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The Rise of Affluent India & the Need for Insurance

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The Rise of Affluent India and the Need for Insurance
April 01, 2024

Table of Content

 

In a report released by Goldman Sachs titled ‘Rise of Affluent India’, it has been stated that by 2027, there will be around 100 million affluent Indians. From 2019 to 2023, there has been a compounded growth of 12-13%* annually, it states. The firm used different parameters to define affluent Indians. For instance, the number of people who took a flight at least once a year, the number of individuals who have a credit card or postpaid connection, etc.

However, one must wonder if a bump or increase in income and having a credit card are enough to secure one's financial future. The need for insurance is crucial to create financial resilience and protect your wealth. That’s not all; you will also need to ensure that your wealth grows with time. This can be achieved if you are smart with your money. So, how do you do that?

Protection against economic loss

Growth is rarely continuous. It is well understood that the nature of growth periods is usually cyclical. Prosperity or affluence doesn’t have to be. 

During high growth periods, most of us tend to assume that it may last forever. Situations in life, can change. Investing in insurance is advisable at this stage. Having insurance means the future is secure no matter what. Insurance can also help protect your wealth and grow your investment.

Continuity and Legacy

Everyone wants a comfortable life. It is no longer an aspiration. It’s a need. This is also something, along with a legacy, you would want to leave behind for your family. This is especially true for affluent individuals.

Wealth management strategies, estate and succession planning, can go a long way in helping you ensure that the transition is seamless no matter the circumstances. The idea here is to invest in strategies that can help with your needs.

For instance, you can consider investing in a ULIP, like HDFC Life Smart Protect Plan, which is a life insurance plan that provides protection and helps create wealth for the future. Since ULIPs provide dual benefits, you know you have life coverage and the returns from the market-linked investment to ensure financial continuity.

With this plan, you can choose from 4 plan options and 7 Funds1 to choose from. You can also get Maturity and Death benefits, flexibility to choose the premium payment option; along with Minimum Assured Benefit2 in the form of capital guarantee in spite of market fluctuations, etc. 

Health is Wealth

Being affluent comes with its privileges. That said, health is something that people take for granted until something happens. This is especially true for affluent individuals who experience a high amount of work-related stress.

How do you protect your health and wealth at the same time? Look for investments that come with both benefits. For example, you can consider a plan like HDFC Life Click 2 Protect Super. As a term plan, it provides the financial protection that you may need. You get the option of increasing death benefit up to 200 % under the Life Option, an additional amount payable in case of accidental death3 during the policy term, get additional cover for your spouse4 as well, etc.

You can club this term insurance with a rider** like HDFC Life Critical Illness Plus Rider that provides a lump sum amount on the diagnosis of any of the mentioned critical illness5. The purpose of riders is to provide comprehensive coverage for medical expenses that may arise on diagnosis.

While being affluent is good, investments and insurance can help you and your family lead a comfortable life in the future. The idea is to find avenues that can secure your wealth, build a corpus and have a financial fallback as well. 

Sources:

India’s affluent population is likely to hit 100 million by 2027 (16/02/2024) Goldman Sachs.

https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html#:~:text=In%20tandem%2C%20the%20wealth%20of,100%20million%20people%20by%202027

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ARN: ED/03/24/10017

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Disclaimer

  1. With unlimited free Switching. Available under Level Cover and Decreasing Cover
  2. Available under Level Cover with Capital Guarantee and Decreasing Cover with Capital Guarantee plan options
  3. Available as inbuilt feature under Life Plus plan option
  4. Available under Life and Life Plus plan options, upon payment of additional Premium(s)
  5. As mentioned, and defined in the policy document.

**For all details on Riders, kindly refer to the Rider Brochures available on our website.

HDFC Life Smart Protect Plan (UIN: 101L175V02) is a Non-Participating, Individual Life Unit-Linked Insurance Plan. In this policy, the investment risk in investment portfolio is borne by the policyholder. Life Insurance Coverage is available in this product. The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year. Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influe ncing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Life Insurance Company and HDFC Life Smart Protect Plan (UIN:101L175V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contact are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

HDFC Life Click 2 Protect Super (UIN No.: 101N145V02) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

HDFC Life Critical Illness Plus Rider: (UIN: 101B014V02, Form No: R501-23-01) is a non-linked, non-participating rider.

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