Covid-19 pandemic: 80 per cent of working Indians have experienced income loss

Amid the Covid-19 pandemic, a survey has found that nearly 80 per cent of working Indians have experienced an income losswhile 92 per cent of them are worried about financial losses in the future, due to the economic downturn.

These are some of the key findings of a survey by global insurance and asset management company Generali.

The study was conducted in 22 countries among 12,958 people to understand consumers’ sentiments during the current global Covid-19 crisis.

In India, Generali has a joint-venture (JV) partnership with the Future Group for insurance and surveyed close to 600 consumers.

“Self-employed professionals estimate that they may lose half their income over the next few months,” the survey further said.

However, 95 per cent of the Indian respondents expected some kind of relief in the case of income loss. As much as 53 per cent of those who have experienced losses expect to get help from the Government. About 60 per cent are planning to dig into their savings and investments, while 39 per cent expect help from family members. Significantly, 40 per cent of Indians expect their employers to step in with some form of relief, the survey revealed.

It also found that customers facing extreme income losses expect their insurers to provide flexibility in payment schedules. “38 per cent people had contacted their insurance company proactively to get financial support or relief during this critical moment,” it said, adding that awareness about purchasing insurance is one of the many changes that the Covid-19 pandemic has brought about.

About 73 per cent of Indians consider life insurance purchase as a result of the crisis and income protection shows the highest growth, the survey noted.

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