Life Insurance Ownership Reaches All-Time High of 78%: Axis Max Life India Protection Quotient 7.0
Chennai: Axis Max Life Insurance has unveiled the findings of its seventh edition of the India Protection Quotient (IPQ) survey, conducted in partnership with KANTAR. The survey reveals that life insurance ownership has reached an all-time high, with 78% of urban Indians owning one or more products.
Key Highlights
- Urban India’s Protection Quotient has climbed to 48, up from 35 in 2019.
- The Knowledge Index has improved to 63, indicating increased awareness and understanding of life insurance.
- Financial security has hit 68%, surpassing the pre-pandemic peak of 66%.
- For the first time, ‘Cover’ has overtaken ‘Premium’ as the key consideration in term life insurance purchase.
Prashant Tripathy, CEO and Managing Director, Axis Max Life Insurance: “This year’s record Protection Quotient, alongside all-time high life insurance ownership, reflects a decisive shift in consumer priorities from cost sensitivity to genuine protection needs.”
The survey highlights a significant improvement in Metros and Tier-1 cities across parameters like life insurance ownership, financial security, and knowledge index. However, a widening gender gap in financial security calls for deeper, more inclusive interventions. The India Protection Quotient survey has become a powerful barometer of India’s financial resilience, driving the country’s protection narrative forward.
