Rising Awareness, Persistent Protection Gap in Rural India: Axis Max Life’s IPQ 7.0
Chennai: Axis Max Life Insurance Limited has unveiled the rural India findings of its flagship survey, India Protection Quotient (IPQ) 7.0, conducted in partnership with KANTAR. The survey reveals a rise in awareness and aspiration among rural Indians to secure their financial futures, but a persistent protection gap remains.
Key Findings:
- Rural India’s Protection Quotient: Rose to 16, up from 12 in IPQ 5.0, driven by a 7-point rise in awareness
- Life Insurance Ownership: Remains far below urban levels, despite increased familiarity with products
- Gender Gap: Women lag behind men in all protection indices, with a Protection Quotient of 14 compared to 17 among men
- Regional Insights: West India leads the rural Protection Quotient, while East India lags behind with low awareness and ownership
- Financial Anxiety: High despite growing awareness of life insurance, with one in four rural Indians believing their savings may not last even a year
“The IPQ 7.0 Rural Edition signals a defining shift — a rise in awareness and aspiration among rural Indians to secure their financial futures,” said Prashant Tripathy, CEO and Managing Director, Axis Max Life. “The persistent protection gap is a clear call to action for the industry to reimagine how we serve Bharat.”
Digital Adoption
- Mobile Phone Usage: 88% of rural respondents use mobile phones for social media, and 78% for video/music
- Online Financial Transactions: Have more than doubled from 17% to 40%
- Digital Readiness: Nearly half of rural India population now use digital platforms for service requests and complaint resolutions
The survey highlights the need for inclusive, gender-sensitive communication and community-based outreach to bridge the protection gap in rural India. The industry must work towards simplifying products, improving accessibility, and leveraging technology to serve the evolving needs and ambitions of rural India.
