India Protection Quotient rises: Max-Kantar Survey
Hyderabad: With increasing immunisation coverage and a growing positive outlook beyond Covid-19, the ‘Protection Quotient’ of urban India has moved three points up to 50, witnessing a gradual rise. The trend reflects a steady growth in the country’s overall financial protection that has led to prioritising financial security over all aspects, shows Max Life Insurance-Kantar’s […]
Hyderabad: With increasing immunisation coverage and a growing positive outlook beyond Covid-19, the ‘Protection Quotient’ of urban India has moved three points up to 50, witnessing a gradual rise. The trend reflects a steady growth in the country’s overall financial protection that has led to prioritising financial security over all aspects, shows Max Life Insurance-Kantar’s fourth edition of the India Protection Quotient survey (IPQ).
Conducted entirely online, the India Protection Quotient 4.0 surveyed 5,729 respondents across 25 Indian cities (between 10 December 2021 to 14 January 2022).
The survey indicates a marginal increase in urban India’s knowledge index from 68 to 69, while the security index increased by five points to 56 per cent. Metros, Tier 1, and Tier 2 cities also witnessed an increase in the protection index, while Tier 2 saw a significant rise in life insurance awareness from 61 to 68, which indicates a strong potential in Tier 2 markets for life insurance adoption.
Term insurance witnessed an uptake in the last two years, with ownership rising to 43 per cent from 39 per cent last year. The survey also reflects an increased ownership of other life-insurance products amongst urban Indians such as savings and market-linked plans.
Commenting on the survey, Prashant Tripathy, MD and CEO, Max Life Insurance said, “The last two years have been indeed challenging due to the pandemic, but we also witnessed an upside with India developing financial resilience. This is evident from the insights in IPQ 4.0 that show a strong sense of financial security amongst urban Indians.”
Soumya Mohanty, MD and CCO, Kantar Insights, South Asia added, “The one key outcome that emerges from the survey, is the significant increase in security levels of the urban milieu. Despite the unprecedented impact of Covid-19, this is an important indication of the growing financial consciousness in the country.”
South zone sees highest term insurance uptake while Tier 2 cities lag in ownership. Safety becomes the ‘most valued currency’ with 88 per cent preferring safe financial products. Millennials at par with non-millennials in term ownership while women are at par with men in protection index, the study shows.
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