Over 50 % of Indians are not sufficiently prepared to face financial emergency related to lifestyle diseases, according to the findings of SBI Life Insurance’s recent consumer survey, ‘Understanding consumer attitude towards financial immunity.’
Conducted in association with The Nielsen Company, the survey reached out to over 2,400 consumers across 13 key cities covering the length and breadth of India.
In the COVID-19 pandemic times, maintaining personal physical immunity has been on the fore, with almost every respondent confirming to have increased focus on physical immunity in some way. Eight out of ten Indians are aware that ‘stress’ lowers mental and physical immunity, according to the study.
The top three financial worries are financial security against critical illnesses, a family member getting infected by any lifestyle disease or COVID-19, job or income loss.
Eight to 10 Indians (80%) associate life insurance with ‘Safeguarding the family’s future.’ More than 6 in 10 Indians (61%) have bought or intend to buy a critical illness plan/cover to address the rising treatment costs and to avoid financial pressure on the family. Seven in 10 Indians (75%) are not having a critical illness cover, intend to buy one in the next three months.
Speaking about the survey findings, M. Anand, President – Zone II, SBI Life, said, “Over the last six months, individuals and families across the length and breadth of our nation have shown tremendous resilience in coping with the pandemic. Despite the challenging environment, SBI Life’s consumer study on ‘Financial Immunity’ highlights the reassuring sentiment on the need to build a robust financial immunity to safeguard one’s future and be protected from financial adversities.”