Every 8 out of 10 urban residents insured in South India: IPQ 6.0 survey
South India leads in Rider Awareness across zones with an average 20 points increase, says survey by Max Life Insurance Company and KANTAR
Hyderabad, 15th March: Every eight persons out of 10 urban respondents own life insurance in South India, while 4 in 10 urban respondents own one or more savings products, says the South zone findings of the sixth edition of India Protection Quotient Survey (IPQ), unveiled by Max Life Insurance Company Ltd, 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 per cent (increase of 2 per cent ), and Security levels at 77 per cent (equal to IPQ 5.0).
The survey also revealed the degree to which Hyderabad’s respondents are financially prepared for life’s uncertainties. Hyderabad’s protection quotient is at 44 points in IPQ 6.0, with the city’s knowledge index at 59. The overall Security Level for Hyderabad is at 80 per cent. From a city perspective, Bangalore maintained its significant lead in IPQ scores but saw a decline in ownership levels, while Chennai made significant improvements in ownership and security levels.
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."
Anxiety around prioritising 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.
Awareness sees a huge spike in South India at 78 per cent; however, ownership seeps a marginal dip at 33 per cent. 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.
