Life insurance has long been considered essential, but a recent survey by Canara HSBC Life Insurance sheds light on the real reasons why Indians choose to invest in life insurance. According to the survey, the financial security of the family is the most important factor, with 70% of respondents prioritizing it over other desires like buying a house or going on vacation. This highlights the growing awareness among Indians to secure their family’s future.
Regrets About Delaying Insurance Purchase
One of the most surprising revelations from the survey was the regret many people feel about delaying their insurance plans. Out of the 800 people surveyed across Tier 1 and Tier 2 cities, 64% admitted that they regretted delaying the purchase of term insurance. Even though 83% understood the importance of having a term plan, only 11% took the time to regularly review their coverage. This suggests that while there is awareness, many people fail to act promptly.
Retirement Planning Begins in the 30s for Most Indians
The survey also explored how Indians approach retirement planning. 66% of Indians start planning for retirement in their 30s, which indicates a shift towards early financial preparedness. However, 74% expressed regret for delaying their retirement planning. Because of this delay, only 27% of respondents feel fully prepared for retirement, and 24% believe their maturity amount will be sufficient to meet their financial needs.
Key Takeaway: Prioritizing family security and early planning is critical, but many still face regrets about delaying important financial decisions like life insurance and retirement planning.
