Future security still the top driver for India’s life insurance purchases – Future Generali | Insurance Business Asia
Life & Health
Future security still the top driver for India’s life insurance purchases – Future Generali
The insurer revealed various statistics to celebrate the country’s National Insurance Awareness Day
Life & Health
June 28 was National Insurance Awareness Day, and India’s Future Generali celebrated the occasion with new findings revealing some facts about the country’s life insurance sector.
Nine in 10 of respondents questioned pointed to future security as their primary driver for life insurance purchases, according to the research. Almost 40% of those aged 45 and above were also revealed to be getting life insurance to get a lump-sum payment or regular money after their retirement.
According to the study, lack of sufficient funds and lack of sufficient knowledge are still the top barriers for life insurance purchases, at 44% and 40%, respectively. Eighteen per cent of respondents said that premiums are very expensive, while across all age groups, respondents said that there are no better returns from life insurance products.
Better returns and cheaper premiums are what’s being expected from the insurance sector the most, according to the study. There also seems to be a sizeable portion who are intimidated by insurance, with 35% of prospective buyers saying that products are too difficult to understand.
India’s insurance sector also appears to suffer from low trust issues, as four in 10 from its Gen Z demographic rate life insurance companies as low on trust. This is in stark contrast to the 71% in Eastern India that rated life insurers as the highest on their trust and transparency processes.
“Our survey highlights the pressing issues faced by consumers in the life insurance market, particularly the emerging reservations among GenZ policyholders,” Future Generali India chief marketing officer Geetanji Chugh Kothari said. “Transparency, trust, and commitment are the pillars of a successful customer-insurer relationship, and it is evident that we need to bridge the gap in these areas. At Future Generali India Life Insurance, we are committed to embracing these challenges and developing innovative solutions that meet the evolving needs of our policyholders.”
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