Key Findings of the Max Life IPQ 6.0 Survey
- For 1 in 4 in South India, high premiums act as a big barrier for Term purchase
- South India leads in Rider Awareness across zones with an average 20 points increase
- Bengaluru's Protection Quotient stands at 59: City ranks top among all South Indian Metros
- Overall life insurance ownership of Bengaluru stands at 83%
- Bengaluru's life insurance security levels presently at 77% & Knowledge index at 85
BENGALURU, India, March 26, 2024 -- Max Life Insurance Company Ltd. ('Max Life'/ 'Company') today unveiled the South zone findings of the sixth edition of its flagship survey, the India Protection Quotient Survey (IPQ)*, conducted in partnership with KANTAR, the world's leading marketing data and analytics company. Tapping 4,700 respondents across 25 Indian cities, this widely inclusive survey uncovers urban India's pulse on financial protection. Marking its 6th edition, the IPQ stands as one of the most comprehensive and long-running financial studies, covering varied cohorts, including Generation Z, women, and millennials, carrying forward the theme of 'Protection for All'.
As per the survey, South India continues to be India's most financially protected zone with a Protection Quotient of 49, with progress made across all three aspects – Knowledge Index at 65 points (increase of 8 points), Life Insurance ownership levels at 80% (increase of 2%), and Security levels at 77% (equal to IPQ 5.0). 8 in 10 urban respondents own life insurance in South India, while 4 in 10 urban respondents own one or more savings products.
The survey also revealed the degree to which Bengaluru's respondents are financially prepared for life's uncertainties. Bengaluru's protection quotient is at 59 points in IPQ 6.0, with the city's knowledge index all-time high at 85 and security levels at 77%. The IT hub of the country still prefers to purchase term insurance from offline channels – 63%, followed by online channels - 37%.
Prashant Tripathy, CEO and Managing Director, Max Life Insurance said, "South India's urban population has set a great example by consistently making proactive strides in safeguarding their future by investing in life insurance. While the progress is reflected in the zone's consistent leadership in financial preparedness, there remain areas of improvement necessitating initiatives that target underserved segments. This requires participation from all stakeholders to make insurance accessible and affordable for all."
South India-specific financial priorities and anxieties:
- South India needs to be proactive about retirement planning
Anxiety around prioritizing a family's aspirations and financial independence in retirement has seen an increase in urban South India. Increasing medical expenses and family aspirations stand at 68 and 66, respectively, as compared to other regions. Savings for meeting the future needs of children remain key objectives for the urban south at 59; however, retirement planning took a backseat as compared to IPQ 5.0, which stood at 34. - South India leads in Term Awareness, but West India overtakes in Ownership
Awareness sees a huge spike in South India at 78%; however, ownership seeps a marginal dip at 33%. For the zone, premiums aren't a big barrier to buying term plans, like they are in other zones; however, undergoing medical tests is a much more critical barrier for the South.
Read more about the India Protection Quotient at - https://www.maxlifeinsurance.com/maxlife-ipq
About India Protection Quotient
Instituted in 2019, India Protection Quotient is an annual property by Max Life Insurance in association with Kantar aimed at understanding the pulse of Indian consumers in the financial protection space. Launched with the underlying objective of increasing penetration of term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of urban Indians with regards to current financial security levels, changing savings and investment patterns, key anxieties, and triggers of financial protection in the contemporary world. The India Protection Quotient is a proprietary tool developed by Max Life in partnership with Kantar to gauge the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (term, endowment, and ULIP).
Disclaimer:
The study was conducted in partnership with KANTAR in the top 25 Urban metros, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities in Urban India only.
- Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai
- Tier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, Pune
- Tier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli
- IPQ 6.0 vs IPQ 5.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier 2]
- The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964%
* Findings represented here are as per the IPQ 6.0 survey and Max Life doesn't assume responsibility or liability for any contradictions.
About Max Life Insurance
Max Life is a Joint Venture between Max Financial Services Limited ("MFSL") and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the company website at www.maxlifeinsurance.com
About Kantar
Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioral data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
For more information, visit www.kantar.com
Logo: https://mma.prnewswire.com/media/1992948/4492032/Max_Life_Insurance_Logo.jpg
View original content:https://www.prnewswire.com/in/news-releases/ipq-6-0-reveals-south-zone-leads-in-financial-security-with-8-in-10-urban-residents-insured-302099134.html
