Indians see life insurance as the most handy vehicle for planning their major life goals while nearly a third do not have any idea about how much insurance they need, a survey has found.
Life insurance is the top instrument for life goals such as building a house (43%), children's education (38%), retirement (49%) and legacy creation (50%), a survey by Exide Life Insurance showed.
When it comes to planning for child's marriage, they look at fixed deposits in addition to life insurance, the survey revealed.
It also finds that 30% of respondents admitted that they do not have any idea about how much life insurance cover is required, pointing towards the glaring protection gap among Indians.
Around 46% of surveyed feel that they should have a cover of at least 10 times their annual income but only 29% of individuals have such cover, it said.
The digital survey 'Exide Life Insurance 2018 Money Habits' covered respondents from 12 cities including metros and emerging tier II cities to understand how life insurance customers look at dealing with their money.