Mumbai (Maharashtra) [India], April 20 (ANI/BusinessWire India): Driven by the need to secure family s future financially and concern around medical emergencies, Life Insurance has emerged as the most preferred financial tool, reveals Tata AIA Life Insurance s Consumer Confidence Survey on the impact of COVID-19 Pandemic.
The survey also found that most consumers would buy life insurance in the next six months as a part of their investment allocation.
49 per cent of respondents suggested that they intend to buy Life Insurance in the next six months to ensure the financial security, followed by health insurance at 40 per cent, Mutual Fund SIPs at 37 per cent, Bank/Company FDs at 33 per cent, Equity shares at 30 per cent and Gold/Digital Gold at 25 per cent of those surveyed.
Tata AIA Life Insurance Company Limited
Family s Financial Future Top Concern for the Consumers Followed by Protection Against Health Emergencies - Tata AIA Life Survey
Monday, April 19, 2021 5:02PM IST (11:32AM GMT)
Life Insurance emerged most preferred financial asset class during the Pandemic
Customers associate life and health insurance solutions as must-have investments and a large percentage would consider buying them in the next six months [from Dec 2020]
Term solutions emerge as the fastest-growing category and come only after Endowment solutions in terms of customer preference
84% of respondents said they are still concerned about themself and family due to COVID-19
66% of respondents who are worried about themselves and family due to COVID-19 said their top concern is the economic slowdown
Synopsis
Though awareness is rising, insurance buyers still make costly mistakes. Find out what these errors are and how you can avoid them.
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Buying life insurance has become a priority for many after Covid. The pandemic has claimed over 1.6 lakh lives in India. In many cases, breadwinners have succumbed to the virus, leaving families in disarray.
To be sure, Covid has created more awareness about the need for adequate protection. There is a distinct shift towards considering life insurance as a tool for financial security, reveals a recent Tata AIA Life Insurance Consumer Confidence Survey. Almost half of the respondents said they need to buy a life insurance policy in the next six months. During the pandemic, 51% of respondents bought life insurance, of which 30% were first-time buyers.
Life insurance to remain important than other investments: Survey
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The survey reached out to 1,369 respondents across nine centres in the age group 25-55
Unlike the pre-covid-19 times, people are more inclined to buy a term plan than a unit-linked insurance plan or a traditional policy
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The momentum of buying life insurance may have slowed down compared to the initial days of the covid-19 pandemic. However, it remains the top priority of those who have not purchased it yet or don t have adequate cover, according to a survey.
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