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India : 84% want to buy Life Insurance policies

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Indians prove to have better financial management skills and are confident of facing any financial challenges in future, as against consumers from 9 other countries. India stands as the second best to have financial literacy level of 55 percent compared to 10 other countries, behind Japanese who holds the first position in the survey conducted by ING Consumer Resourcefulness Survey.

Survey shows whopping 84 percent of Indians wanting to buy Life Insurance policies as compared to 54 percent worldwide. Similar percentage of Indian customers showed interest in maintaining household budget of the month focusing on savings. Majority of the Indians are prepared for different stages in life especially retirement, old age and health problems. Indians are much risk averse in borrowing money.

While average Indians manage their finances in a much organized manner, they borrow money in case of needs such as buying a home (50 percent) and purchase of a car (43 percent). 87 percent of Indian households have an emergency fund compared to 33 percent globally. While this leads to the feel of less despair for the Indians as compared to their global counterparts who get emotional being buried under debt. It shows a correlation between people’s financial literacy. More financial literate they are, the happier they are.

Asians are far more financially literate and are keen on learning more. While going for any savings scheme or Life Insurance products, they acquire full knowledge about the product and its benefits.

The survey was carried out amongst 5000 consumers across ten major nations, including India, USA, Mexico, Netherlands, Romania, Poland, Belgium, Spain, Korea and Japan.

Source : SiliconIndia