Personal Finance Survey is an initiative by D91 Labs to understand the financial choices made by people in India. The survey questionnaire was designed and circulated in April 2020. A total of 452 responses were recorded. The survey was conducted during the month of April 2020 during the lockdown.
In this article, we’ll talk about the insights we gathered from the survey with respect to loans & insurance.
Loans
Frequency of borrowing grouped by the loan type
- Most people prefer taking a loan from a bank rather than any other institution.
- Trust and familiarity or even friends and family’s referral act as a primary nudge. (based on our observation from our qualitative research)
We asked about the most important factors considered while borrowing a loan and here are the top 5 factors.
- Interest rate and EMI/repayment period are the two most important factors for choosing a loan since both of these affect the amount that is to be paid back.
- Convenience and lender’s brand and reliability are the least common factors.
Insurance
Insurances broken down by the income bracket:
Health insurance is the most commonly opted insurance product by all income ranges. Travel insurance is mostly opted by those earning more than 20 LPA.
For most people, parents and family bought their first insurance.
We asked about the most important factors considered while choosing insurance produce and here are the top 6 factors.
Coverage and premium amount are the most important factors for buying insurance for most.
Most of our respondents feel that insurance products are complex to understand and that there are too many choices to choose from.
Read the other parts of the analysis here:
Credits:
Questionnaire designed by Dharmesh Ba & Soumitro Datta
Analysis & Visuals by Geetika Shukla
Read our research series
About D91 labs
This research was executed and documented by D91 Labs. D91 Labs is an open-source initiative by setu.co to help Bharat build great fintech products. We organize and publish user research, insights, and frameworks for fintech in India. Please follow us on medium for more exciting stories and insights on Bharat.
Psst! We are looking for collaborators and contributors to D91 labs. If you are interested, please drop your details here, and we will reach out to you.
