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Prashant Tripathy  releasing the India Protection Quotient survey report.

57% insured Indians unaware of insurance benefit: Max Survey

BS RAWAT
NEW DELHI:
A survey across 15 cities in India has revealed that 57% of respondents who own term insurance do not have any awareness of the sum assured that they are guaranteed on their policy. Also, 70% that term insurance is relevant only for the breadwinner of the family.

The survey ‘India Protection Quotient’ was conducted by Max Life Insurance and Kantar IMRB in top 15 urban metro and tier 1 cities with 4,566 respondents. It showed that India has a poor life insurance protection quotient of 35 out of 100 and term insurance uptake is significantly low.

The survey further revealed that for more than 50% of urban respondents the biggest fears related to the demise of breadwinner are financial insecurity and impact on their current lifestyle while 36% of respondents feel that their savings would last less than a year if critical illness or death was to befall them. More than one fifth of the population feels they have no one to support them in the event of critical illness or death.

"There is an urgent need for Indians to understand the true value of protecting one’s family from the uncertainties of life," said Prashant Tripathy, head of Max Life Insurance.

He stated, “We hope the results act as a wakeup call for consumers and the industry at large and help increase financial protection in the country.”

The survey also revealed that Delhi scores the highest on protection quotient, South and East India lead term insurance adoption, women are grossly under protected in India, only 33% women save for future stability, millennials prioritize spends on luxury and travel over protection, faith in God is holding India back and urban Indians still show a preference to purchase life insurance from agent advisors.


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