HDFC ERGO Survey: Majority of Gen Z and Millennials Prioritize Health Insurance..
Varahi media.com online news,Hyderabad, July 9th, 2025:A new survey by HDFC ERGO General Insurance, conducted by NielsenIQ, reveals that 61% of Indian millennials and Gen Z prefer to
Varahi media.com online news,Hyderabad, July 9th, 2025:A new survey by HDFC ERGO General Insurance, conducted by NielsenIQ, reveals that 61% of Indian millennials and Gen Z prefer to invest in health insurance. The “Exploring Gen Z and Millennials mindset towards insurance” study, which surveyed 2,200 respondents across 17 Indian cities, sheds light on the evolving attitudes of India’s youth towards health coverage.
Anuj Tyagi, Managing Director and CEO of HDFC ERGO General Insurance, highlighted the demographic’s significance, stating, “Gen Z and Millennials contribute to more than 50% of India’s population… This segment is reshaping the insurance industry, pushing us to rethink customer experience with demands for transparency, digital ecosystems, and hyper-personalised services.”
Key Findings on Health Insurance Preferences:
The survey uncovered several crucial insights into what drives this demographic’s insurance decisions and the barriers they face:
- Awareness and Existing Coverage: A significant 44% of Gen Z cite lack of awareness as a barrier to purchasing personal health insurance. In contrast, 43% of millennials rely on corporate health insurance, believing it’s sufficient and thus not purchasing individual policies.
- Influencers and Purchase Channels: 55% of Gen Z rely on family members for health insurance decisions. Interestingly, despite being tech-savvy, 60% of millennials and Gen Z purchase policies through offline mediums, primarily due to trust in agents for claims assistance.
- Drivers for Purchase: While 37% of consumers are driven by the increasing cost of medical procedures, 36% buy health insurance for wellness benefits like health check-ups.
- Service Expectations: Consumers expect quick and responsive customer service (48%) and access to educational resources (47%) from their insurance providers.
- Policy Evaluation Factors: When evaluating health plans, 27% consider the hospital network as important, and 24% look for easy policy terms.
- Online vs. Offline Influence: While 57% of Gen Z rely on direct communication with insurance companies and word-of-mouth, 61% of millennials prefer comparing policies on aggregator websites.
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Regional Insights and Affordability:
The study also provides a nuanced view from urban India:
- Pre-Hospitalisation Focus: Cities like Kolkata (51%), Bengaluru (49%), Mumbai (49%), and Chennai (47%) show a strong expectation for pre-hospitalisation charges to be included as a standard feature in health policies.
- Cost as a Trigger: Increased medical costs are a key trigger in Chennai (49%), Kolkata (47%), Bengaluru (47%), and Mumbai (42%).
- Flexible Payments: To ensure affordability, 30% of consumers in Hyderabad and 29% in Mumbai seek flexible premium payment options.
The survey underscores the continued importance of a strong agent network for deeper insurance penetration across the country, especially given the youth’s preference for offline assistance despite their digital proficiency.
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