INDIA Survey results of LIC show that 91% of people consider life insurance necessary but only 70% of them are willing to buy it.
The research findings by the Life Insurance Council of India (LIC) are based on a survey conducted across 40 cities with more than 12,000 Indians participating. The purpose of the study is to understand people’s perception of life insurance.
The survey showed that due to the Covid-19 pandemic, the number of people choosing life insurance increased significantly compared to before. However, there is still a gap and there is a need to raise awareness about the importance of purchasing life insurance.
In addition, of the total survey respondents, 71% already own life insurance or want to buy one. The survey highlights: Contingency protection, financial security for the future and achieving shared family financial goals are important reasons for the majority of survey respondents to buy. life insurance.
Most people who do not invest in life insurance are concerned about the long-term nature and expensive premiums of insurance. These are the top two barriers to adopting this type of protection. The inherent wealth mindset prevailed as 45% of respondents invested in stocks.
More people over the age of 36 own life insurance than young adults, the LIC reports. In addition, 50% of respondents prefer to buy life insurance from an insurance agent, while 3 in 10 prefer buying from a bank.
Currently, digital technology is increasingly popular and developed, creating significant leaps in the insurance industry. Industry helps increase transparency, transactions faster and can offer solutions based on customer needs.
It is predicted that in 2022, insurance companies will increase the use of technology to analyze customer preferences and needs. From there, they can recommend products that are tailored to each individual.
People’s awareness about the pandemic has increased, the penetration level of life insurance companies is at the highest level in the past 10 years. The above trends are predicted by experts to also help boost the growth of the life insurance market in 2022.
