For 1 in 4 in South India, high premiums act as a big barrier for Term purchase
South India leads in Rider Awareness across zones with an average 20 points increase
Chennai’s Protection Quotient stands at 40: City ranks 3rd among all South Indian Metros
More than 9 in 10 in Chennai own Life Insurance products
Chennai’s life insurance security levels at 68%, and Knowledge index at 47
Max Life Insurance Company Ltd. (“Max Life“/ “Company“) today unveiled the South zone findings of the sixth edition of its flagship survey, the India Protection Quotient Survey (IPQ)*, 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% (increase of 2%), and Security levels at 77% (equal to IPQ 5.0). 8 in 10 urban respondents own life insurance in South India, while 4 in 10 urban respondents in South India own one or more life insurance savings products.
The survey also revealed the degree to which Chennai’s respondents are financially prepared for life’s uncertainties. Chennai’s protection quotient is at 40 points in IPQ 6.0, with the city’s knowledge index at 47 and overall Security Level at 68%. From a city perspective, Chennai showed a significant uptake in life insurance ownership reaching 92%.
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.”
South India-specific financial priorities and anxieties:
South India needs to be proactive about retirement planning
Anxiety around prioritizing 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.
South India leads in Term Awareness
Awareness sees a huge spike in South India at 78%; however, ownership is at 33%. 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.
Read more about the India Protection Quotient at – www.maxlifeinsurance.com/maxlife-ipq.
* Findings represented here are as per the IPQ 6.0 survey and Max Life doesn’t assume responsibility or liability for any contradictions.
About Max Life Insurance
Max Life is a Joint Venture between Max Financial Services Limited (“MFSL“) and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the company website at www.maxlifeinsurance.com.
About Kantar
Kantar is the world’s leading marketing data and analytics business and an indispensable brand partner to the world’s top companies. We combine the most meaningful attitudinal and behavioral data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
For more information, visit www.kantar.com.
