Insurance products emerge as preferred financial tools to meet future goals: Survey | Insurance products preferred savings option for parents after pandemic: Survey

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Insurance products preferred savings option for parents after pandemic: Survey

New Delhi: Insurance products have emerged as the preferred savings and investment option for parents post the COVID-19 pandemic. According to a survey, insurance products are low-risk and reliable financial instruments to meet future goals. The ‘Future Fearless Survey’ conducted by Aegis Federal Life Insurance and ‘YouGov’ India reveals that saving for education has taken priority over other life goals.

The survey has been conducted to understand the impact of the pandemic on the financial preparedness of Indian parents in planning their children’s education. The survey was conducted online in 11 cities across the country. In this, the opinion of 1,333 such parents whose children are below 10 years of age was taken. The survey said that parents are prioritizing saving for education over other goals like marriage or career given the rising cost of education. It also includes the desire of parents to provide the best education to their children.

Two-thirds of the parents surveyed have invested in life insurance solutions such as unit linked insurance plans (ULIPs), moneyback plans and endowment plans to meet the educational goals of their children. Most of the parents surveyed said that they would like to save for their child’s college or higher education. The same 40 percent of parents say that they will save for their children’s schooling. Most of the parents have already made a separate provision for the education of their child.

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