Bajaj Allianz Releases Life Goals Preparedness Survey 2023; Life Insurance is preferred Investment

• Providing Financial Security to the family Higher for South India as compared to rest of India, finds Life Goals Preparedness Survey 2023 by Bajaj Allianz Life 
• Health, Philanthropy and Travel are amongst the key goals in South India
• Health Goals sees an increase by 73% 
• Philanthropy saw an increase of 61% post Covid-19
• In Chennai, the increase in Charity goals has been 173% 
• 55% people in Chennai and 59% in Bangalore have travel goals. This is higher than national average of 52%
• Life insurance is the most preferred investment option for achieving Life Goals
• Life Goals Preparedness Index 2023 for South at 41 as compared to India’s 47 

Chennai, 15 March, 2023: Leading private life insurer, Bajaj Allianz Life Insurance today unveiled the South India specific findings of its flagship research Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, which identifies the Life Goals and aspirations of Indians. The survey captures a comprehensive overview of South India’s life objectives, aspirations, motivators, and readiness to pursue these goals. It charts more than 40 life goals and assesses how they are working towards achieving these goals. 

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Financial Security of family emerged as the top Life Goal with 74% of the respondents from the southern parts of the country prioritizing it over other goals. In fact, Chennai saw about 76% of the respondents choosing financial security of family as their top Life Goal.  Leading a healthy and fit lifestyle, contributing towards community and society through charity and retirement planning continue to feature among the top Life Goals as per the survey. Interestingly, Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 also finds that there is over 2X increase in number of Life Goals for Indians. Life Goals of Indians has increased from 5 in 2019 to 11 in 2023. 

Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance

“The pandemic has certainly shaped our outlook towards life, career, health and family. A deep realization about wanting to do more and live 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,” said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance at the unveiling of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023, here in Chennai.

RESEARCH DESIGN

Kantar conducted the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 with 1936 people across 13 cities including metros, Tier 1 and emerging Tier 2 cities. In the south, cities covered were Chennai, Bangalore, Madurai and Guntur, and the sample size stood at 609. 

Demographics include: 

• Age group 22-55 years
• New Consumer Classification System (NCCS) A1+, A1, A2/A3 (20:50:30 ratio)
• Salaried and Businessman/Self-employed (50:50)
• Investment decision makers

Statistically valid insights were gathered through quantitative approach to provide a holistic understanding of India’s Life Goals. The data collection was done using tablet-based faced to face interviews. The survey data was collected in October 2022.

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