Future Generali India Life Insurance launches latest study

Future Generali India Life Insurance Co. Ltd., one of India's leading insurance providers, conducted an insightful study on the perceptions and preferences surrounding life insurance in honour of National Insurance Awareness Day. The report highlights key hurdles consumers face when purchasing life insurance or enhancing their coverage, especially the rising discontent amongst Gen-Z policyholders who remain unenthused by the lack of transparency, trust and commitment displayed by life insurers during the policy period.

Apart from covering perceptions around life insurance products and providers, the study also delves into important details such as major expectations from life insurance products, key influencers in the decision-making process, barriers for investing and the triggers for purchasing life insurance. The report also analyses the main intentions behind increasing policy coverage as well as the preferred channels and modes for purchasing life insurance. With 72% of respondents being existing life insurance policy holders and the remaining being non-owners or intenders, the survey throws up interesting consumer insights that serve to underscore the focus areas for insurers in the country.

The policy also highlights a few intriguing insights:

• While securing their family against future financial challenges remains the main driver for 83% of the respondents, more than 70% of life insurance consumers believe that they could secure their child’s education and medical emergencies expenses with adequate insurance coverage.
• Also, despite 89% of the participants viewing life insurance as an instrument to achieve future financial security, more than 50% believe it to be an appealing savings product that also offers superlative tax benefits.
• More than a third (39%) of those in the 45+ yrs age group have opted for life insurance to secure lump sum or regular pay-outs, indicating changing purchasing preferences as consumers age.
• Across the younger respondents though, aspects such as income protection and the potential to generate better returns than traditional saving instruments remain the top drivers to purchase life insurance products.

Commenting on the survey findings, Ms. Geetanjali Chugh Kothari, Chief Marketing Officer of Future Generali India Life Insurance, said, "Our survey highlights the pressing issues faced by consumers in the life insurance market, particularly the emerging reservations among GenZ policyholders. Transparency, trust, and commitment are the pillars of a successful customer-insurer relationship, and it is evident that we need to bridge the gap in these areas. At Future Generali India Life Insurance, we are committed to embracing these challenges and developing innovative solutions that meet the evolving needs of our policyholders."

"The survey sheds light on consumers’ major expectations from life insurance products and organisations, enabling us to fine-tune our offerings and ensure they align with the preferences and requirements of our valued customers. We also recognize the significance of key influencers in the decision-making process and will continue to build strong partnerships to guide and support individuals in making informed choices," added Geetanjali.

Click here to read the entire report.