According to a research, eight out of ten Indian working women have life insurance

According to a research, eight out of ten Indian working women have life insurance

Surak Bharat The coefficient shows how financially prepared urban India is for an uncertain future.

According to a poll by Max Life Insurance and the marketing data and analytics firm KANTAR, eight out of ten working women in India are now purchasing life insurance.

"Women in the workforce have effectively closed the gender gap in financial stability. As of February 13, the study said that working women's protection coefficient had improved by 47 points, matching that of their male counterparts.

The India Protection Quotient (IPQ) measures urban India's financial readiness for an uncertain future. There were 4,700 respondents to the study, which was done in 25 Indian cities.

"We are witnessing an astonishing change in the financial knowledge of this diverse group, with 3 out of 4 urban Indians currently owning life insurance," said Prashant Tripathi, CEO as well as Managing Director of Max Life Insurance. This presents us with opportunities in the fields of digital transformation, customized product development, and raising public awareness campaigns that will promote the "Insurance for All by 2047" strategy and guarantee even higher insurance penetration in the nation.

IPQ 6.0 showed a significant disparity in the IPQ scores of tier II and metro areas, with tier II at 36 points and tier I cities at 45 points, respectively, while metro areas were approaching the halfway point at 49 points. lags behind.

The poll said that "this disparity highlights the need for specific approaches to overcome barriers to financial viability, highlighting the continuing difficulties of promoting life insurance education and accessibility in smaller urban centres."

"Over the course of six years, IPQ findings have revealed important information related to financial behavior, savings patterns, and insurance uptake within urban Indians, making it "An indispensable markers that indicate of a country's financial preparedness," according to Saumya Mohanty, MD as well as Chief Customer Officer, South Asia, Insights Division."