Journey Simplification and Business Resilience
Customer Insights from HDFC Life's LFI¹ study
•
Survey Results
Financial Sufficiency and Adequacy
Index
Measures comprehensiveness of
financial planning
Down by 8.7 pts compared to 2019
Financial Awareness Index
90%
Consumers had seen some
level of Job/ Business losses
during Covid-19
Higher need for financial planning given impact of pandemic
1. Consumer looking for a more holistic financial plan
Avg. events considered for
financial planning increases
2019
2021
4.3
5.8
2. Planning for medical emergencies considered a key priority
Measures product knowledge
Up by 2.1 pts compared to 2019
Financial Planning Index
Measures confidence level and discipline
in financial planning
Down by 4.2 pts compared to 2019
Financial Liberty Index
Measures psychological feeling of
financial freedom and security
Down by 3.7 pts compared to 2019
67%
Consumers are concerned
about economic slowdown
51%
Consumers are concerned
about job instability
48%
Consumers are concerned
about rising debts
Financial security in case of
medical emergency
2019
2021
39%
46%
3. 40% respondents availed an insurance policy post Wave 1
4. Significant increase in awareness about LI, indicative of
accentuated need
Those who have
full knowledge
LI- Term
LI- Endowment
LI- ULIP
62%(+11)
62%(+10)
(Increase vis-à-vis 2019)
56%(+10)
1. HDFC Life's 'Life Freedom Index (LFI)' study was conducted by NielsenIQ in August 2021
28
HDFC
LifeView entire presentation