1 min read.Updated: 08 Nov 2020, 04:09 PM IST Written By Anulekha Ray
The Financial Immunity Score will work as a definite indicator for individuals to gauge their financial preparedness towards unforeseen eventualities, SBI Life Insurance said
How prepared are you to handle a financial emergency? To help your assessment, SBI Life Insurance has recently unveiled an interactive online platform where consumers can check their 'Financial Immunity Score'. The aim is to help customers "gain a better understanding of their preparedness and immunity against financial risk," the insurer said.
The Financial Immunity Score will work as a definite indicator for individuals to gauge their financial preparedness towards unforeseen eventualities, the company said. It also helps the buyers to be proactive in ensuring that they and their loved ones are well-protected.
One can visit the SBI Life website to know their Financial Immunity Score. To determine the score, an individual needs to answer quick questions around their existing financial resources and commitments. Once a customer answers the question, the platform will show the result.
The interactive online platform has been launched on the back of SBI Life’s recent survey titled ‘Understanding Consumers attitude towards Financial Immunity’. The survey highlights the consumer behavior and financial preparedness with respect to uncertainties related to life and health amidst COVID-19 pandemic. Over 50% of the Indians are not prepared to face financial emergencies, the survey found. SBI Life Insurance in partnership with Nielsen, conducted a survey among 2,435 people in the country. The survey showed life insurance followed by health insurance are the top-most financial products bought with an intention to safeguard the family’s future.
Amid the novel coronavirus pandemic, a majority of Indians are working to build up their immunity levels and fell that stress of any kind is a challenge to this, the survey s.
Commenting on the interactive online, SBI Life insurance said, "This will help consumers add reinforcements to their financial portfolio, taking into consideration aspects such as family and child’s future, cost of critical illnesses and the implications of reduced income, all of which have now become more relevant than ever."