Since the onset of COVID-19, there has been a major shift in the mindset of the Indian consumer towards physical and financial preparedness. The experience of living through the pandemic has made them more cognizant about their health and finances. To decode this behavior, SBI Life, in association with Nielsen, The global leader in measurement & data analytics conducted a comprehensive survey to decode the evolving mindset of consumers in India towards Financial Immunity.
80% of the Indians feel strongly prepared towards physical immunity out of which 74% have taken double dose of vaccination.
Top 3 worries of Indians
• 59% Rising medical/ treatment cost
• 59% Instability of jobs
• 58% Concerns around Health of self/family members
57% of the Indians feel ‘Financial Immunity’ is equal to ‘Being financially secure and stable’
3 out of 4 Indians have increased their saving/ investing since January 2021 and 50% of them plan to invest in savings / investments / insurance
78% of the Indians feel that Insurance is extremely important in the overall financial planning process
46% and 44% Indians have bought a health and life insurance for the first time after March 2020 respectively
Indians remains underinsured as the life cover to personal annual income ratio is only 3.8 times, which is way below the recommended 10x to 25x of annual income
70% of the Indians strongly feel that life cover should keep on increasing when prominent life milestones are achieved
Disclaimer:
This is an indicative financial assessment based on your answers/inputs. You may contact your financial advisor/expert for a more detailed assessment.
NW/FIN/IM/Cr1/01/22/WEB/ENG