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Most people feel life insurance is a necessity: Survey
Most people across all age groups in India consider life insurance as an important financial instrument, finds a survey conducted by Life Insurance Council, recently.
Hyderabad: Most people across all age groups in India consider life insurance as an important financial instrument, finds a survey conducted by Life Insurance Council, recently.
The survey findings reiterate council's new public awareness campaign "Sabse Pehle Life Insurance," which highlights life insurance as a top priority for the earning members of a family. Most of the respondents highlighted the following reasons why they believed it is necessary to purchase life insurance - Protection in an unforeseen event, financial security for the future and achieving collective financial goals of the family.
Of the total respondents, as high as 70 per cent were willing to buy life insurance. 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. While 91 per cent of the people consider it a necessity, only 70 per cent are willing to invest in the same.
The council conducted the survey across 40 cities with more than 12,000 people to understand the Indians' perception about life insurance. The southern belt in India has shown less interest in life insurance amongst all the cities surveyed with 64 per cent attaching importance to life insurance as compared to 78 per cent in the north. The reason for this could be the higher weightage given to other financial instruments such as post-office savings schemes.
The south depicted a lower level of ownership of life insurance as well compared to health insurance or post office (PO) savings scheme where the ownership was higher in comparison to other regions.
"We conducted this survey to primarily understand the perception, awareness and familiarity about life insurance among Indian audience. Our aim is to ensure that every earning member of an Indian family makes life insurance a top priority, to secure a safe and healthy future for his or her family," said SN Bhattacharya, Secretary General, Life Insurance Council.
