What People Really Think About Life Insurance

ULIP [COVER STORYI Cover Drive Why don't people take insurance? 23% Almost half the respondents said it was either because the people were ignorant, confused or felt it was too much of a hassle to invest in it. That says something about the need for compa nies to be more transparent about their products. 15% Talk about insurance and note the lack of interest people show in it. So, when we conducted the first MONEY TODAY Online Survey in August, we weren't prepared for the kind of response it would generate or the results it would throw up. The average insurance cover of the 321 respondents was almost Rs 9 lakh, much above the national average of Rs 12,000. Here's what the survey revealed: 12% 14 8% respondents didn't know why they didn't have ide insurance respondents did not trust insurance companiesdid not trust What kind of life insurance policy do you have? DO NOT KNON ITS 100 EXPENSIVE TS T00 HARD 10 UNDENSTAND An overwhelming 274, or 85%, of the respondents were males. 23% 50% 12% 33% How long will the insurance money last your family? 50% 5% respondents respondents VHOLE LIE have invested have all major in Ulipsdid not types of trust insurance insurance 14 CRCAL 11% 16% RENAEMENT UNESS PERSONAL PLAN men felt it ENDONMENT SURANCE sole bread winners did not think i ACCBENT Would be enough for more than 15 years he percentages wi net add up te 100 bwse some of the respondents had more than one type of policy MONEY-BACK TERM INSURANCE would last beyond 3 years LES THAN I TEAR 19YEARS T TARS 0 YLAS S YLARS MORE TAAN IS YEARS DONT INON/ CANT RECALL CI: 33 Do you plan to buy insurance? DEFINITEIT HANE PLANS O BUY 26% 14% 30% How well are you insured? Zls Buying life insurance is definitely part of the financial plan for more than a third of the respondents, but an equal number have no plans to buy. 13% of men felt they were adequately covered Бы of those who were not well-covered were married 20 20% 6% DEFINITELY DEFINITELY WELL COVERED PROLABLY VELL-COVERED Mare than a third did not know NAY OR WAY PROBABLY HANE NO PLANS TO BUY 15% whether they were well covered on net. INSST ON THÊN of breadwinners of the inade had definite plans to buy COVERED COVERED quately insured planned to buy more PRORAL KANE PLANG O BUY CI insurance How much are you covered for? What else did they say • 27% of the men who responded have up to four dependants and 53% of them are the sole స breadwinners in their families. However, 13% of these sole earners do not have insurance. RUPEE 2002 • While half the respondents have Ulips, and around 5% have all major kinds of insurances, only 15% have health insurance. • The average sum assured for those surveyed is Rs 8.72 lakh. Strangely, however, almost a tenth of the respondents don't know or can't recall how much insurance cover they have. • The reasons cited for not having any insurance vary from 'l am well covered by my employer (796) to 'l don't trust insurance companies' (8%6). LESS THAN is S0,000 s S0,001- LO0.000 sLO0.001- 100.000 3,00.D0I 5.00,000 5.00.001- 150.000 is7,5.001- 0.00,00 s0 00.00 15,00.000 AROVE Rs 15 LAH DONT ANON y tdayegaratere 1 ১