Awareness of life insurance products improved among Indians amid the pandemic showed a survey by Max Life Insurance. As per Max Life's 'India Protection Quotient 3.0', the degree to which Indians are aware of life insurance products or the Knowledge Index moved up by 9 points to 55 and life insurance ownership levels increased by 500 bps from IPQ 2.0.
Notably, the survey shows a significant growth of Knowledge Index across all cities, age, and gender, highlighting the responsible outlook of urban India amidst uncertain times. Urban India witnessed a positive movement of four points on the Protection Quotient scale from 35 to 39. However, it was found that against the backdrop of Covid-19, India continues to feel financially insecure.
"The degree to which Indians feel financially secure and prepared or the Security Level dipped by 300 bps to 57 percent amidst uncertain times. Notably, the survey shows significant growth," a statement from Max Life said.
Prashant Tripathy, Managing Director, and CEO, Max Life Insurance said: "Launched in the backdrop of an unprecedented year, IPQ 3.0 survey reveals that while issues surrounding financial preparedness were magnified during the challenging Covid-19 times, there are long-term lessons to be learned when it comes to addressing and acknowledging financial protection." Slowly but gradually, urban India is moving towards proactive financial planning and awareness of Life Insurance that can avert anxieties and help build resilience, he said. (IANS)