30 per cent Indians have no idea how much life insurance they need: Survey

The digital survey covered respondents from 12 cities, including metros and emerging Tier II cities.

Published: 27th December 2018 05:31 AM  |   Last Updated: 27th December 2018 09:43 AM   |  A+A-

Image for representational purpose only.

By Express News Service

BENGALURU: According to findings from the 2018 Money Habits Survey published by Exide Life Insurance, Indians consider life insurance to be the top instrument for life goals such as building a house (43 per cent), children’s education (38 per cent), retirement (49 per cent) and legacy creation (50 per cent). Thirty per cent respondents, however, also admitted that they do not have any idea about how much life insurance cover is required.

The digital survey covered respondents from 12 cities, including metros and emerging Tier II cities. Mohit Goel, Director - Marketing and Direct Channel, Exide Life Insurance, said, “Despite the thrust on financial literacy by the Government of India as well as insurance industry, people still struggle to gauge the level of protection required for themselves and their family. 46 per cent of surveyed Indians feel that they should have at least 10 times their annual income but only 29 per cent of individuals have such cover.”

The survey further revealed that nearly 38 per cent of surveyed Indians do not maintain records of financial dealings and 15 per cent feel it is not important to maintain a record. Further, 37 per cent of surveyed Indians admitted that they had not kept their families informed about their financial dealings.
While Indians are aware about the importance of a will, 72 per cent of the surveyed participants still hadn’t prepared one. Even in the age group of 45 and above, the penetration of will has been relatively low.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp