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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% Indians feel strongly prepared towards their physical immunity. Of this, 74% have taken both doses of the vaccine.
The top three worries among Indians:
• Rising medical and treatment costs (59%)
• Job security and stability (59%)
• Health concerns for themselves and their family members (58%)
57% Indians understand 'Financial Immunity' as 'Being financially secure and stable'.
3 out of 4 Indians have increased their savings/investments since January 2021. 50% plan to invest their savings/investments in insurance.
78% Indians feel that insurance in extremely important in the overall financial planning process.
46% and 44% Indians have opted for health and life insurances respectively for the first time after the March 2020 outbreak.
Most Indians remain under insured as the life cover to personal annual income ratio is only 3.8 times. This is quite below the recommended amount which is 10x to 25x of one's annual income.
70% Indians strongly feel that their life cover should keep increasing when major milestones in life are achieved.
This is an indicative financial assessment based on your answers/inputs. You may contact your financial advisor/expert for a more detailed assessment.