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‘Insurance most-preferred financial product’

New Delhi: Insurance has become the most-preferred financial product to protect the family against state emergencies announce the COVID-1 9 pandemic with more people inclined to invest in insurance products in the next six months, distributed according to a examine from Tata AIA Life Insurance. Harmonizing to a consumer confidence survey on the impact of COVID-1 9 commissioned by experiment agency Nielsen, life insurance turned out to be the most preferred fiscal implement driven by the need to secure family’s future financially and issues of concern around medical disasters. The sketch likewise found that most consumers would like to buy life insurance in the next six months as one of the purposes of their financing programmes. The canvas conducted using 1,369 respondents across nine cores revealed that during the course of its pandemic, 51 per cent of the children of the respondents invested in life insurance, while 48 per cent invested in health-related insurance solutions, which is higher than other business resource classes. More than half of the respondents said their views towards life insurance have changed positively due to the pandemic and 49 per cent want to invest in buying a life cover in the next six months and 40 per cent of the children intends to invest in health insurance. The survey said 30 per cent of the children of the people invested in life insurance for the first time during the pandemic, while 26 per cent invested in health-related insurance solutions for the first time. Fiscal insurance against medical disasters and overheads became very the topmost priority, with as many as 62 per cent mentioning about it and a majority of 84 per cent saying they are still concerned about self and family due to coronavirus. 61 per cent were worried about themselves/ family and working their top concern is the economic slowdown. “Of the respondents concerned about self and family, 50 per cent are worried about mental health due to increased workload due to Covid-1 9 pandemic. Among female respondents, 55 per cent said they are concerned about the mental health due to the increased workload during the pandemic. “4 one per cent parties are buying monetary commodities online more frequently than before Covid-1 9 pandemic, ” the survey said. Among the other asset years, one-third of the respondents said they invested in bank or company fastened sediments, and 30 per cent invested in mutual funds, while 24 per cent invested in stocks, 17 per cent invested in gold/ digital amber. “Life insurance has clearly rose as the most wonderful fiscal resource as per our Covid sentiment study. There is a distinct shift towards considering life insurance as the primary source of future monetary shield, followed by health and wellness answers. “The survey discovers have helped capture and unravel the transition in customer consumption and attitude towards life insurance, ” said Venky Iyer, CDO and Head marketing, Tata AIA Life Insurance. The questionnaire was discovered that with reforming fund needs and priorities, consumers’ monthly allocation towards assurance, savings and financing, has increased. With less discretionary spends and more focus towards crucials spending, buyers are motivated to save, and invest resources in life insurance than they were pre-Covid, he observed. Tata AIA Life said the motive behind doing the survey was to get a extensive understanding about consumers’ usage and stance pre and pole Covid-1 9 pandemic towards financial instruments and type of life insurance policies. The overlook was conducted on salaried, business and self-employed male and female in the age-group of 25 -5 5 years through computer-aided web interview. 8122701 3

Read more: economictimes.indiatimes.com