Three out of four urban Indians now own life insurance products, according to sixth edition of Max Life Insurance's Protection Quotient survey (IPQ). The Protection Index is at an all-time high of 45 in IPQ 6.0, up from 43 in IPQ 5.0, reflecting a positive trajectory in the nation's evolving protection awareness and adoption.
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This is reflected in the Knowledge Index increasing from 57 (IPQ 5.0) to 61 (IPQ 6.0) and life insurance ownership levels moving from 73 (IPQ 5.0) to 75 (IPQ 6.0), Max Life said.
Over a five-year period, the India Protection Quotient has witnessed 10-point increase, from 35 in IPQ 1.0 to 45 in IPQ 6.0.
The latest insights unveil a shift in the nation's financial well-being as well.
Despite an increase from 63% in IPQ 5.0 to 65% in IPQ 6.0, urban Indians' financial security levels have yet to fully recover to pre-pandemic levels.
Corresponding with last year's observations, metro cities are approaching the 50-point milestone this year, with a protection quotient of 49 points.
In contrast, life insurance ownership and adoption in Tier II cities remain stagnant, with IPQ lagging at 36 points.
In line with previous findings, South India retained its position as the most financially protected zone with a Protection Quotient of 49 points.
This was followed by West India, which showcased a marked improvement in financial preparedness from 42 points in IPQ 5.0 to 46 points in IPQ 6.0.
North and East zones lagged in financial protection at 41 and 40 points in this edition, respectively.
IPQ 6.0 further sheds light on an interesting trend as millennials closely trail older age groups in financial preparedness, scoring at 45 and 46 for millennials and non-millennials, respectively.
On the flip side, Gen Z emerges as the least financially shielded age group, holding a Protection Quotient of 42 points, largely due to lower insurance ownership.
In a significant achievement, working women have successfully narrowed the financial protection gender gap. The Protection Quotient for working women has surged to 47 points, aligning with their male counterparts.
Notably, 8 out of 10 working women are now investing in life insurance.
The India Protection Quotient survey (IPQ) is conducted in partnership with KANTAR, a marketing data and analytics company. Tapping 4,700 respondents across 25 Indian cities, this survey uncovers urban India’s pulse on financial protection.
(Edited by : Anshul)
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