In today’s world, balancing work, family, and the pursuit of a secure future can feel overwhelming. Many Indians find themselves facing a common challenge—overlooked financial opportunities and postponed decisions. Canara HSBC Life Insurance’s recent “Perfect Plan Ka Partner” survey sheds light on how well-prepared Indians are for the future, exploring their approach to savings and insurance.
The Survey at a Glance
The survey involved 800 participants aged 20 to 50 from eight Tier 1 and Tier 2 cities across India. It aimed to understand how different age groups prioritize their financial future, revealing a story of dreams, regrets, and the constant quest for financial security.
A Focus on Family Over Self
A key finding of the survey is that about 70% of Indians prioritize their family’s financial security over personal goals like buying a home or going on vacation. Many are sacrificing immediate desires to ensure their loved ones are protected.
Life insurance plays a major role in these decisions. The survey shows that most Indians choose life insurance policies primarily to secure their family’s future. However, this focus on family often means that other financial goals, like personal savings, are overlooked. Around 60% of participants said they concentrate solely on family security, with less attention paid to growing their savings.
Regrets About Late Planning
A significant number of people, 64%, wish they had started their term insurance journey earlier. While 83% understand the importance of term plans, only 11% regularly review their coverage. This lack of regular assessment leaves many unsure if their policy will cover unexpected expenses, with just 25% feeling confident about their policy’s adequacy.
Retirement Planning: A Delayed Start
Retirement is another area where Indians often delay planning. Although 66% begin retirement planning in their 30s, 74% regret not starting sooner. As a result, only 27% feel ready for retirement, and just 24% believe their maturity amount will fully meet their financial needs.
Planning for Children’s Future
The survey also highlighted the financial challenges faced by parents. Only 18% of Indian parents feel fully prepared to secure their child’s future through life insurance policies, and the same percentage believes the maturity amount will be enough. A large portion, 71%, wishes they had started planning earlier, and 82% of parents feel unprepared for their child’s future financial needs.
The Importance of Early Financial Planning
Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Marketing Officer at Canara HSBC Life Insurance, stressed the importance of early and regular financial planning. He noted that with the right guidance and timely decisions, individuals can achieve their financial goals and secure a better future for themselves and their families.
Conclusion
The survey serves as a reminder of the importance of early action when it comes to financial planning. Whether it’s securing your family’s future, preparing for retirement, or saving for your child’s education, starting early and reviewing your financial plans regularly can make a significant difference in achieving long-term financial security.