Financial security for family becomes India’s top life goal post-pandemic: Bajaj Allianz Life Insurance’s survey

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.

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.

71 percent of the respondents have financial security for their family as the most important life goal

Post-covid, 84 percent Indians have the desire for living a balanced life as compared to 51 percent in 2019

Being physically and mentally fit is amongst the top 5 Life Goals for respondents

Health goals see a sharp increase in non-metro regions with a 33 percent points jump

2X increase in Indians pursuing travel goals over 2019, particularly in metros and among younger consumers

8 in 10 Indians across salaried or business segment have career related Life Goals, a 1.5X jump over 2019

Pursuing higher education is a Life Goal for 1 in 4 Indians

Ensuring adequate care for aged parents is a priority life goal for 40 percent of the respondents

Philanthropy sustained as a new-age life goal, including avenues like providing employment opportunities, supporting other’s dreams or imparting knowledge through teaching

1.6X Increase in Indians looking to contribute towards creating a social impact

“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.

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.

Social media is amongst the top 3 influencers of life goals for Indians

Over 2X increase in importance of social media in fueling new age health, travel and lifestyle goals

Rising influence of social media amongst non-millennials in deciding Life Goals

“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.

The Life Goals Preparedness Index of Indians was 47 in 2023, indicative of their growing aspirations post Covid

Indians are confident of achieving 1 in 2 Life Goals. For 48 percent of their life goals, they are unsure of achieving them

When it comes to financial planning of life goals, Indians feel that they have not done sufficient financial planning for 60 percent of their own life goals

61 percent people feel that it is difficult to fulfil the dream of building their own house

 67 percent feel financial freedom for old age is tough to accomplish

58 percent expressed that achieving financial security for their family is difficult

Life insurance is the most preferred investment option for 65 percent of the life goals.

For retirement life goals, the preference for life insurance increase even further

82 percent Indians prefer investing in Life Insurance for financial freedom at old age

77 percent Indians prefer Life Insurance for a secure and carefree retirement

73 percent Indians prefer Life Insurance for financial security of family – the most important life goal post pandemic