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The Money9 annual private finance pulse survey indicated a constructive development in insurance coverage penetration, with over 27 per cent of households holding life insurance coverage insurance policies in 2023, increased from 19 per cent within the 2022 survey.
Nonetheless, a 53 per cent of households nonetheless lack medical health insurance protection, in line with the survey, which relies on responses from over 35,000 households throughout 20 states.
It additional mentioned that India’s burgeoning inventory market is steadily making its method into the pockets of buyers, with the proportion of inventory market buyers surging from a mere 3 per cent to 9 per cent in comparison with the earlier yr.
Moreover, 10 per cent of Indian households have now embraced mutual fund investments, up from 6 per cent in 2022.
The survey additionally confirmed that regional variations persist, with southern Indian cities reminiscent of Bengaluru (69 per cent) and Thiruvananthapuram (66 per cent) main in gold financial savings.When it comes to insurance coverage penetration, Madurai (84 per cent) claims the highest spot, adopted carefully by Amravati (79 per cent) and Aurangabad (76 per cent).Additionally, the proportion of Indian households affording an opulent life-style has elevated from 3 per cent in 2022 to five per cent in 2023.
Whereas luxurious stays concentrated primarily in metro cities, these findings underscore India’s relentless pursuit of progress, the survey added.
The survey was carried out in collaboration with Analysis Triangle Institute (RTI) Worldwide.
