Insurance products have emerged as the preferred savings and investment option for parents in the aftermath of the epidemic, as they consider these to be less risky and reliable financial instruments to achieve future goals, according to a study.
The #FutureFearless survey – conducted by Ageas Federal Life Insurance and YouGov India to understand the impact of the COVID-19 epidemic on the financial provision of Indian parents for their children’s education – has revealed that saving for academics is a top priority goal in life.
The survey was based on an online self-regulatory approach conducted in 11 cities. Responses were collected from 1,333 parents with children under 10 years of age.
The rising cost of education, from elementary school to postgraduate school, as well as the desire of parents to give their children the best possible education, has given priority to saving education for other life purposes such as marriage or employment, says a survey.
Two-thirds of parents interviewed invested in health insurance solutions such as Unit Linked Insurance Plans (ULIPs), reimbursement programs, and endowment programs to achieve their children’s educational goals, he said.