1. Was the policy purchased for insurance?
Yes-71% No-20% Can’t Say-9%
Two out of three respondents have purchased traditional insurance products
No-39% Can’t Say-9%
No-19%
No-20% Can’t Say-11%
A startling 60% of the respondents profess to know the surrender value of their policy
7. Do you understand how the bonus is calculated on traditional life insurance?
Yes-52% No-44% Can’t Say-4%
One in two respondents assertively claim that they understand the bonus calculations
8. Do you think traditional life insurance is a better option than keeping money in bank fixed deposit?
Over 80% of the respondents have purchased it from the market leader—LIC
4. Do you trust LIC more than private insurance companies?
Yes-69%
No-34%
Half of the respondents say that they purchased a traditional policy for investment purposes too
3. Was the policy purchased from LIC?
Yes-81%
Yes-60% Can’t Say-6%
2. Was the policy purchased for investment?
Yes-52%
6. Do you know the surrender value of your traditional life insurance?
Two out of three respondents trust LIC more than private insurers
Over 40% believe that traditional insurance products are a better savings option than bank fixed deposits
Yes-42% No-58%
9. What are the reasons for buying a traditional plan?
80% 70% 60%
20%
Tax savings on entry
Tax savings on maturity
Able to get loan on policy
Returns better than FD
Will spend money if not invested
Don’t understand financial products
Wanted to park money
Get a share of commission
0%
Help agent to sell
10%
Less volatility
Can’t Say-27%
30%
Safety
No-34%
There’s only 5% difference between those who think LIC gives better returns than other private insurers
40%
Risk-free Returns
Yes-39%
50%
Security
5. Do you believe LIC gives better return on investment than private insurance companies?
The top five reasons are: Security, tax-savings on entry, safety, tax savings on maturity and risk-free returns