Most Russians, 62% of the total number of customers, want to accumulate up to 1 million rubles with the help of endowment. 12% conclude contracts on amounts from 1 million to 1.5 million rubles, 21% of customers - 1.5–3 million rubles, 5% - more than 3 million rubles. The largest amount a client of Sberbank plans to accumulate using the universal life insurance agreement concluded since the beginning of the year is 130 million rubles.
The amounts that Russians accumulate with the help of endowment are growing with age. Young people under age of 25 are planning to accumulate 700 thousand rubles in average, 26–35-year-olds – around 800 thousand rubles. The average amounts of contracts of customers aged 36–45 and 46–55 are about 1 million rubles.
The largest amounts of universal life insurance contracts for customers older than 56 years are about 1.1 million rubles in average. The average amount of savings in this age group has grown by about 20%, the average insurance amount under contracts of customers older than 56 years amounted to about 900 thousand rubles in 2018.
The amounts that young people under 25 years old want to accumulate have decreased from 900 thousand to 700 thousand rubles. However, the total number of endowment agreements concluded by young people has grown almost 4-fold to more than 8 thousand policies. The planned amounts of accumulations in other age groups have remained approximately at the previous year level.
Most of the contracts, about 30% of the total, were concluded by people at the age of 36–45 years. Almost the same amount or 28% of contracts are clients under 35 years old. Another 23% of contracts were concluded between 46–55 year olds, 19% - people over 56 years old.
The customers began to enter into long-term endowment agreements in 2019. The largest number of contracts was concluded for a period of 6 to 10 years, 42% in 2019 compared to 35% in 2018. The share of contracts with the term of 11–15 years increased from 14% to 22%, 16–20 years - from 9% to 10%, 20 years or more - from 4% to 8%. The number of contracts concluded for up to 5 years decreased from 38% in 2018 to 18% in 2019.
Women are more actively using endowment life insurance programs: they have concluded 61% of the total number of endowment agreements. Men, however, conclude contracts for larger amounts: the average amount under an endowment agreement for men is about 1.3 million rubles and it 1.7 times bigger the average amount of savings under contracts concluded by women.
Photos are from open sources.
