Max Life Insurance Company Ltd. has unveiled the West zone findings of the sixth edition of its flagship survey, the India Protection Quotient (IPQ) study, conducted in partnership with KANTAR, the world's leading marketing data and analytics company. Tapping 4,700 respondents across 25 Indian cities, this widely-inclusive survey uncovers urban India's pulse on financial protection. The IPQ 6.0 findings, released on Friday, showcase West India's substantial advancement in financial protection. The zone's Protection Quotient has increased from 42 to 46 points compared to the previous edition, representing the most significant improvement among all regions. This heightened readiness for uncertainties is also evident in the zone's financial security level, which has climbed to 59 per cent, returning to pre-pandemic levels. Also Read: EPFO Form 19: When And How To Use It Further, 72per cent of respondents in the region have invested in life insurance policies, indicating a growing recognition of the importance of financial protection in India's Western states. Specifically, there has been a notable increase in the adoption of term insurance plans, rising by 7 percentage points from 29per cent in IPQ 5.0 to 36per cent in the latest edition. The survey also showed a positive trend in insurance policyholders feeling secure with their term coverage. The percentage of individuals who believe their term cover is adequate has risen significantly from 53per cent in IPQ 5.0 to 62per cent, according to the IPQ 6.0 findings. Prashant Tripathy, CEO and Managing Director, Max Life Insurance said, “The 6th edition of Max Life's flagship survey, the India Protection Quotient- West Zone, marks a significant milestone in our journey to enhance financial preparedness in the region. Awareness plays a pivotal role in understanding the importance of financial protection and the value of investing in insurance. Over the past six years, the increase in awareness in the region has been remarkable, paving the way for increased adoption of protection as well as life insurance solutions. This progress also highlights the growing adoption of insurance as a means to building a secure future. As we strive towards achieving universal financial protection, the India Protection Quotient acts as a roadmap for all stakeholders, guiding our efforts to serve individuals and communities across various demographics and regions PAN India.” The following findings reveal insights that highlight urban West India's shift in financial priorities, outlook and behaviour: Mumbai Exhibits A Solid Knowledge Index This year's IPQ edition revealed the degree to which Mumbai's respondents are financially prepared for life's uncertainties. As per the study, Mumbai's financial protection quotient stood at 61 points, marking a 3-point increase from 58 in IPQ 5.0. With a Knowledge Index of 84 points, one of the highest among metros, Mumbai residents demonstrate a strong understanding of life insurance as a means to safeguard their future. While Mumbai boasts a high life insurance ownership level of 84per cent, it ranks third among metro cities, with Chennai at 92per cent and Delhi at 85per cent. Also Read: How These 5 Types Of Deeds Can Help In Estate Planning For Senior Citizens
West India Leads In Term Insurance Uptake; 1 In 3 Opt For Term Plans: Max Life's IPQ 6.0
One out of three in urban West India have invested in a term plan; Mumbai tops in financial protection quotient amongst metros, with 100 per cent awareness of life insurance solutions

Term Plan Photo: Term Plan
Term Plan Photo: Term Plan

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