Private life insurer Bajaj Allianz Life Insurance on Thursday unveiled the second edition of its 'Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023', which identifies the life goals and aspirations of Indians. The comprehensive study maps over 40 life goals and evaluates how Indians are preparing themselves to achieve these goals. Providing financial security for the family emerges as the top life goal for Indians post-pandemic with 71 percent Indians prioritizing it over other goals.
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Retirement planning, leading a balanced lifestyle, and providing for children’s education continue to feature among the top life goals, finds the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.
"New focus areas like career growth, travelling abroad and ensuring adequate care for ageing parents are also emerging as important life goals for Indians. Interestingly, the average number of goals increased from 5 in 2019 to 11 in 2023," the survey said.
Life Goals Preparedness Index, which is a function of confidence, knowledge and action taken towards financial planning for one’s life goals, stood at 47 as Indians aspire for more life goals post the pandemic.
INDIA’S TOP LIFE GOALS ACROSS CATEGORIES
“It’s interesting to observe that India’s goals are a mix of accomplishing important goals like financially securing their family and leading a balanced life, along with having an aspiration to do more in one life. This reflects the strong tenets of the growth economy of India, and the increasing confidence amongst Indians. Post pandemic, the country has emerged stronger and our fundamentals to progress as a nation has outshone many, which I believe has fueled the aspirations of the nation,” said Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance at the unveiling of India’s Life Goals Preparedness Survey 2.0.
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DRIVERS OF LIFE GOALS
The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 reveals that the average number of influencers increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advice continues to increase.
“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and living 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.
INDIA’S PREPAREDNESS TO ACHIEVE THEIR LIFE GOALS
WHERE INDIANS PREFER TO INVEST TO ENABLE THEIR LIFE GOALS
First Published: Feb 16, 2023 3:47 PM IST
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