Axis Max Life Reveals Financial Protection Gaps Among LGBTQIA+ Community and Working Women
Chennai: Axis Max Life Insurance Limited, in partnership with Kantar, has released the seventh edition of its India Protection Quotient (IPQ) study, highlighting critical gaps in financial preparedness among underserved communities, particularly the LGBTQIA+ segment and working women.
The study reveals that the LGBTQIA+ community has a Protection Quotient score of 35, significantly lower than the digitally savvy urban average of 56. The community also reports lower awareness of life insurance and financial security, with a decline in proactive financial planning.
The study also highlights a growing protection gap between working men and women, with working women’s Protection Quotient remaining unchanged at 48, while working men’s rose to 50. Working women report lower financial security across key life goals and express greater concern about inflation, medical expenses, and the loss of a breadwinner.
Prashant Tripathy, CEO and Managing Director, Axis Max Life, said, “The IPQ 7.0 findings bring to light a clear disparity in financial protection among underserved segments. To bridge this gap, the industry must focus on trust-building, targeted awareness, and accessibility.”
The study underscores the need for financial literacy and protection strategies that are inclusive and sensitive to identity, gender, and income diversity. The industry must evolve to serve every Indian with empathy and precision, creating inclusive financial ecosystems that are grounded in empathy and real-world relevance.
