Smart wearable technology is taken into account as a paradigm shift in healthcare and health insurance industry. More and more wrists are wrapped in smartwatches with advanced technology using serval applications connected to smart mobile phones and sensors to track and monitor the healthy lifestyle of the wearers. This paper aims at conducting a systematic review of literature related to smart wearables that engage people in ensuring sustainable healthy lifestyle. The increasing capability of automation with AI turned the robots to cobots and results in Industry 5.0 as a brand-new historic period. Sensing technology, big data, and AI (AI) have proven viable at automating, managing, and optimizing a good range of non-industrial processes. The study focused on impact of consumer-grade smart wearables including smartwatch, and other patient related devices monitoring heart rate, speech therapy adherence, etc. Study found that health insurance companies are already using such devices to track the healthy lifestyle of patients and determining the insurance premium based on that.