BALIC has been pursuing Life Goals enabling brand promise since 2018. Our journey started with Bajaj Allianz Life India’s Life Goals Preparedness Survey in 2019. Our first flagship survey done in association with Kantar, a leading market research agency helped us understand the Life Goals of Indian population. Covid-19 Pandemic has influenced us in many ways and it was important to understand how it has impacted life goals in India. The latest round of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 unfolds India’s increasing aspirations post pandemic. The hunger to pack One Life with Many Goals is one of the most significant revelations in the survey.
Here are some insights from the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.
Providing financial security for the family emerges as the top Life Goal for Indians post-pandemic with 71% Indians prioritizing it over other goals. What are other key findings of the survey?
More than 2 X increase in number of Life Goals for Indians from 5 in 2019 to 11 in 2023.
Health Goals gain priority across consumer segments. in this addition of Life Goal Survey 2023 2 in 3 Indians i.e 66.67% have health and fitness as Life Goal which is an increase from 35% in 2019. Being physically and mentally fit is amongst the top 5 Life Goals for Indians. Health goals see a sharp increase in non-metro regions with 33% points jump.
Retirement planning, leading a balanced lifestyle and providing for children’s education continues to remain a priority. Post-covid, 84% Indians have the desire for living a balanced life as compared to 51% in 2019. 1 out of 2 Indians have chosen living a balanced life as their priority Life Goal
2 X increase in Indians pursuing travel goals as against in 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 increase as compared to 2019. Pursuing higher education is a Life Goal for 1 out of 4 Indians.
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
What influences India’s 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.
Social media is amongst the top 3 influencers of Life Goals for Indians. More than 2X increase in importance of social media in fuelling new age health, travel & lifestyle goals. Rising influence of social media amongst people in deciding Life Goals
Indian Confidence and Life Goal Barriers
Indians are confident of achieving 1 out of 2 Life Goals. For 48% 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% of their own Life Goals.
Financial Planning and Investments
Life insurance is the preferred investment option for achieving Life Goals. Indians prefer investing in Life Insurance to achieve 65% of their Life Goals.
- Particularly for retirement goals, the affinity of Life Insurance increases to 82%.
- 77% Indians prefer Life Insurance for a secure and carefree retirement.
- 73% Indians prefer Life Insurance for financial security of family – an important Life Goal post pandemic.
India’s Life Goals Preparedness Index
Based on the exhaustive Bajaj Allianz Life India’s Life Goals Preparedness Survey, Indians were given a score to depict their Life Goal ready-ness. A Life Goals Preparedness Index was calculated based on the confidence, knowledge, and the action taken towards financial planning for their Life Goals. The Life Goals Preparedness Index of Indians is 47 in 2023
You know India’s Life Goal Preparedness Score, what's yours?
CALCULATE YOUR LIFE GOAL PREPAREDNESS SCORE
Click here to See Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019
