The Life Insurance Council recently conducted a survey with over twelve thousand people across 40 cities to understand the perception of the Indian audience towards life insurance.
The survey was conducted on the lines of the new public awareness campaign ‘First Life Insurance’.
The Life Insurance Council recently conducted a survey with over twelve thousand people across 40 cities to understand the perception of the Indian audience towards life insurance.
He did this survey on the lines of his new public awareness campaign ‘First Life Insurance’, which makes life insurance the top priority for the wealth earning members of the family.
The campaign was launched in collaboration with 24 Indian life insurance companies working towards a common goal to increase life insurance awareness in the country, which has one of the lowest insured population in the world.
Help in meeting the financial goals of the family
This survey has clarified many facts related to life insurance. This showed that people of all age groups across India consider life insurance as an important financial instrument. 70% of the total respondents were willing to buy life insurance.
According to people, life insurance provides protection in an unforeseen event as well as financial security for the future and helps in meeting the collective financial goals of the family.
That’s why these people consider it necessary to buy life insurance. However, there is still a great need to increase awareness among people about the importance of buying life insurance.
Choosing Life Insurance in the Covid-19 Pandemic
1. Due to the COVID-19 pandemic, there has been a significant increase in people opting for life insurance. According to a survey by Life Insurance Council, 82% of people in Ahmedabad believe that life insurance has gained more importance after the Kovid-19 pandemic.
2. 91% people consider life insurance as a necessity, yet only 70% are willing to invest in it. 61% of people believe that life insurance will help with their children’s education and marriage.
3. Throwing light on the findings of the western market, we will find that a large section of young adults and millennials were not only aware of life insurance but also willing to invest in it. They already had a strong investing mindset, as 45% of the respondents in the West are aware of equity and equities. This figure is the highest among all the regions.
4. The western market has also shown relatively high ownership of life insurance. The high ownership in cities like Ahmedabad, Mumbai, Pune in the west is due to 92% of the people who believe that life insurance is a necessity for them.
5. It is also reflected in the willingness of 80% of people to recommend life insurance to friends and family, compared to a nationwide average of 76%. Recommendations play an important role in the decision-making process for any investment, especially one for a longer term as life insurance.
What do the statistics say on life insurance
1. Life insurance has a universal awareness level with around 96% among all other financial instruments as compared to mutual funds (63%) or equity shares (39%).
2. The importance of life insurance as a financial instrument remained largely the same among all age groups and both men and women. More people in the age group above 36 years have life insurance as compared to the youth.
3. Half of the respondents prefer to buy life insurance from an insurance agent, while three out of 10 choose a bank.
4. Younger audiences prefer to buy life insurance policies through online channels, which enables them to compare multiple offers, benefits and premiums.
5. Nearly half (47%) of the total respondents claimed that they or someone in their family had life insurance and were well informed about it.
6. Nearly 3/4th of the respondents ranked life insurance among the top three most important financial instruments after savings bank accounts.
Purpose of the survey
It is important that people look at life insurance the right way for a safer, better future for themselves and their families. The survey was conducted with the aim of understanding the perception, awareness and familiarity about life insurance among the Indian audience. Through this, life insurance has to be given top priority.
It encourages the earning member in the family that life insurance is necessary to secure the future of the family. With this survey, Life Insurance Council and its ‘First Life Insurance’ campaign aims to not only educate people about the importance of life insurance, but also to eradicate the malpractices that make people aware of the category and products. mislead.
This survey was commissioned in partnership with Hansa Research. The sample consisted of people between the ages of 25-55 years. Apart from this, the cities were divided into 8 metro cities, 9 tier 1 cities and 23 tier 2 cities. Also more than 12000 respondents were surveyed in the study.
