Reinforcing its commitment towards ensuring greater financial protection for the country, Max Life Insurance Company Ltd. (“Max Life”/ “Company”) unveiled the findings of the third edition of its flagship survey ‘Max Life India Protection Quotient 3.0 (“IPQ 3.0”)’ in partnership with KANTAR. As per the survey, North zone witnessed a positive movement of 5 points on the protection quotient scale from 34 (as per IPQ 2.0) to 39 points (as per IPQ 3.0). However, it was found that in the backdrop of Covid-19, the region still continues to feel financially insecure.
Survey conducted in the most uncertain and challenging times, Max Life IPQ 3.0 assesses the notable shifts in urban North India’s residents’ attitudes from the beginning of the lockdown in March 2020, through the different phases of COVID-19, until announcement of viable COVID – 19 vaccines in December 2020, making this one of the most comprehensive financial studies carried out during COVID-19 situation.
The survey revealed that the degree to which the urban North Indian is aware about life insurance products is highest among all regions. The knowledge index moved up by a whopping 13 points to 56 during the pandemic, from the earlier 43 (as per IPQ 2.0). While the region’s life insurance ownership levels too increased from 61% during previous survey to 65% during IPQ 3.0, it lagged behind in comparison to all other regions – East ranked the highest with 76% life insurance ownership, followed by South at 75% and West at 68%.
In the backdrop of Covid-19, North India’s security levels also plummeted. The region grew most anxious about financial security and preparedness in the last one year, financial anxieties related to fear of Covid-19 infection, its cost of treatment, inadequacy of funds in case of critical illness in family, and security of family’s financial wellbeing in the absence of breadwinner emerged as the top concerns for citizens of the region. Furthermore, the survey witnessed a notable increase in North India’s levels of term insurance awareness and ownership in the wake of the pandemic.
V. Viswanand, Deputy Managing Director, Max Life said: “The latest findings of our marquee survey ‘India Protection Quotient 3.0’, present us with valuable insights on urban India including the North region, and how it navigated finances over the course of an unprecedented and truly challenging year. While the pandemic has resulted in some positive outcomes when it comes to health, proactive financial planning and preparing for the future, there is a long way to go. We’re certain the findings will be instrumental in enabling North India realize the importance of life insurance in safeguarding the future of loved ones amidst uncertain times and encourage them to embrace comprehensive financial protection in the post Covid-19 era.”