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Awareness about insurance was high at 78 per cent; only 24 per cent actually owned policies.

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Mumbai Feb. 21 Most Indian families think they will not survive for more than a year on their current savings if there is a loss of a major source of household income, says the Max New York Life-National Council of Applied Economic Research "India Financial Protection Survey".

According to the survey, there is a widespread misplaced financial optimism in India with 54 per cent of Indians saying they were confident about their current and future financial stability.

However, when asked about how long they would survive if the main source of household income were lost, 96 per cent of the respondents did not give more than a year.

The survey sample comprised 64,000 households spread over 2,000 villages and 2,255 urban wards. Survey findings reveal Indians are not adequately protected against income risks. Although 81 per cent of Indian families save, majority do not have a long-term focus.

While bank deposits constitute the most preferred form of savings at 51 per cent, more than a third of Indians (36 per cent) keep their money at home. While 5 per cent of the sampled respondents invested in post office schemes, around 2 per cent bought insurance policies.

Although awareness about insurance was high at 78 per cent, only 24 per cent actually owned policies. Majority of insurance policy holders had a regular stream of income (40 per cent) while 26 per cent were self-employed.

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