81% believe life insurance under 10x their annual income sufficient: Survey

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The story "81% believe life insurance under 10x their annual income sufficient: Survey" was covered 5 days ago by Business Standard, a news publisher based in India.

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81% believe life insurance under 10x their annual income sufficient: Survey - Business Standard

Quick Summary:

However, the actual life cover held by individuals averages just 3.1 times their income, significantly below the industry-recommended benchmark of 10 times, highlighting a major financial protection gap.

While more people are recognising the importance of life insurance, misconceptions about required coverage persist, leaving many underinsured.

One in three policyholders has never reviewed their life insurance coverage, even after major life events like marriage, childbirth, or salary hikes.