Winning Bizness Sports Desk

Mumbai. There is an eye opening report on how roaring inflation is costing its adverse effects on the lives of common men's life. In the last year, 47 percent of people have either surrendered their life insurance policies or have not renewed it. According to SBI Life's Financial Immunity Report, 68 percent people also believe that they have adequate insurance cover, but in reality only 6 percent people have adequate insurance cover. It has been said in the report that there are 71 percent of people in the country who believe that it is necessary to take insurance for financial security, but they do not want to take insurance. At the same time, 80 percent of people say that insurance is necessary for financial security. Despite this, 94 percent of the people either do not have insurance or have inadequate cover.

Large no. people want to buy insurance cover

The report claims that there are 37 percent people in the country who have taken other sources of income instead of insurance and 41 percent believe that secondary income will further strengthen financial immunity. According to the report, 87 percent of consumers are planning to buy life insurance in the next five years, out of which 46 percent of consumers can take insurance cover by next year. Life and health insurance policy holders have a financial immunity score of 7.4, while uninsured consumers have a financial immunity score of 6.3, which is not considered good at all.

Medical expenses have also gone up

Inflation has been the main reason for a large number of people surrendering their insurance policies in the last five years. It has been told in the report that amidst rising inflation, people's living has become difficult and there is more need of money. At the same time, medical expenses have also increased compared to before, due to which most of the people have surrendered their life insurance policies. On behalf of SBI Life, it presents reports regarding the financial preparedness of the people. In this report, the focus is on financial needs and the financial shortcomings of the people are highlighted.