Life Insurance Necessity
Life Insurance Necessity
Recent Nation-Wide Life Insurance Survey – Life Insurance council
Life Insurance Council, India’s leading advocacy body for life insurance, recently conducted a baseline survey on the perception and importance of life insurance for Indians. Aim is to increase life insurance awareness across the country, which is ranked 10th?in the world in terms of life insurance?
Reasons to purchase
People cited the following reasons on why they believed it is necessary to purchase life insurance
·??????Protection in an unforeseen event
·??????Financial security for the future
·??????Achieving collective financial goals of the family
?In fact, due to the Covid-19 pandemic, a significant increase has been witnessed among people opting for life insurance. However, there is still a gap and a need to raise awareness about the importance of purchasing life insurance
?Survey - Notable Trends
?Awareness & Willingness to buy
?·??????96% people have claimed that they know what life insurance is
·??????Awareness amongst men and women is equal
·??????91 % of the people consider it a necessity
·??????70 % are willing to invest in the same
?Life Insurance as financial instrument
???????72% women deemed life insurance as an important financial instrument
???????68% women are likely to purchase life insurance almost as much as males
???????33% women do not know much about how life insurance can help them financially
As more and more females have turned decision makers, it is important for them to understand the concept of life insurance and its role in financial stability.
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Life Insurance to secure child’s future
???????61% females perceived life insurance as a medium to secure their child’s education and marriage plans
???????58% of men perceive the same.
More females are invested in the decision-making process for their children. The evolution of the Indian society is seeing more women stepping up to take financial ownership of their families.
Life Insurance for safe financial future
?????????44% of the women now feel that life insurance is a long-term investment that needs commitment.
?Geographical incongruence
The southern belt in India has shown less interest in life insurance amongst all the cities surveyed
·??????64 % in south attach importance to life insurance as compared to
·??????78 %?in the north
The reason for this could be the higher weightage given to other financial instruments such as post-office savings schemes
About the Survey
??The report was commissioned in partnership with Hansa Research
??The sample size included audiences between the ages of 25-55 years
??The cities were divided amongst 8 metro cities, 9 tier one cities and 23 tier two cities
??The study surveyed over 12000 respondents