After Kovid, families have kept financial security on their priority. 71 percent of Indians have given more priority to financial security than other goals.
Many revelations have been made in the second edition of ‘Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 ‘ of private life insurance company Bajaj Allianz Life Insurance. In today’s time, people are now paying more attention to life insurance. It has been said that Indians are investing in security schemes for a risk free life. After Kovid, families have kept financial security on their priority. 71 percent of Indians have given more priority to financial security than other goals.
In such a situation, it has been found in this survey that focusing on new sectors like career growth, foreign travel and retirement planning are also emerging as important life goals for Indians. The average number of goals has increased from 5 in 2019 to 11 in 2023.
Indians prefer to invest to meet their life goals
- Investing in life insurance is the most preferred option for 65 percent of Indian people for their life goals.
- For retirement life goals, the priority of life insurance increases even more.
- 82 percent of Indians prefer to invest in life insurance for financial freedom after retirement.
- 77 percent of Indians prefer life insurance for a secure and care free retirement.
- 73 percent of Indians give priority to life insurance for the financial security of the family.
Top Life Goals of Indians
- 71 percent people have financial security on top as the most important life goal for their family.
- Post-Covid, 84 per cent Indians desire to lead a balanced life, compared to 51 per cent in 2019.
- 1 in 2 Indians say that living a balanced life is their priority.
- In the year 2019, the health and fitness goals of 2 out of 3 Indians are more than 35 percent.
- Being health and mentally fit is one of the top 5 life goals for Indians.
- Non-metro sectors saw a sharp increase in health goals with a jump of 33 percentage points.
- In 2019, there has been a 2-fold increase in the number of Indians thinking of travel goals.
- 8 out of 10 Indians have career-related life goals in the salary or business sector, a 1.5x increase in 2019.
- Pursuing higher education is a life goal for 1 in 4 Indians.
- Taking adequate care of aging parents is a priority life goal for 40 percent of people.
- Made as a new age life goal, which includes providing employment opportunities, supporting the dreams of others and providing education.
- There has been a 1.6x increase in Indians willing to contribute towards creating a social impact.
