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Survey Report: Many disclosures have been made in the second edition of ‘Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023’ of private life insurance company Bajaj Allianz Life Insurance. People are now thinking very deeply about life insurance. It has been revealed in the report that Indians are investing in security plans for a risk free life. Financial security of the family has been the primary goal post Covid.
71 percent of Indians have given it more priority than other targets. It has been found in this survey that retirement planning, adopting a balanced lifestyle and providing education to children are among the top goals in life. The number of life goals of Indians has doubled from 5 in 2019 to 11 in 2023.
more focus on fitness
It has been revealed in this survey that health goals have been given priority by the people and 65 percent of Indians have completed their health and fitness goals. At the same time, retirement planning, balanced lifestyle and children’s education remain a priority. Apart from this, career advancement, traveling abroad and taking care of aged parents are among the top goals in life.
elderly parents important target
At the same time, career advancement, foreign travel and taking care of elderly parents are also emerging as important life goals for Indians in the new focus areas. The most important thing is that the average number of goals increased from 5 in 2019 to 11 in 2023. Apart from this, the number of Life Goals Preparedness Index stood at 47, as people’s life goals have increased after the pandemic.
India’s top life goals in different categories
- 71% of respondents consider financial security of their family as the most important goal in life
- Post Covid, 84% Indians desire to lead a balanced life, up from 51% in 2019
- 1 in 2 Indians want to achieve the goal of living a balanced life.
- Health and life goals of 2 out of 3 Indians have increased from 35% in 2019
- Being physically and mentally fit is one of the top 5 life goals
- Health goals in non-metropolitan areas jump 33 percentage points faster than before
- The number of Indian people and young consumers, especially those living in metros, who are running with travel goals has increased twice as compared to 2019.
- 8 out of 10 Indians, whether salaried or in business, have a career-related life goal and this number is 1.5 times higher than in 2019.
- 1 in 4 Indians’ life goal is to pursue higher education
- 40 percent people have given priority to adequate care of elderly parents
- The number of Indians willing to contribute to create a social impact has increased 1.6x.
Releasing the survey report, Mr. Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said that it reflects the strong fundamentals of India’s growth economy and growing confidence among Indians.
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