· Life insurance ownership at 91%, highest among metros
· Knowledge index at 76, ranks lowest on security levels
23 March 2022, Bengaluru: Max Life Insurance Co. Ltd (“Max Life”) in association with Kantar recently unveiled the India Protection Quotient 4.0 survey. Tapping 5,729 respondents across 25 Indian cities [between 10 December 2021 to 14 January 2022], the survey was carried out during the recent wave of the Covid-19 pandemic.
Among the metros, Bengaluru emerged as the most financially protected city in India with a protection quotient of 56; ranking equal to Delhi. The ‘IT hub’ of the country also registered the highest life insurance ownership, leading over Delhi, Mumbai, Kolkata, Chennai and Hyderabad. Bengaluru also fared well on the knowledge index (76) but scored the lowest on security levels with 53%, lagging behind other metros in the survey.
V. Viswanand, Deputy Managing Director, Max Life said: “India Protection Quotient 4.0 highlights significant milestones as well as challenges for the insurance industry. While the sense of financial security and knowledge increased amongst urban Indians during the pandemic, life insurance adoption continues to remain critical for improved financial protection. The study shows that Bengaluru has outperformed other cities in India by achieving the highest life insurance uptake. However, there is ground to be covered on the security levels where the city has ranked the lowest among other metros. This gap can be bridged by encouraging more proactive planning and enabling Bengaluru to realize the vital role of life insurance in protecting our loved ones.”
Notes to the editor:
The following findings reveal insights that highlight Bengaluru’s shift across financial priorities and anxieties studied by India Protection Quotient 4.0:
- Mental wellness is the top-most anxiety
66% respondents in Bengaluru reported worries on their mental health and well-being, followed by financial independence during retirement and children’s education at 63% equally. Sustaining lifestyle and expenses with current earnings (62%), medical expenses (62%) and employment- related income (61%) were among the other anxieties shared in the survey.
- Witnesses highest term insurance ownership
Bengaluru recorded the highest term ownership with 59% followed by Mumbai (50%), Chennai (48%), Delhi (47%), Kolkata (43%) and Hyderabad (41%). However, scope still remains to increase insurance penetration as only 6 in 10 persons in Bengaluru own term insurance.
84% respondents in Bengaluru are optimistic about the Covid-19 situation improving. The city also ranked high on being fitness conscious (81%) and proactive about financial planning (79%) among other metros.
