Mumbai, Maharashtra, India: 72% women deemed life insurance as an important financial instrument 68% women are likely to purchase life insurance almost as much as males
Life Insurance Council, India’s leading advocacy body for life insurance, recently conducted a baseline survey on the perception and importance of life insurance for Indians. The survey reiterated the council’s “Sabse Pehle Life Insurance” campaign which intends to create awareness on the importance of life insurance. The campaign represents the joint efforts of 24 Indian life insurance companies working towards a common goal of increasing life insurance awareness across the country, which is ranked 10th in the world in terms of life insurance (IRDA).The survey highlighted several notable trends on how women in India perceive life insurance and what is their willingness to buy. The awareness amongst men and women is equal as 96% people have claimed that they know what life insurance is. Women have also shown equal importance of life insurance as men as 72% females deemed life insurance as an important financial instrument. While awareness and importance amongst females did not highlight any problems, it was alarming to see 33% women not knowing much about how life insurance can help them financially. As more and more females have turned decision makers, it is important for them to understand the concept of life insurance and its role in financial stability.
“The survey intends to show how more women are turning decision makers, creating a pathway towards a much-needed balance in societies. Our aim is to educate and spread awareness on the importance of life insurance especially for women leaders. We understand that care and responsibility go together, and we wish to promote this mindset and educate Indian women so that we can offer the best life insurance solutions,” said Mr. SN Bhattacharya, Secretary General, Life Insurance Council on International Women’s Day.
The survey showed that 61% females perceived life insurance as a medium to secure their child’s education and marriage plans of men who stand at 58% for the same question. This clearly shows that more females are invested in the decision-making process for their children. The evolution of the Indian society is seeing more women stepping up to take financial ownership of their families. The need for awareness towards a safe financial future is more than ever as nearly half (44%) of the women now feel that life insurance is a long-term investment that needs commitment.
The Life Insurance Council with this survey and its “Sabse Pehle Life Insurance” campaign aims to not only to educate towards the importance of life insurance but also to eradicate malpractices that misguide people about the category and products. It is critical that people perceive life insurance in the right light for a safer, better future for themselves and their families.
About the Survey
The report was commissioned in partnership with Hansa Research
The sample size included audiences between the ages of 25-55 years
The cities were divided amongst 8 metro cities, 9 tier one cities and 23 tier two cities
The study surveyed over 12000 respondents
“The Life Insurance Council is constituted under Sec.64C of Insurance Act 1938, is the face of the Life Insurance Industry that connects the various stakeholders of the industry. It functions together with participation of all the Life Insurers through several sub-committees towards the development of the industry. The Life Insurance Council leads the advocacy effort on the industry’s behalf before the Regulator (IRDAI), Govt of India and all other statutory bodies.”