85% Indians feel the need to better protect their lifestyle: ING Investor Dashboard Survey

FOR IMMEDIATE RELEASE
Bengaluru, Karnataka, India, Republic of (Free-Press-Release.com) September 21, 2011 --

ING Life India, in its 10th year of operations, today released findings of its ING Investor Dashboard Survey for Q2 2011, indicating that 85% of metro-middle-class in India feels a greater need to protect their lifestyle, which is one of the highest in the Asia Pacific Region. Driven by change in family circumstances, unstable income or increased family income, more than 75% of those who believe they have less coverage than they need, have indicated that they intend to purchase additional insurance policy in the coming 12 months. This again is the highest amongst the 7 markets surveyed in the region.

Launching the survey, Mr. Frank Koster, CEO ING Insurance Asia Pacific said, “With rising disposable income, better health, education and housing conditions, more and more individuals have lifestyles that they want to protect.”

He added, “Insurance policies with savings plans attached are proving to be the product that meets this demand. These policies are proving to be an accessible and popular wealth management product, for Asia’s growing number of mid-income earners.”

The survey reveals that within the region, Indians attach high priority to the need to save for children’s education (after need to protect family income). Saving for retirement amongst Indians is the 3rd priority.

Speaking on the survey, Mr. Uco Vegter, Chief Marketing & Strategy Officer, ING Life India said, “The survey correlates with our experience in the Indian market, where we have seen that Indians have a strong desire to give good education to their children. Compared to the region, Indians have the backing of a joint family system, which makes retirement planning a lesser priority. As nuclear family system grows in India, we will see growth in retirement segment too.”

While planning for their child’s needs, Indian middle class finds fixed deposits to be the favorite, which Mr. Vegter attributes to the prevailing high interest rates. Life Insurance follows this at second place. The survey further reveals that parents are starting to save for their child early; with over 45% Indians surveyed prefer starting to save for their children when they are between 0 – 3 years.

ING Dashboard     ING Life     Mr. Frank Koster     Mr. Uco Vegter