Bajaj Allianz Life unveiled its India's Life Goals Preparedness Survey 2019 is the company’s first flagship surveyto identify the life goals, and aspirations of India, and how Indians are preparing to get them done.
In the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 over 150 life goals were mapped. What stands out in these goals is how seriously Indians are considering unconventional life goals. It was conducted by Kantar IMRB for the company, across 13 metros, Tier 1 and emerging Tier 2 cities.
Some of the new-age life goals that emerged include entrepreneurship, focus on health & fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’, amongst others.
Bajaj Allianz Life India’s Life Goals Preparedness Index is 53. This is a function of confidence, knowledge and most importantly action taken towards financial planning for their Life Goals. The Preparedness Index across India, age groups and geographies stood in the 50s range.
Emergence of unconventional goals
-A rising life goal of Indians is being an entrepreneur, where 1 in every 10 Indian wants to start something new or pursue a parallel career
-Clearly highlighting that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks.•Retirement related life goals are becoming a priority, especially amongst Indian millennials
-2 in 5 Indians have retirement related life goals; more so in metros, where every 1 in 2 people has a retirement related life goal
-Amongst Indian millennials, retirement related life goals features in the top 5 life goals, and 42% millennials consider it as their life goal
-More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth
-One in three respondents cited focus on health and fitness as a life goal
-1 in 3 Indians have a health or fitness related life goal
-Philanthropic avenues included providing employment opportunities, support another’s dream or imparting knowledge through teaching
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “Having embarked on the journey to become life goal enablers, the scientific and in-depth findings will play an essential role in our business strategy. The insights from the first of its kind survey clearly indicate how life goals are evolving, and millennials are opting for unconventional life goals. Furthermore, it’s interesting to note, women driving some of these new-age life goals like travel, health and fitness.”
Women Driving several New-age life goals
An interesting finding of the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 is how the very definition of life goals is undergoing a vital shift, and it is no longer viewed from the spectrum of the earlier generation.
While in general Indians are looking to enrich their life, women are largely driving this outlook. Today, women are setting life goals that enable them to have a well-balanced life.
Women have significantly higher inclination towards travel, health and fitness compared to their male counterparts
Drivers of Life Goals
While there is a clear and strong trend of the unconventional life goals that new-age Indians want to pursue, certain conventional goals continue to remain on India’s mind,as was revealed in the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019. These include children’s education, buying a house, or owing a high-end / luxury car. The survey reveals that these conventional goals are typically influenced by family and social circles.
When asked what investment option they would choose to fulfil their life goals, life insurance topped the list as the most preferred investment option for 60% of life goals.
•The affinity of life insurance was visible at 80% for retirement-related goals
•To achieve the goal of a dream home, 57% of the respondents preferred both traditional life insurance policies and ULIPs
• 53% of the respondents considered life insurance to achieve their travel goals, while 55% viewed life insurance to fund their children’s education