Financial immunity gains currency in post-pandemic world: Survey – Business Standard

0
3

Topics
Coronavirus | consumer spending
Press Trust of India  |  New Delhi  Last Updated at January 12, 2022 21:38 IST
https://mybs.in/2asQePI

Amid the fresh wave of the pandemic, Indians are more prepared to deal with the situation while paying more attention to financial immunity through insurances and cutting on discretionary expenses, as per a study.
Post the first year of the pandemic, people are spending less on discretionary items, and they are majorly renewing their health and life insurance policies. They are also focussed on building savings by utilising half of their income to gain financial immunity, SBI Life said in the second edition of its survey 'Financial Immunity Survey 2.0', released on Wednesday.document.write(““);googletag.cmd.push(function(){googletag.defineOutOfPageSlot(‘/6516239/outofpage_1x1_desktop’,’div-gpt-ad-1490771277198-0′).addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();});

googletag.cmd.push(function(){googletag.display(‘div-gpt-ad-1490771277198-0’);});

var banHeight=$(“.article-middle-banner iframe”).height();if(banHeight<=1){$(".article-middle-banner").height(0);$(".article-middle-banner").next().next().remove();}displayConBanner=1;
The Financial Immunity Survey 2.0 was commissioned by SBI Life Insurance in association with the Nielsen IQ (India Pvt. Ltd).
The survey sample size was 5,000, covering 28 metros and tier 1, 2 and 3 cities. The male to female participation in the survey was 80:20, while the participation was 50:50 in the age group from 21-35 and 35-45 years.
Awareness levels are rising towards financial immunity. There is a focus on savings as Indians are saving more now and utilising half of their income to build financial immunity through savings, investments and insurance, the survey said.
"In the context of the ongoing pandemic, the importance of financial security, and stability of self/family in case of any uncertainty has increased as compared to the first wave — from 41 per cent to 57 per cent. Our survey results showed that one of the major issues causing stress is the rising cost of medical treatment followed by an unstable economy and concerns regarding the health of self/family members," SBI Life said.
It said 57 per cent of the Indian population consider financial immunity to be directly associated with financial security and stability.
It is also closely related to generating income from varied sources.
Among others, the survey found that one-third of the population continue to face reduced income due to the pandemic.
The life insurer said that as many as 64 per cent of the Indians feel that their milestones were impacted by the pandemic, while 60 per cent have started to spend less on non-essential items.
"Indians are directing 50 per cent of their income towards savings, investments and/or insurance. 75 per cent have renewed life and health insurance in 2021."

Further, the insurer said that although Indians feel insurance is important, they seem to be under-insured with nearly 3.8-times the cover of their annual income, which is below the recommended 10X/25X of annual income.
As per the survey, the pandemic has brought to the fore the importance of insurance. It said as many as 46 per cent of the population purchased health insurance for the first time during Covid-19. While 44 per cent purchased life insurance for the first time during the pandemic.
The insurer also highlighted the new life as a co-existence with the
"The advent of the third wave has brought focus on booster doses and vaccination for the younger populace. The human race is racing to adapt. Behaviours, attitudes and mindsets are fast adapting to the new normal and building on physical and financial resilience in face of the evolving realities," SBI Life said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor
PREVIOUS STORY
NEXT STORY
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Business Standard
Premium Services
In Partnership with Fis Logo
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here