Providing Financial Security to the family Higher for South India as compared to rest of India, finds Life Goals Preparedness Survey 2023 by Bajaj Allianz Life
- Health, Philanthropy and Travel are amongst the key goals in South India
- Health Goals sees an increase by 73%
- Philanthropy saw an increase of 61% post Covid-19
- In Chennai, the increase in Charity goals has been 173%
- 5% people in Chennai and 59% in Bangalore have travel goals. This is higher than national average of 52%
- Life insurance is the most preferred investment option for achieving Life Goals
- Life Goals Preparedness Index 2023 for South at 41 as compared to India’s 47
Chennai, 15 March, 2023 : Leading private life insurer, Bajaj Allianz Life Insurance today unveiled the South Ind ia specific findings of its flagship research Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, which identifies the Life Goals and aspirations of Indians. The survey captures a comprehensive overview of South In di a’s life objectives, aspirations, motivators, and readiness to pursue these goals. It charts more than 40 life goals and assesses how they are working towards achieving these goals.
Financial Security of family emerged as the top Life Goal with 74% of the respondents from the southern parts of the country prioritizing it over other goals. In fact, Chennai saw about 76% of the respondents choosing fina ncial security of family as their top Life Goal. Leading a healthy and fit lifestyle, contributing towards commu ni ty and society through charity and retirement planning continue to feature among the top Life Goals as per the survey. Interestingly, Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 also finds that there is over 2X increase in number of Life Goals for Indians. Life Goals of Indians has increased from 5 in 2019 to 11 in 2023.
SOUTH INDIA’S TOP LIFE GOALS ACROSS CATEGORIES
- 74% of the respondents have financial security for their family as the most important Life Goal
- About 30% Indians in South want to “Retire Rich by growing wealth”. For Chennai, this number goes up to 43%
- Health and Fitness Goals have increased by 73% in South
- 1 in 2 South Indians have a goal of being physically and mentally fit, and it emerges amongst the top 5 Life Goals for the respondents
- In Chennai, this increase is more than 2X
- In Chennai, travel goals have increased by 2.3X where 55% respondents have travel goals. In Bangalore, travel goals increase to 59%
- Philanthropy saw a big increase, as a Life Goal, post Covid-19
- harity goals increase by 61% in South, led by Chennai with a 173% increase over pre-pandemic period\=
- 1 in 3 people in the south are looking to contribute towards creating a social impact
“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and live a holistic life encompassing self-care, family-security, and societal-wellbeing surfaces across cohorts of socio-economic profile. Further, the survey underlines a key finding that Life Insurance continues to be a reliable anchor and enabler to India’s Life Goals,” said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance at the unveiling of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, here in Chennai.
DRIVERS OF LIFE GOALS
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 reveals that the average number of influencer s increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social me dia sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advic e continues to increase.
- Social media is amongst the top 3 influencers of Life Goals for Indians
- Over 2X increase in importance of social media in fuelling new age health, travel & lifestyle goals
SOUTH INDIA’S PREPAREDNESS TO ACHIEVE THEIR LIFE GOALS
The Life Goals Preparedness Index of the sample studied in the south stood at 41 in 2023, as compared to India’s 47. Life Goals Preparedness Index is a function of confidence, knowledge and action taken towards financial pla nning for one’s Life Goals.
- For 52% of their Life Goals, South Indians are unsure of achieving them
- When it comes to financial planning of Life Goals, in south, people believe 65% of Life Goals lack sufficient financial planning.
RESEARCH DESIGN
Kantar conducted the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 with 1936 people across 13 cities including metros, Tier 1 and emerging Tier 2 cities. In the south, cities covered were Chennai, Bangalore, M adurai and Guntur, and the sample size stood at 609.
Demographics include :
- Age group 22-55 years
- New Consumer Classification System (NCCS) A1+, A1, A2/A3 (20:50:30 ratio)
- Salaried and Businessman/Self-employed (50:50)
- Investment decision makers
Statistically valid insights were gathered through quantitative approach to provide a holistic understanding of In dia’s Life Goals. The data collection was done using tablet-based faced to face interviews. The survey data was c ollected in October 2022.
About Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a pa rtnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset manager and in surer.
Commencing its operations in 2001, Bajaj Allianz Life has expanded its presence across the country. It serves mi lions of customers through its 509 branches, over 117,700 agents (as on 31 December 2022), comprehensive set of trusted partners and its online sales channel. The Company’s brand promise of Life Goals.Done. drives it to lau nch innovative insurance solutions, backed by a robust set of digital assets. Bajaj Allianz Life Insurance has cons tantly transformed to offer tech-enabled state-of-the-art services to enhance customer delight. The Company c ontinues to engage with customers through several unique platforms such as Life Goals Mantras, Plankathon, a nd much more.
