Millennials opting for non-conventional life goals, insurance remains top investment choice: Survey

Millennials in India prefer buying life insurance as the most preferred investment option to meet the majority of their life goals, even as unconventional life goals such as health, fitness, travel and life enrichment are gaining traction, a survey on life goals preparedness said Monday. Indians are considering unconventional life goals, with some of the emerging new-age life goals including entrepreneurship, focus on health & fitness, travel, life enrichment to strengthen or re-establish the connection with 'self', amongst others, said the 'Life Goals Preparedness Survey 2019' commissioned by Bajaj Allianz Life.

When asked what investment option they would choose to fulfil their life goals, life insurance topped the list as the most preferred investment option for 60 per cent of life goals, the survey revealed. Generally, persons reaching adulthood in the early 21st century are classified as millennials.

Retirement-related life goals are becoming a priority, especially amongst millennials, as 2 in 5 Indians have retirement-related goals, more so in metros where every 1 in 2 people has a retirement-related life goal, finds the survey. "Amongst Indian millennials, retirement-related life goals feature in the top 5 life goals, and 42 per cent millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth," said the survey conducted by Kantar IMRB across 13 metro cities, tier I and emerging tier II cities.

Among others, becoming an entrepreneur by adopting a parallel career, travelling abroad to new and exotic locations as well as engaging in philanthropy as an urge to give back to the society are the new generation life goals of the millennials. The insights from the first of its kind survey clearly indicate how life goals are evolving and millennials are opting for unconventional life goals, said Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance.

"It is interesting to note, women are driving some of these new-age life goals like travel, health and fitness," Chugh said. Even as new-age life goals are emerging among the millennials, certain conventional goals continue to remain such as children's education, buying a house, owing to a high-end/luxury car.

These conventional goals are influenced by family and social circles, reveals the survey. "The survey highlights an increasing prominence towards 'me' life goals while 'we' life goals remain intact. So we are seeing child education is the priority, however, life goals related to entrepreneurship, travel, fitness and health are becoming significant for Indians, across socio-economic and geography profiles," said Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life Insurance.

"Interestingly, social media, movies, news and celebrities are influencing the new age or 'me' life goals and the impact of movies is 50 per cent higher on millennials," he said. The survey covered all the four regions of the country: New Delhi, Ludhiana and Bareilly in the north; Kolkata, Patna and Bhubaneswar in the east; Mumbai, Surat and Amravati in the west; Chennai, Bangalore, Madurai and Guntur in the south.