A recent survey by Canara HSBC Life Insurance sheds light on why life insurance is a top priority for many Indians.

According to the findings, a significant 70% of respondents are prioritizing their family’s financial security over immediate desires, such as buying a home or taking vacations.

The survey reveals a compelling narrative about how financial planning, family obligations, and regrets about delayed decisions are shaping the life insurance landscape in India. As families navigate their financial futures, these insights underscore the growing emphasis on securing loved ones’ well-being through thoughtful insurance planning.

Overlooked opportunities and postponed decisions in financial journey

“Imagine yourself navigating the demands of daily life — balancing your career goals, family obligations, and the constant pursuit of a secure future. But, like many Indians have discovered, the journey to financial stability is often marked by overlooked opportunities and postponed decisions,” says the survey. This insight forms the core of Canara HSBC Life Insurance’s “Perfect Plan Ka Partner” survey — a comprehensive study that explores how well-prepared Indians are for the future and how they manage their savings and insurance.

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How individuals across various age groups prioritize financial future

In partnership with an independent survey agency, Canara HSBC Life Insurance embarked on a journey to understand how individuals across various age groups and cities in India prioritize their financial future.

The survey, encompassing 800 participants aged 20 to 50 from eight Tier 1 and Tier 2 cities, unveils a compelling narrative: a story of aspirations, regrets, and the quest for security.

Delving deeper, the survey reveals that 64% of individuals wished they had begun their term insurance journey sooner. Despite 83% acknowledging the importance of term plans, a mere 11% take the time to review their coverage annually. This lack of regular assessment leaves only 25% of Indians feeling confident that their policy will sufficiently cover unexpected expenses.

Also read: Buying a term insurance? Don’t miss THIS essential checklist

The story continues with retirement planning. While 66% of Indians start planning for retirement in their 30s, a staggering 74% regret not starting earlier. This delay has left only 27% feeling prepared for retirement, and just 24% believe their maturity amount will fully meet their financial needs.