NE BUSINESS BUREAU
MUMBAI, SEPT 16
The digitally savvy, urban respondents of West India revealed a protection quotient of 44 during COVID-19 times, marginally lower than the national average of 45, says a survey.
Strengthening its commitment towards ensuring greater financial protection for the country in the midst of COVID-19, Max Life Insurance Company Ltd. unveiled the findings of the COVID-19 edition of its flagship survey ‘Max Life India Protection Quotient- Express’ in association with KANTAR. Titled IPQ Express, the survey reveals dominant consumer sentiment in the times of COVID-19 on the back of how protected digitally savvy urban Indians feel with respect to financial security, savings and investments, medical preparedness, key anxieties, and new acceptance levels in an increasingly digital world.
The digitally savvy, urban respondents of West India revealed a protection quotient of 44 during COVID-19 times, marginally lower than the national average of 45. The region’s protection quotient was also the lowest when compared with other regions; while South and East had a protection quotient of 46, North stood at 45. West India also demonstrated the lowest life insurance ownership of 73%, while South India and North India recorded the highest ownership at 78%, closely followed by the East region that had ownership of 77%.
Furthermore, West India’s life insurance knowledge index too stood at a lower 63 as opposed to North, South, and East India’s knowledge index of 66, 68, and 67, respectively. On the positive side, with 53% of respondents feeling attitudinally secure, West India’s financial security level, at par with North India (53%), was higher than East and South India’s security levels of 52% and 48% respectively.
Commenting on the findings of IPQ Express, Aalok Bhan, Director, and Chief Marketing Officer, Max Life Insurance said: “COVID-19 has created unique circumstances for all of us. The situation has not only affected us mentally and physically but also brought its own set of financial challenges. Given the uncertainties surrounding COVID-`19, it is important for individuals to recognize the importance of life insurance in securing the financial future of loved ones. When compared to other regions, West India has the lowest life insurance ownership, term awareness, and overall protection levels, reflecting scope for improved financial preparedness. By presenting key findings of ‘India Protection Quotient Express’, the COVID-19 centric edition of our survey at a meaningful juncture, we aim to reinforce the importance of continued coverage in tough times, encouraging the region to embrace comprehensive financial protection.”
