India’s Life Goals Preparedness Survey

BALIC has been pursuing Life Goals enabling brand promise since 2018. Our journey started with Bajaj Allianz Life India’s Life Goals Preparedness Survey in 2019. Our first flagship survey done in association with Kantar, a leading market research agency helped us understand the Life Goals of Indian population. Covid-19 Pandemic has influenced us in many ways and it was important to understand how it has impacted life goals in India. The latest round of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 unfolds India’s increasing aspirations post pandemic. The hunger to pack One Life with Many Goals is one of the most significant revelations in the survey.

Here are some insights from the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023.

Providing financial security for the family emerges as the top Life Goal for Indians post-pandemic with 71% Indians prioritizing it over other goals. What are other key findings of the survey?

More than 2 X increase in number of Life Goals for Indians from 5 in 2019 to 11 in 2023.

Health Goals gain priority across consumer segments. in this addition of Life Goal Survey 2023 2 in 3 Indians i.e 66.67% have health and fitness as Life Goal which is an increase from 35% in 2019. Being physically and mentally fit is amongst the top 5 Life Goals for Indians. Health goals see a sharp increase in non-metro regions with 33% points jump.

Retirement planning, leading a balanced lifestyle and providing for children’s education continues to remain a priority. Post-covid, 84% Indians have the desire for living a balanced life as compared to 51% in 2019. 1 out of 2 Indians have chosen living a balanced life as their priority Life Goal

2 X increase in Indians pursuing travel goals as against in 2019, particularly in metros and among younger consumers.

8 in 10 Indians across salaried or business segment have career related Life Goals, a 1.5X increase as compared to 2019. Pursuing higher education is a Life Goal for 1 out of 4 Indians.

Philanthropy sustained as a new-age Life Goal, including avenues like providing employment opportunities, supporting other’s dreams or imparting knowledge through teaching. 1.6X Increase in Indians looking to contribute towards creating a social impact

What influences India’s Life Goals?

The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2023 reveals that the average number of influencers increased from 3 to 4 in 2023, as people felt comfortable reaching out for more advice. Interestingly, social media sites and influencers enjoy widespread popularity, even as the reliance on family, elders and friends for advice continues to increase.

Social media is amongst the top 3 influencers of Life Goals for Indians. More than 2X increase in importance of social media in fuelling new age health, travel & lifestyle goals. Rising influence of social media amongst people in deciding Life Goals

Indian Confidence and Life Goal Barriers

Indians are confident of achieving 1 out of 2 Life Goals. For 48% of their Life Goals, they are unsure of achieving them.

When it comes to financial planning of Life Goals, Indians feel that they have not done sufficient financial planning for 60% of their own Life Goals.

Financial Planning and Investments

Life insurance is the preferred investment option for achieving Life Goals. Indians prefer investing in Life Insurance to achieve 65% of their Life Goals.

Particularly for retirement goals, the affinity of Life Insurance increases to 82%.
77% Indians prefer Life Insurance for a secure and carefree retirement.
73% Indians prefer Life Insurance for financial security of family – an important Life Goal post pandemic.

India’s Life Goals Preparedness Index

Based on the exhaustive Bajaj Allianz Life India’s Life Goals Preparedness Survey, Indians were given a score to depict their Life Goal ready-ness. A Life Goals Preparedness Index was calculated based on the confidence, knowledge, and the action taken towards financial planning for their Life Goals. The Life Goals Preparedness Index of Indians is 47 in 2023

You know India’s Life Goal Preparedness Score, what's yours?

With its diversity – age groups, geographies, socioeconomic segments, what do we know about the Life Goals of Indians? In a first of its kind survey, Bajaj Allianz Life commissioned an in-depth and comprehensive research to understand the life goals of Indians. What influences them, what do they feel are the barriers to get their Life Goals done? Here are some insights from the Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019.

Emergence of Unconventional Life Goals

Indian’s are not content with having just one goal. One of the key findings of this survey was that, on average, people are looking to achieve 5 goals across their lifetime. Indians living in Metro cities are also more likely to have more aspirations as opposed to their non-metro counterparts. However, across genders and age groups, the number of targets people want to achieve are the same.

Even though conventional goals like ‘Paying For Child’s Education’, ‘Buying/Owning A Home’, are still a priority there are several new-age, unconventional Life Goals that are emerging. These aspirations that are driven by millennials are more individualistic – young India wants to focus on their Health & Fitness, Foreign Travel and are even more inclined to becoming entrepreneurs or beginning a parallel career.

1 in 10 Indians want to start their own venture while 2 in 5 Indians had retirement-related aspirations.

Women led the charge when it came to goals related to life enrichment such as leading a healthier life, mental and physical fitness, and foreign travel.

What influences India’s Life Goals?

Bajaj Allianz Life India’s Life Goals Preparedness Survey took a comprehensive look into the inspiration behind the goals. Some exciting insights include:

While your family, mentors, and elders are influencers behind the conventional goals, unconventional goals such as helping the society, providing employment to others, are inspired by books, social media, and films.

Millennials, it says, are more likely to be inspired by social media and movies as compared to non-millennials.

Indian Confidence and Life Goal Barriers

Optimism defines India! As per the survey, Indians are very optimistic about achieving their Life Goals. However, these same respondents, when asked about their preparedness to achieve the goals, admitted that they were not aware of the financial instruments that could help them get these life goals done.

The biggest barriers to achieving these goals as per the respondents is a lack of financial planning, and a lack of time.

Financial Planning and Investments

To achieve long term life goals (5+ years) the leading financial instrument that Indians were confident in investing was Life Insurance for almost 60% of the life goals. Bank fixed deposits were also a preferred option for investment as a tool to save and accumulate money for their Life Goals achievement.

India’s Life Goals Preparedness Index

For the first time ever, India now has a Life Goals Preparedness Index. India on an average has a Life Goals Preparedness Index of 53.
Based on the exhaustive Bajaj Allianz Life India’s Life Goals Preparedness Survey, Indians were given a score to depict their Life Goal ready-ness. A Life Goals Preparedness Index was calculated based on the confidence, knowledge, and the action taken towards financial planning for their Life Goals.

You know India’s Life Goal Preparedness Score, what's yours?

CALCULATE YOUR LIFE GOAL PREPAREDNESS SCORE