New Delhi, May 10, 2025 : Axis Max Life Insurance Ltd.
{formerly known as Max Life Insurance Company Ltd.} (“Axis Max Life”/
“Company”), has unveiled the findings of the seventh edition of its flagship survey
- India Protection Quotient survey (IPQ) conducted in partnership with KANTAR,
the
world’s leading marketing data and analytics company. Tapping 6,360 households
across 25 Indian cities, the survey has been uncovering urban India’s pulse on financial
protection.
Axis
Max Life is launching the India Protection Quotient 7.0 under the unified narrative of ‘Bharosa Talks’ that will spotlight India’s evolving financial and protection
mindset. Through this platform, Axis Max Life aims to amplify real voices across
demographics—urban, rural, salaried, gig workers, and retirees—offering
authentic insights into how India views protection, planning, and long-term
security. As financial anxieties shift over time and aspirations
evolve, Bharosa Talks will serve as a critical pulse for industry, regulators,
and policymakers to understand emerging consumer priorities.
As per IPQ 7.0, urban India’s Protection Quotient
has climbed to 48, up from 35 in 2019, marking continued progress in the
country’s financial preparedness. Life insurance ownership has reached an
all-time high, with 78% of urban Indians owning one or more products, while the
Knowledge Index has improved to 63 up by two points, indicating increased
awareness and understanding of life insurance.
In a post-pandemic recovery milestone, urban India’s financial security
has hit 68%, surpassing the pre-pandemic peak of 66% (IPQ 1.0), and rebounding
strongly from a pandemic low of 57%. For the first time in seven editions, ‘Cover’
has overtaken ‘Premium’ as the key consideration in term life insurance
purchase, with 3 in 4 urban respondents prioritizing coverage over cost.
In IPQ 7.0, Metros have seen
a 3-point jump in the Protection Index on the back of increased ownership of life
insurance (from 83% in IPQ 6.0 to 86% in IPQ 7.0) and improved sense of
financial security (from 69% in IPQ 6.0 to 71% in IPQ 7.0). Tier-1 cities have also
seen a significant improvement across parameters like Knowledge Index (from 58
in IPQ 6.0 to 62 in IPQ 7.0), Life Insurance Ownership (up from 73% in IPQ 6.0
to 77% in IPQ 7.0), and Security Levels (from 63% in IPQ 6.0 to 67% in IPQ 7.0).
Prashant Tripathy, CEO and Managing Director, Axis Max
Life Insurance said, “India Protection Quotient, as part of ‘Bharosa
Talks’ has evolved into a powerful barometer of India’s financial resilience,
acting as a catalyst for driving India’s protection narrative forward. 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. Yet, the widening gender gap in
financial security calls for deeper, more inclusive interventions. At Axis Max
Life, we remain committed to strengthening this momentum, driving awareness,
and building a more comprehensively protected India.”
NOTES TO THE EDITOR:
The following findings reveal insights that highlight urban India’s
shift in attitude and approach towards financial preparedness studied by India
Protection Quotient 7.0:
A. FINANCIAL
PREPAREDNESS OF URBAN INDIANS
Urban India's Protection Quotient Climbs to
48; Life Insurance Ownership Peaks at 78%
Urban India continues its upward journey in financial preparedness,
with the Protection Quotient rising from 35 in IPQ 1.0 to 48 in IPQ 7.0. Life
insurance ownership has reached a new high of 78%, reflecting growing adoption
and trust in life insurance products. The Knowledge Index has also shown
sustained progress, climbing from 39 in IPQ 1.0 to 63 in the latest
edition—indicating deeper awareness and understanding among consumers. In a
significant post-pandemic recovery milestone, Security Levels have now
surpassed pre-COVID figures, reaching 68%, a notable improvement from the dip
to 57% during the pandemic. These trends reflect not just recovery, but a
renewed focus on long-term financial protection across urban India.
Significant
Increase in Financial Protection across town-classes; South Zone Remains Most
Financially Prepared
South
India retains its seven-year lead, driven by increased term insurance (33% to
37%) and savings product ownership (42% to 46%). West India has significantly
closed the gap, achieving the highest term plan ownership ever recorded in IPQ
history (41%). The North also improved its Protection Quotient through better
term plan uptake (28% to 31%). The East, however, remains behind with stagnant
ownership despite growing awareness (53% to 57%). Encouragingly, a significant
increase in life insurance ownership has been seen across town-classes
including Metros, Tier 1, and Tier 2 cities, with Tier 2 cities showing notable
progress (62% to 66% in life insurance ownership), marking a steady rise in
penetration beyond urban cores.
Children’s Future Drives Financial Planning
Saving for a child’s education (61%) and marriage expenses (44%)
continues to top urban India’s list of financial priorities. These long-term
goals have seen a noticeable rise compared to IPQ 6.0, underlining a growing
commitment to family-oriented financial planning. Retirement planning (37%) and
buying a house (36%) follow as the next big objectives. This shift signals a
sharper focus on long-term stability over short-term or discretionary spending.
B.
