to pre- pandemic era; shows steady progress from 35 in 2019: Max Life’s India Protection Quotient 5.0 survey
23rd January 2023, New Delhi: Max Life Insurance Company Ltd. (“Max Life”/ “Company”) today unveiled the findings of the fifth edition of its flagship survey India Protection Quotient survey (IPQ)* conducted in partnership with KANTAR. Celebrating its 5th edition, the study has captured the financial journey of India over the past 5 years, setting its foundation as a reliable indicator of India’s financial protection and preparedness. First launched in 2019, the study was also conducted in the most uncertain and challenging times during the COVID-19 pandemic, and has so far reached out to more than 30,000 respondents in seven different surveys.
Beginning with a Protection Quotient of 35 in 2019, India has come a long way. As per the latest edition of the survey, urban India showcased a positive movement, climbing up 8 points on the Protection Quotient to 43 (as per IPQ 5.0) from IPQ 1.0 – signaling steady progress in the country’s overall financial protection levels. The survey also revealed that the degree to which urban Indians are aware about life insurance products or the Knowledge Index moved up from 39 (in IPQ 1.0) in 2019 to 57 and life insurance Ownership Levels increased by 800 bps from 2019 (IPQ 1.0) to 73%.
Against the backdrop of a waning pandemic, the survey highlights a massive recovery in Security Levels; it is observed to be steadily coming back to pre-pandemic levels- starting from 66% in IPQ 1.0 to an all-time– low of 57% during the pandemic, and back to 63% in this edition.