Gen Z in East India Proves to be Financially Savvy: 63% Opt for Insurance-Based Retirement Plans

East India’s Generation Z is setting new financial benchmarks, with 63% of working individuals aged 21–29 using life insurance as a retirement planning tool—the highest percentage in the country—according to a Tata AIA Life Insurance study conducted by NielsenIQ. Titled “New Age Habits, Traditional Values”, the study highlights Gen Z’s pragmatic approach to long-term financial security.

The report reveals a balanced investment mindset: 47% of East India’s Gen Zs prefer gold, 54% rely on fixed or recurring deposits, and 43% invest in stocks. While only 11% currently hold term insurance, 44% express intent to buy it—indicating strong future demand. Key drivers in insurance selection include affordability (56%), tax benefits (51%), and claim transparency (36%).

Financial advisors confirm a rising trend among young earners toward retirement planning through life insurance. Many are opting for term and ULIP-based policies, driven by tax savings and growing financial literacy via digital channels like YouTube and Instagram. Girish Kalra, CMO of Tata AIA Life Insurance, stated, “It’s encouraging to see Gen Z viewing life insurance as key to retirement planning. We remain committed to supporting their journey toward financial independence.”