Term Life Insurance Awareness and Adoption Among Gen Z and Millennials in Gujarat

Term life insurance has been recognized as an essential and affordable financial product for people in India, especially for younger generations who are living in uncertain times. The Indian insurance industry has witnessed tremendous growth in recent times, and technology penetration is also at an all-time high. However, awareness and adoption levels for term life insurance policies remain uneven for Gen Z (born 1997-2012) and Millennials (born 1981-1996). This paper seeks to understand and explore customer awareness, perceived value, information sources, purchasing behavior, motivation, and barriers for term life insurance adoption for Gen Z and Millennials in Gujarat. The methodology for this paper is descriptive in nature and is based on primary data collection through a structured questionnaire for 210 respondents. The findings indicate that awareness levels for term life insurance are moderate to high, and respondents have high levels of trust for insurance companies in India. The study also reveals that digital sources are dominant for information search for term life insurance.