Providing financial security for the family has emerged as the top life goal for Indians post-pandemic with 71 per cent of respondents prioritising it over other goals, a survey by Bajaj Allianz Life Insurance Company (BALIC) has revealed. 

The findings of this flagship survey — Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 — also showed that health goals have gained priority across consumer segments. Two in three Indians have health and fitness goals up from 35 percent in 2019.  

Prioritising fitness

Being physically and mentally fit is amongst the top 5 Life Goals for respondents. Health goals have seen a sharp increase in non-metro regions with a 33 percent points jump.

Interestingly, the Life Goal of providing financial security for family did not even figure in the priority list (top ten Life Goals) in 2019, when BALIC had done the inaugural edition of its Life Goals Preparedness Survey, which was designed to capture a complete picture of the India’s life goals, aspirations, influencers, and readiness towards achieving these goals.

The comprehensive study — done in association with Kantar IMRB — maps over 40 Life Goals and evaluates how Indians are preparing themselves to achieve these goals. It covered 1,936 people (through face-to-face interviews) across 13 cities including metros, tier-1 and emerging tier-2 cities. 

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said “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 life. This reflects the strong tenets of the growth economy of India and the increasing confidence amongst Indians. Post the pandemic, the country has emerged stronger and our fundamentals to progress as a nation has outshone many, which I believe has fuelled the aspirations of the nation.”

Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance, said, “The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realisation 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”.

The Life Goals Preparedness Index of Indians was 47 in 2023, indicative of their growing aspirations post Covid. Also there are more life goals for Indians at 11 in 2023, higher than 5 in 2019. While Indians have more life goals, they are also more uncertain today compared to Pre-Covid times.

Preparedness dips

The latest preparedness index score of 47 is lower than 53 in 2019, partly because people aren’t feeling fully prepared for increased Life Goals. The preparedness index is a function of confidence, knowledge and most importantly, action taken towards financial planning for their Life Goals.

Post Covid, 84 per cent Indians have the desire for living a balanced life as compared to 51 per cent in 2019. One in two Indians say living a balanced life in their priority Life Goal.

There has been a 2x increase in the number of Indians pursuing travel goals over 2019, particularly in metros and among younger customers, the latest survey revealed. 

Eight in ten Indians across salaried and business segments have career-related Life Goals, a 1.5x jump over 2019. Pursuing higher education is a Life Goal for 1 in 4 Indians.

Retirement planning, leading a balanced lifestyle and providing for children’s education continues to remain a priority. Career growth, travelling abroad and caring for ageing parents emerge among the top Life Goals. Life insurance is the most preferred investment option for achieving Life Goals, the survey findings showed. 

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