A survey conducted by ICICI Lombard on Understanding Lifestyle and Attitude towards Health of Millennial (those born in the 80's and the 90's) stated that the Indian Millennial spend just 5% of their monthly income on health and medical needs. The study was conducted in Lucknow, Delhi, Kolkata, Mumbai, Bangalore, Chandigarh, Hyderabad, and Ahmedabad.
The study pointed out that the Indian millennial spends 69% of their income every month. The expenditure on family, livelihood, and EMIs account for 50% of the earnings. The survey also highlighted the fact that uninsured millennials save less and spend more on medical expenditure in comparison to the insured equivalents.
In addition, the other important observation made by the survey was that Indian millennials believe in buying health insurance at an early age (25 - 30) however, they have a limited understanding of its benefits.
Commenting on this fact, Sanjay Datta, Chief - Claims, Underwriting and Reinsurance, ICICI Lombard General Insurance said, "Poised to reshape the economy, the millennial generation is in its prime spending years. It is heartening to know from the ICICI Lombard survey that they understand the importance of good health. However, the level of health insurance awareness among the average Millennial is significantly low with limited understanding of benefits. It is critical that they are guided in terms of realizing the importance of getting insured when young and healthy."