Exide Life Insurance helps Indians prepare financially through its Customer Awareness Programs

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14 Mar, 19 09:44
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Exide Life Insurance helps Indians prepare financially through its Customer Awareness Programs

Telangana, Karimnagar  Exide Life Insurance today organized a specially designed Customer Awareness Program for the citizens of Karimnagar, to educate them on the basics of financial preparation for their long and happy life.

 Since the program’s launch in 2015, Exide Life Insurance has been engaging with people in Tier II and III cities across the country, helping them understand the importance of insurance and equipping them with the required information to make the right financial decision for their future. The specially designed Customer Awareness Program comprises of interactive sessions using audio-visuals aids and paper-pencil exercises. Audience get to understand the concept of Human Life Value, which in turn helps them understand their future financial needs and hence the importance of being adequately insured. Through this initiative, Exide Life Insurance aims to contribute to the larger goal of making Indians financially independent and self-sustaining. Commenting on this initiative, MohitGoel, Director - Marketing and Direct Channel, Exide Life Insurance, said, “At Exide Life Insurance, we believe it is important for every individual to be financially protected. ‘Starting Early’, ‘Power of Compounding’ and ‘Adequate Life Insurance’ are concepts that every Indian should understand.” 

He further added, “The concept of financial responsibility also encapsulates the idea of protection through adequate life insurance cover. This also comes through in the findings of our 2018 Money Habits Survey, wherein individual insurance cover is still an uncertainty with 30% of the surveyed Indians1. Despite the thrust on financial literacy by the Government of India as well as Insurance Industry, people still struggle to gauge the level of protection required for themselves and their family. The finding of the survey brings to our notice that although Indians are moving in the right direction in terms of financial prudence there is an equal amount of distance to cover to ensure complete financial responsibility. Hence, given the low financial literacy that India has, especially in Tier II and Tier III cities, we are encouraged to continue this initiative in helping people plan financially.” 

According to the 2018 Money Habits Survey published by Exide Life Insurance, over 30% Indians surveyed are not aware of the adequate coverage required for their life with nearly 87% having either not heard of a will or have not yet prepared one for themselves - bringing out the glaring protection gap among Indians. While 46% of respondents feel they should have life cover that is at least 10 times their annual income, only 29% of all respondents have actually availed this. The digital survey was carried out by Exide Life Insurance across 12 major Indian cities to understand the perception of citizens on financial responsibility and prudence. 

The Money Habits Survey 2018 highlights many aspects and extends a 360-degree approach towards understanding the attitude of Indianstowards financial responsibility and planning. Through the various subsections of the survey, it is made evident that Indians seldom cover the entirety of financial responsibility. As a primary or secondary breadwinner in the family, individuals tend to put more thought on earning, saving and to an extent investing for life goals. The survey highlighted lack of awareness amongst Indians in understanding financial responsibility and its effective implementation.

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