act as a savings vehicle with
relatively low risk. As a millennial, one may likely have many 'Tough Nut to Crack'. The things one must take into
years to accumulate savings and these kind of cash value consideration before opting for any policy is that one must
policies can be a nice supplement to one's nest egg. assess their financial needs and goals. They can also
consider inflation and accordingly check the different life
Employer life insurance is insufficient: insurance plans available.
While it is great to have group insurance coverage provided
by employers, it is likely to be very basic protection. One Millennials can also evaluate various life insurance policies
may need to pay more out of pocket in the event of an that best suits their needs and if possible can consult a trust
emergency, which can be inconvenient, especially if one is for the financial advisor to help find the right pick.
trying to save money. The policy is also tied to employers,
so if oneleaves the company and are in between jobs, one Analysing the right plan as per their requirement and
will not be protected during that period. Having a personal budget is a significant step before opting for any plans since
insurance policy tailored to one needs will ensure that they it would help them to reap the benefits in the long run.
are adequately covered at all times.
Conclusion
Employer's insurance may not be the best one:
Although the life insurance policy may not seem like a top
Even if the millennials are offered life insurance through
employer, might be more expensive to add coverage than priority in millennial's checklist at this time of life, it would
to buy a separate policy. The rates may actually be higher be a very crucial part of one's financial goals at some point.
through the group life insurance offered by employer. It also It's better to take the right call at the very right time. Life
might not offer the features that one care most about. Plus, insurance would not only offer protection, but it will also
most employer-sponsored policy premiums increase make the best use of one's money along with financial
sharply after age 35. stability for their loved ones. T

SBI General Insurance introduces cyber insurance scheme
SBI General Insurance has recently launched new cyber insurance scheme for its customers, with an aim of safeguarding
their online bank account or of ATM fraud.
The company is committed at a renewed growth story in Uttar Pradesh, which has jumped to the third spot in the
country from fifth place in the last fiscal for SBI General Insurance.
In total SBI General has generated Rs 295 crore from Uttar Pradesh in 2018-19. Company MD and CEO Pushan
Mahapatra said that Motor insurance policy has the highest portfolio that contributes 36% in the product segment,
followed by Group Personal Accident at 28%, Fire at 16% and Health at 12% in 2018-19.
Mr Mahapatra also said the new cyber insurance scheme assures people to safeguard their online bank transaction
or ATM cloning. He said his company have a vast presence in Uttar Pradesh, with branches in cities like Agra, Allahabad,
Bareilly, Gorakhpur, Jhansi, Kanpur, Lucknow, Meerut, Noida and Varanasi.

"Our new branch will open soon in Moradabad. The growth story for us in Uttar Pradesh has been phenomenal. The
state alone accounts for a significant amount of premium in 2018-19 for us," Mr Mahapatra said.

The Insurance Times, September 2019 27