GUWAHATI, Jan 12: SBI Life Insurance unveiled yet another comprehensive consumer study, The Financial Immunity Survey 2.0, providing deep insights into consumers’ evolving behavior towards financial preparedness in the post covid world. SBI Life commissioned the survey with NielsenIQ (India), reaching out to 5000 respondents across 28 key cities covering the length and breadth of India.
Against the backdrop of the ongoing pandemic, a vast majority of Indians are confident that the country would tide over the situation or a possible 3rd wave. The confidence of being able to navigate through the situation is not surprising when 80% of the Indians strongly feel prepared towards physical immunity on account of taking either a single or double dose of vaccination. But 38% of the Indians feel that the situation could worsen over the next three months.
The survey findings further attempt to decode the behavior towards the top worries cited by consumers on the account of the impact of income because of the pandemic where 79% of the Indians faced income reduction and one-third are still facing reduced income. 64% of the Indians feel that their key life milestones like accumulating savings, leisure traveling, and providing for child education were impacted.
With Covid-19 and uncertainty around, the importance of financial immunity has increased and 57% of the Indians relate it to being able to maintain ‘Financial Security and Stability of self/ family. 78% of Indians feel that life insurance is extremely important in the overall financial planning process. Realizing the importance of insurance, 46% purchased Health insurance, and 44% purchased Life insurance for the first time during Covid-19. But although Indians feel insurance is important, they still seem to be underinsured as their insurance cover is 3.8 times of their annual income which is not even close to recommended ten times to 25 times of their annual income.