78% Indians say insurance is key to holistic financial planning: Survey

The survey further revealed that realizing this importance, 46% of the respondents bought health insurance and 44% bought life insurance for the first time during COVID-19.

SBI Life Insurance said, “Although Indians think insurance is important, they still feel underinsured as their insurance cover is around 3.8 times their annual income which is close to the recommended 10 times or even 25 times their annual income Not there.” a report.

These findings are a part of the Financial Immunity Survey 2.0, which was conducted among 5,000 respondents in 28 cities across India. The study provided insight into consumer behavior towards financial preparedness in the post-Covid world.

Against the backdrop of the ongoing pandemic, most Indians are confident that the country will tackle the situation or a possible third wave.

According to the insurer, the confidence of being able to navigate through the situation is not surprising when 80% of Indians feel strongly prepared for physical immunity by taking a single or double dose of vaccination.

“But 38% of Indians feel that the situation may get worse in the next three months and their top three concerns are (1) rising medical/treatment costs (2) job instability (3) concerns about family/own health The insurer said.

The survey findings attempted to decode behavior towards the top concerns cited by consumers due to the income impact due to the pandemic, where 79% of Indians faced income loss and 1/3 still faced low income. are. 64% of Indians feel that major milestones of their life like accumulating savings, leisure travel, providing child education were affected.

With COVID-19 and uncertainty all around, the importance of financial immunity has increased and 57% of Indians relate it to being able to maintain ‘financial security and stability of self/family’.