Max Life Insurance Co. Ltd in association with Kantar recently unveiled the India Protection Quotient (IPQ) 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.
The findings which reveal insights that highlight East India’s shift across financial priorities and anxieties studied by IPQ 4.0 are – (1) Abysmal term insurance adoption – East India registered an abysmal rate of term insurance ownership at 40%. (2) Region worries over mental wellbeing and children’s education – 67% of respondents worried about mental wellness. (3) Savings & investments is the primary objective – East India prioritized savings and investments over luxury expenses. (4) Premium and flexibility/customization features – 71% considered premium when purchasing term plans, while 66% looked for flexibility and customization.
(5) Key challenges play impediment to term plan purchase – 24% associated term plans with high premiums. (6) Offline sources dominate touchpoints for term insurance buying – 88% cited offline medium for purchasing term plans, 60% seeking advice from insurance agents and 41% referring to the insurer’s website. (7) Highest awareness and ownership of critical illness riders – 86% were aware of critical illness riders. The study is conducted in top 25 urban metro, Tier 1 and Tier 2 cities.
The Deputy Managing Director of Max Life V. Viswanand said, “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.”
