Indians regret delaying term insurance start

Only 11% review their coverage annually.

Over two-thirds of individuals in India regret not starting their term insurance earlier, despite 83% recognising its importance, Canara HSBC Life Insurance’s “Perfect Plan Ka Partner” survey results showed.

Rishi Mathur, Chief Distribution Officer - Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance said, this calls for an improvement in financial planning for India’s families.

Approximately 70% of respondents prioritise their family’s financial security over immediate desires such as homeownership or vacations. However, 60% focus solely on family security, often neglecting savings. 

Only 11% review their coverage annually, leaving 75% unsure if their policies will adequately cover unexpected expenses.

Retirement planning also presents challenges. Although 66% begin planning in their 30s, 74% wish they had started earlier. Only 27% feel prepared for retirement, and 24% believe their maturity amounts will meet their needs.

When planning for children’s futures, only 18% of parents feel fully prepared, with 82% feeling unprepared to meet their children’s financial needs. Around 71% regret not starting policies sooner.

The survey was conducted with 800 participants aged 20 to 50 across eight Tier 1 and Tier 2 cities.