Max Life Insurance unveils India Protection Quotient (IPQ) India pegged at a poor life insurance Protection Quotient of 35, term insurance uptake significantly low; reveals the Survey

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@ Vikas Sharma | Sr Journalist

New Delhi: Max Life Insurance, one of India’s leading private life insurers, revealed that Indians feel grossly underprepared to face the financial instability caused by eventualities of life. As per the survey conducted by Max Life and Kantar IMRB, urban India stands at the Protection Quotient of 35 out of 100. India Protection Quotient (IPQ) is a survey conducted by Max Life and Kantar IMRB that employs a three dimensional approach to determining policyholders’ level of protection, by evaluating their life insurance ownership, awareness levels and mental preparedness around protection. . With a sample size of 4,566 respondents, the survey was administered to respondents of different demographics and age groups across 15 metropolitan and tier 1 cities in India. The survey primarily measured their level of knowledge and ownership of various life insurance products, degree of term insurance preference and penetration, primary fears and triggers to life insurance purchase, preferred channel of policy purchase, roadblocks to owning life insurance that served to validate the overall IPQ level pegged at a poor 35. Prashant Tripathy, Managing Director and CEO, Max Life Insurance said: “The survey reveals some interesting and startling findings about the state of protection in the country as well as the attitudes, behaviours and apprehensions that people have around life insurance. Term Insurance, despite being the most fundamental and cheapest form of financial protection, still lacks a significant uptake in urban India. There is an urgent need for Indians to understand the true value of protecting one’s family from the uncertainties of life. We hope the results of this study, act as a wake-up call for consumers and the industry at large and help increase financial protection in the country.” Speaking on the findings of the India Protection Quotient, Soumya Mohanty, Chief Client Officer, Kantar IMRB said: “The India Protection Quotient is a survey that has uncovered some deep insights on the attitudes, preferences, challenges and concerns of urban Indians towards life insurance and protection. In a country that is evolving each day, the research specifically focuses on demographic and geographic cohorts such as Millennials, women and youth, that reflect how various members of society approach protection.” Key Findings While two third of urban India owns life insurance, only one fifth of them own term insurance and close to 53% are unaware of term insurance and its benefits

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