Max Life Insurance Company Ltd. (“Max Life”/ “Company”) unveiled the findings of the fifth edition of its flagship survey India Protection Quotient survey (IPQ)*conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. The survey revealed deep insights into the financial preparedness of urban Indians living in the country’s East region.
The East zone of urban India is the least financially protected region, scoring 39 on the protection quotient scale, significantly lower than the all-India score of 43. Life insurance ownership in the East zone is 76%, indicating positive financial preparedness, but it lags in financial awareness with a lower Knowledge Index of 52. Kolkata is one of the most financially protected metro cities in India with a Protection Quotient of 36, owing to low levels of financial security and awareness of life insurance products.
Despite a life insurance ownership rate of 79%, Kolkata lags behind other major cities including Mumbai, Bangalore, Delhi, and Hyderabad. V Viswanand, Deputy Managing Director, Max Life said: “We are certain that the IPQ 5.0 findings will shed light on important areas of concern, such as boosting life insurance awareness, and will also help the nation improve its financial preparedness in the coming years.”
