Aditya Birla Sun Life Insurance Company Limited

The अ -Nishchit Index 2024

A comprehensive measure of the uncertainties faced by people across India.

83% of Indians believe financial planning helps manage financial uncertainty Yet 35% have never reviewed their finances…

Read on to know more

What is अ-Nishchit Index 2024?

In an era of rapid political, climate, and technological changes, UNCERTAINTY is a persistent challenge for individuals and societies. Despite robust macro-economic growth, Indians country grapples with micro unpredictability. The ' अ-Nishchit Index' survey conducted by Aditya Birla Sun Life Insurance aimed to uncover nuances about the significant challenges faced by people in India due to professional uncertainities, economic uncertainties, and unexpected health issues. This index identifies what drives feelings of uncertainty among people from various backgrounds and geographies and how everyday interactions affect their sense of security. The report is based on interviews with 7,978 respondents amongst three age cohorts Yuva: 22 to 27 years Grihasta: 28 to 43 years   Stapith: 44 to 59 years across 20 cities* Out of 7,978 respondents, 5320 respondents were found to be salaried & 2658 were business professionals. The interviews were conducted between May-June 2024.
The results are striking and should inspire action across the BFSI sector
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Key Findings

Professional Uncertainty

• 35% of salaried employees cite economic uncertainty as the biggest contributor to job-related stress
• 64% of professionals are uncertain about their career progression

Personal uncertainty

• 59% of working professionals are uncertain about the future health and well-being of themselves and their families.
• 39% are uncertain about their relationships with friends and family.

Additional findings from the survey

47% believe investing in FDs is better than buying an expensive new phone.

77% prefer steady investments like bank FDs, valuing security over high returns.

40% of investors are drawn to high-risk, high-return options despite a preference for stability.

72% diversify into traditional assets like gold and real estate, maintaining faith in time-tested investments.

68% seek investments with dual benefits, blending financial growth with protection.

70% favour long-term investments over short-term gains, signalling a trend towards patience and growth.

75% feel confident in their investment choices, thanks to experience and a positive mind-set.

73% rely on recommendations from friends and family when choosing insurance investments.

68% trust their intuition when making investment decisions, highlighting the role of gut feelings in finance

Way Forward

The future demands a more sophisticated approach to managing significant uncertainties. Economic volatility, major health crises, and career progression necessitate comprehensive planning and robust response strategies. In the face of such crises, emergency savings, insurance policies, and government support become indispensable tools for mitigation and recovery.
Furthermore, consumers appear to concur that life insurance is currently a cornerstone of comprehensive financial planning. The essence of life insurance now extends beyond just leaving behind financial support. Today, life insurance means securing peace of mind for you and your loved ones, making it particularly important to consumers.

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^ Provided all due premiums are paid. All the findings from our survey are supported by extensive secondary research across the country.
^* Ahmedabad, Bangalore, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Delhi NCR (including Ghaziabad, Gurgaon, Noida), Hyderabad/ Secunderabad, Indore, Jaipur, Kochi, Kolkata, Lucknow, Madurai, Mumbai (including Thane), Patna, Pune, Ranchi, Surat and Vijayawada
^# Each area is scored on a scale, with the cumulative scores providing an overall measure of uncertainty. The index is designed to be a reliable and valid measure, reflecting the real concerns of individuals in contemporary society.