HT Bureau
GUWAHATI, April 27: Max Life Insurance Co. Ltd (Max Life) in association with Kantar recently unveiled the India Protection Quotient (IPQ) 4.0 survey. Tapping 5729 respondents across 25 Indian cities, the survey was carried out during the recent wave of the Covid-19 pandemic. Notably, East India registered a protection quotient of 49, just a point below the overall zonal average. Survey respondents in the region topped the scale with the highest uptake of life insurance at 80%, resulting in average security levels of 56%. However, knowledge of life insurance products remained an area of concern with the region clocking 67 on the Knowledge Index as compared to North at 71, South at 70, and West at 69.
V Viswanand, deputy managing director, Max Life said, “With over two years since the pandemic, urban India has evolved its financial awareness and taken conscious steps to protect their future. IPQ 4.0 highlights a strong sense of financial security that prevails across regions, leading to a higher protection quotient generated in the survey compared to previous editions. While East India has garnered the highest life insurance adoption, ownership has declined from 83% to 80% in the region over the year. With greater investment in driving insurance awareness and penetration, I am confident East will be able to gain momentum and become financially protected in the true sense.”
