78% of Indians consider life insurance extremely important: Survey
In the post-covid era, 78 per cent of Indians opine that life insurance is extremely important in the overall financial planning process, as per a survey conducted by SBI Life Insurance in tie-up with NielsenIQ (India). The finding of the survey further reveal that in the context of the ongoing pandemic, the importance of financial security and stability of self/family in case of any uncertainty has increased as compared to the first wave. Post the first year of the pandemic, people are spending less on discretionary items and they are majorly renewing their health and life insurance policies. Around 46 per cent of the respondents purchased health insurance and 44 per cent purchased life insurance for the first time during Covid-19. However, rising cost of medical treatment followed by an unstable economy and concerns regarding the health of self/family members remain the areas of high concern. The survey was conducted among 5,000 respondents across 28 cities across India. It provides insights into consumer behaviour towards financial preparedness in the post-covid world.