Eight out of 10 working women are now investing in life insurance in India; according to the survey conducted by Max Life Insurance in partnership with KANTAR, a marketing data and analytics company.
" 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, " said that report released on February 13.
The India Protection Quotient (IPQ) indicates Financial Preparedness in urban India against an unforeseen future. The survey was conducted with 4,700 respondents across 25 Indian cities.
Prashant Tripathy, CEO and Managing Director, of Max Life Insurance said, “Today, we are witnessing a remarkable shift in the financial consciousness of this diverse group, with 3 out of 4 urban Indians now owning life insurance. This opens opportunity areas for us in the space of digital transformation, creating tailored products, and building greater awareness initiatives that will help ensure an even larger insurance penetration in the country and support the vision of ‘Insurance for All by 2047’”.
The IPQ 6.0 further revealed a large gap in the IPQ scores of Metro and Tier II cities, with Metro cities inching towards the halfway mark at 49, followed by Tier I cities securing 45 points but Tier II trailing at 36 points.
"This disparity underscores the ongoing challenge of promoting life insurance awareness and accessibility in smaller urban centres, highlighting the need for targeted interventions to address barriers to financial pliability," said the survey.
Soumya Mohanty, MD & Chief Client Officer, South Asia, Insights Division, said, "Over the course of six years, the IPQ findings have revealed substantial data relating to financial behaviour, savings patterns, and insurance uptake among urban Indians, making it an indispensable marker of the country's financial preparedness."
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