URBAN
OUTLOOK TOWARDS TERM INSURANCE
Term
Insurance Awareness Rises to 74%, But 1 in 4 cite cost concerns
Despite a
notable rise in awareness and ownership of term insurance, from 70% to 74% and
31% to 34% respectively, high premiums continue to deter many from adoption.
For nearly 1 in 4 individuals, term insurance affordability remains a
significant hurdle, with an increase in those citing lack of funds as a barrier
(21% to 25%). While saving and ULIP products also witnessed a modest uptick in
awareness and ownership, the data suggests that improving accessibility and
addressing financial constraints is key to driving wider term plan adoption.
Online Purchase Channels Gain Ground on the
Back of Affordability and Ease
Online platforms are steadily emerging as a preferred mode for term
insurance purchase, with adoption rising from 18% in IPQ 6.0 to 22% in IPQ 7.0.
The digital channel's appeal lies in its cost-effectiveness, access to
comprehensive policy information, and quicker, more convenient transactions.
With ease of comparison and seamless access to support, online purchase is fast
becoming a go-to option for today’s digitally savvy insurance buyers.
3 in 4
prioritize cover over cost, with 56% confident in their protection
For the
first time in seven editions, cover has surpassed premium as the primary
consideration for term life insurance purchase, with 3 out of 4 individuals now
prioritizing cover over cost. Additionally, 56% of respondents believe their
current term plan offers adequate protection for their family’s future.
C. DEMOGRAPHIC
INSIGHTS
MEN & WOMEN: Working Men’s IPQ Rises
Sharply, While Working Women Show Modest Growth Amid Higher Financial Anxieties
This year marks a divergence in protection levels among working men and
women. While men saw their Protection Quotient rise to 50 (from 47), working women’s
Protection Quotient remained at 48. Women reported lower financial security for
key life milestones such as retirement, children’s education, and marriage.
Their heightened concerns about inflation, medical expenses, and the loss of a
breadwinner emphasize the need for more gender-sensitive financial strategies.
GEN-Z &
NON MILLENIALS: Gen-Z leads with strong mid-term financial planning; 2 in 3 own
life insurance
Gen-Z has emerged as a standout cohort, boasting a Protection Quotient
of 41, with two-thirds owning life insurance products. They surpass non-millennials in purposeful
planning, showing strong intent toward mid-term goals such as buying a house, a
car, or planning vacations. Their disciplined saving behavior and willingness
to invest reflect a growing sense of financial independence and a modern
approach to balancing lifestyle and security.
SALARIED VS SELF-EMPLOYED: Salaried Class
Leads in Protection Quotient; Self-Employed Show Security Gains but Lag in
Insurance Ownership
Salaried
individuals continue to lead with a Protection Quotient of 52, driven by gains
across knowledge, ownership, and security. Term insurance ownership for the
Self-Employed rose by 2 points, bolstered by improved financial confidence and adoption
of market-linked products. However, savings capabilities dipped, with a 3-point
drop in the ability to save from household budgets, highlighting ongoing
financial stress in this segment.
Read more at - https://www.axismaxlife.com/maxlife-ipq
About India Protection Quotient
Instituted
in 2019, India Protection Quotient is an annual Survey by Axis Max Life
Insurance in association with Kantar aimed to understand the pulse of the
Indian consumers in the financial protection space. Launched with the
underlying objective to increase penetration of Term insurance as the most
fundamental and economical form of life insurance, the survey aims to reveal
the state of Urban Indians with regards to current financial security levels,
changing savings & investment patterns, key anxieties & triggers of
financial protection in a contemporary world. India Protection Quotient is a
proprietary tool developed by Axis Max Life in partnership with Kantar to
gauges the degree to which Indians feel protected from future uncertainties on
a scale of 0 to 100. It is based on the attitudes, mental preparedness around
future uncertainties, awareness, and ownership of life insurance product
categories (Term, endowment and ULIP).
Disclaimer:
The study is conducted in
top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are
representative of metro, Tier 1 and Tier 2 cities of Urban India only.
- Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai
- Tier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag,
Ahmedabad, Bhopal, Pune
- Tier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar,
Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli
·
IPQ 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros,
9 Tier 1 and 10 Tier]
·
The minimum sample to conclude any findings of the study is 270 with an
error margin of +-5.964
The information collected
through this survey and the results published are intended for general guidance
and informational purposes only. Axis Max Life disclaims any liability for any
loss, damage, or decisions arising from the use of this survey or the results
provided.
About Axis Max Life Insurance
Axis Max Life Insurance Limited, formerly known as Max Life Insurance
Company Ltd., is a Joint Venture between Max Financial Services Limited
(“MFSL”) and Axis Bank Limited. Axis Max Life Insurance offers comprehensive
protection and long-term savings life insurance solutions through its
multi-channel distribution, including agency and third-party distribution
partners. It has built its operations over two decades through a need-based
sales process, a customer-centric approach to engagement and service delivery
and trained human capital. As per the annual audited financials for FY2023-24,
Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr.
About Kantar
Kantar is the world’s leading marketing data and
analytics business and an indispensable brand partner to the world’s top
companies. We combine the most meaningful attitudinal and behavioural data with
deep expertise and advanced analytics to uncover how people think and act. We
help clients understand what has happened and why and how to shape the
marketing strategies that shape their future.