Insurance Policy: SBI Life Insurance report claims that during the last five years, 47 percent people have surrendered their life insurance policies.
Life Insurance Policy: In the last five years, 47 percent people have either surrendered their life insurance policy or have not renewed the policy. According to SBI Life’s Financial Immunity Report, 68 percent people also believe that they have adequate insurance cover, but in reality only 6 percent people have adequate insurance cover.
It has been said in the report that there are 71 percent people in the country who believe that it is necessary to take insurance for financial immunity, but they do not want to take insurance. At the same time, 80 percent people say that insurance is necessary for financial security. Despite this, 94 percent people either do not have insurance or have inadequate cover.
37 percent have other source income
The report claims that there are 37 percent people in the country who have taken other sources of income instead of insurance and 41 percent believe that secondary income will further strengthen financial immunity.
According to the report, 87 percent consumers are planning to buy life insurance in the next five years, out of which 46 percent consumers can take insurance cover till next year. Life and health insurance policy holders have a financial immunity score of 7.4, while uninsured consumers have a financial immunity score of 6.3.
Why are people surrendering their insurance policies?
Inflation has been the main reason for a large number of people surrendering their insurance policies in the last five years. It has been told in the report that amidst rising inflation, people’s living has become difficult and there is more need of money. At the same time, medical expenses have also increased compared to before, due to which most of the people have surrendered their life insurance policies.
What is the financial immunity report of SBI Life?
On behalf of SBI Life, it presents reports regarding the financial preparedness of the people. In this report, the focus is on financial needs and the financial shortcomings of the people are highlighted. This is the third report of SBI Life. In this report, a study has been done on 5,000 people from 41 cities of the country.
