Insurance products have emerged as the preferred savings and investment option for parents in the aftermath of the epidemic, as they see this as a low-risk and reliable financial tool to meet future goals, according to the 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 impact of Indian parents on their children’s education planning – found that saving academic money was a priority goal in life.
The survey was based on an online self-regulatory approach conducted in 11 cities.
The rising cost of education, from primary school to postgraduate school, as well as the desire of parents to give their children the best possible education, has given priority to saving for life, such as marriage or a job, the study said.
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, it said.