NE

News Elementor

NE

News Elementor

What's Hot

EastIndia garners highest life insurance uptake, with a strong financial security revealed in IPQ 4.0

Table of Content

No headings found

Bhubaneswar: Max Life Insurance Co. Ltd (“Max Life”) in association with Kantar recently unveiled the India Protection Quotient (“IPQ”) 4.0 survey. Tapping 5,729 respondents across 25 Indian cities [between 10 December 2021 to 14 January 2022], the survey was carried out during the recent wave of the Covid-19 pandemic. East India registered a protection quotient of 49, just a point below the overall zonal average. Survey respondents in the region topped the scale with the highest uptake of life insurance at 80%, resulting in average security levels of 56%. However, knowledge of life insurance products remained an area of concern with the region clocking 67 on Knowledge Index as compared to North at 71, South at 70 and West at 69.

  1. Viswanand, Deputy Managing Director, Max Life said: “With over two years since the pandemic, urban India has evolved its financial awareness and taken conscious steps to protect their future. IPQ 4.0 highlights a strong sense of financial security that prevails across regions, leading to a higher protection quotient generated in the survey compared to previous editions. While East India has garnered the highest life insurance adoption, ownership has declined from 83% to 80% in the region over the year. With greater investment in driving insurance awareness and penetration, I am confident East will be able to gain momentum and become financially protected in the true sense.”

The following findings reveal insights that highlight East India’s shift across financial priorities and anxieties studied by India Protection Quotient 4.0: East India registered an abysmal rate of term insurance ownership at 40%, far lesser than the regional average. The ownership is notably lower than North and South, which equal at 45%, followed by West India at 42%. Among the top concerns noted in the region, 67% respondents worried about mental wellness, followed by financing children’s education (63%), sustaining lifestyle/ expenses with current earnings (62%), financial security in case of untimely death of breadwinner (62%), and financial independence after retirement (62%).

East India prioritized savings and investments over luxury expenses, with48% saving for medical emergencies, 45% for children’s education,39% for retirement and 36% for untimely death of bread winner. 71% respondents considered premium when purchasing term plans, while 66% looked for additional features of flexibility and customization. Additionally, 1 in every 2respondentsowning term insurance believed their term cover was insufficient to safeguard the future of their family. 24% associated term plans with high premiums and19% believed the insurance carried hidden clauses in terms & conditions. 17% were also less confident of receiving claims settlement upon purchase. 88% in the region cited offline medium as the main source of information for purchasing term plans, with 60% seeking advice from insurance agents and 41% referring to the insurer’s website. The survey noted that 86% in the region were aware of critical illness riders, the highest compared to West at 82%, North at 80% and South at 75%. Adoption too was highest among all regions with 42% respondents owing a critical illness rider.

-OdishaAge

newodishaage

defigosolutions@gmail.com https://odishaage.com

Recent News

Trending News

Editor's Picks

OTV Group Launches ‘Iktan’ to Celebrate Indian Handloom Heritage on Niladribije

Bhubaneswar:On the auspicious occasion of Niladribije, the OTV Television Group has officially launched ‘Ikatan’, a new handloom saree initiative aimed at reviving and promoting India’s rich textile traditions. The inauguration marks a significant step towards preserving the country’s cultural heritage, with a special focus on Odisha’s iconic Ikkat handloom art. According to the organizers, Ikatan...

BHISHM Cubes – A Revolutionary Indian Innovation to Save Lives at Disaster Sites

Technology Meets Compassion in the Golden Hour of Emergency Care AIIMS Bhubaneswar provided 3 sets of BHISHM cubes, demonstrated to the Doctors and health officials ·        Each BHISHM Cube comprises of 338 items ·        One set of BHISHM cubes can cater to about 200 victims at the disaster site Bhubaneswar: In a remarkable stride towards strengthening disaster...

Bhajanlal Commercial Pvt. Ltd. Ushers in the Future of Foldables with Samsung Galaxy Z Fold7 & Flip7 Series

Kolkata: In yet another defining moment for India’s premium retail sector, Bhajanlal Commercial Pvt. Ltd., Eastern India’s undisputed leader in consumer electronics, launched the cutting-edge Samsung Galaxy Z Fold7 and Flip7 Series across its flagship showrooms with in-store availability. A Legacy of Vision, Built on Trust: The Bhajanlal Story Founded in 1995, Bhajanlal Commercial Pvt. Ltd. has grown from a single electronics...

Stop Comparing, Start Growing: A Message for the Youth

Bhubaneswar: In today’s fast-paced and hyper-competitive world, many children and young people find themselves constantly comparing their lives, talents, and achievements with those of their peers. This culture of comparison has become not just common, but fashionable fueled by social media, academic competition, and societal expectations. As a result, the younger generation often struggles with...

A Timeless Ritual, Now in a New Look: Aroma Magic Relaunches Its Signature Essential Oils

Bhubaneshwar:  Blossom Kochhar Aroma Magic, the premier aromatherapy company in India, proudly announced the relaunch of its iconic range of Essential Oils, now presented in an all-new, elegant avatar. She was addressing a Press conference in Bhubaneshwar today. While the look has evolved, the soul of the product remains unchanged—100% pure, therapeutic-grade essential oils, crafted with love,...

NE

News Elementor

Lorem Ipsum is simply dummy text of the printing and typesetting industry.

Popular Categories

Must Read

©2024- All Right Reserved. Designed and Developed by  Blaze Themes