The India’s Life Goals Preparedness Survey-2019 for Bajaj Allianz Life Insurance, in which 1,681 people in 13 cities across the country participated, shows two out of five Indians have retirement-related life goals. It is more so in metros, where every one in two people has a retirement-related life goal.
A survey commissioned by a private life insurer to get a peek into the life goals of people has found planning for retirement a priority, especially among the millennials.
Among the millennials, retirement-related life goals featured in top five life goals with more than one out of four millennials in metros aspiring to retire rich by growing their wealth.
Retirement as a life goal is 30% higher in south India as compared to the national average, Bajaj Allianz Life managing director and CEO Tarun Chugh said in a media interaction on the survey findings here on Tuesday.
Some of the new-age life goals that have emerged include entrepreneurship, focus on health and fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’ amongst others.
Women have set their life goals that enable them to have a well-balanced life. They have significantly higher inclination towards travel and health and fitness compared to their male counterparts, a release on the survey results said.
On how the survey findings would help the insurer in shaping strategies, he said retirement plans and products for women would be looked at.
While the company would like to spend more time understanding the findings of the survey and then go back to the drawing board, he said, “What is clear is that retirement is a space to get in as well as products for women”.
Bajaj Allianz Life, he replied to queries, has registered a new business premium of ₹4,923 crore in 2018-19, an increase of over 14% compared to ₹4,291 crore in the previous fiscal.
“We have increased our presence in the mass affluent market. Earlier, we were largely only in the mass, now we are in the mass and mass affluent market. There is a huge increase in our ticket size,” he said, adding that the average ticket size last fiscal was ₹55,000 as against ₹45,000 in the previous year. #KhabarLive
