Life Insurance Survey Across 40 Cities in Mumbai
LIC – Life Insurance Council has recently conducted a survey in around 40 cities with more than 12000 people to know about their opinion towards life insurance. This survey conducted on public awareness campaign “Sabse Pehle Life Insurance”, which says life insurance is a top priority for the earning members of the family.
This is the joint effort of 24 Indian life insurance companies towards a common goal of increasing life insurance awareness in the country.
According to survey the people of all age groups in India consider life insurance as an important financial instrument. Most of them respondend that the life insurance is a Protection in an unforeseen event, financial security for the future and also achieving collective financial goals of the family.
Out ot the total respondents, 71% people were already having life insurance or were also interested in taking a new one. There has been a significant increase among the people opting for life insurance due to the Covid-19 pandemic. However, it is still needed to raise awareness on the importance of having life insurance. The 91% of the people consider LIC as a necessity and only 70% of people are willing to invest in the LIC.
The west market survey found that most of the young adults and millennials are willing to invest Life Insurance.The 92% people among the west market cities like Ahmedabad, Mumbai, Pune etc., believe Life Insurance is a necessity for them. And also 80% of people are willing to recommend Life Insurance to friends and family.
Mr. SN Bhattacharya, the Secretary General of Life Insurance Council said that “We conducted the survey to primarily understand the perception, awareness and familiarity about life insurance among Indian people. Our aim is to ensure that every earning member of an Indian family makes life insurance as a top priority, to secure a safe and healthy future for his or her family. We understand that care and responsibility go together, and we wish to safeguard this mindset and educate Indians so that we can offer the best life insurance solutions”
Interesting trends found from Survey :
Life Insurance has universal awareness levels of about 96% as compared to mutual funds (63%) or equity shares (39%)
- The importance of Life Insurance as a financial instrument are same across males and females.
- Most of the people over the age 36 years are owning life insurance than youngsters
- 50% of respondents prefer buying Life Insurance Policy from an Insurance Agent while 3 people out of 10 prefer from banks.
- Young people prefer to take Life Insurance policies through online channels.
- 47% of the total respondents said that someone in their family holds a Life Insurance and knows a lot about it.
The Life Insurance Council by this survey and its “Sabse Pehle Life Insurance” campaign aims to educate people about the importance of life insurance and also to eradicate malpractices which misguides people about the category and products.
The Survey was commissioned in partnership with Hansa Research. The survey includes the people between 25 years to 55 years. The cities were divided into 8 metro cities, 9 tier one cities and 23 tier two cities and the study surveyed over 12000 respondents.