Life Insurance Ownership at All -time high levels of 78% – Axis Max Life India Protection Cotten 7.0

Axis Max Life is launching India Protection Cotten 7.0 under integrated story ‘Trust talk’ That will be Spotlight India’s developed financial and conservation mindset. Through this platform, the purpose of Axis Max Life is to increase the real voices in the demographic-urban, rural, salaried, gigantics, and retired people-how to see India’s conservation, plan and long-term security. -Such as financial concerns develop time and aspirations, trust dialogues will serve as an important pulse to understand the emerging consumer priorities for the industry, regulatory and policy makers.

According to the IPQ 7.0, Urban India’s Protection Cotient has climbed up to 48, above 35 in 2019, marks the continuous progress in the country’s financial preparations. Life insurance ownership has reached an all -time high level, with 78% of urban Indians owned to one or more products, while the knowledge index has improved up to 63 from two points, indicating an increase in awareness and understanding about life insurance.

In a postmic recovery milestone, Urban India’s financial security has declined by 68%, which crosses the pre-splendor of 66%(IPQ 1.0), and a 57%epidemic of 57%rebounds firmly. For the first time in seven versions, ‘Cover’ has surpassed ‘premium’ as an important idea in term life insurance purchases, with 3 out of 3 urban responders prioritize coverage at cost.

In IPQ 7.0, the metros has widely watched an increase from increased ownership of life insurance (83% to 83% to 83% from IPQ 7.0 from 83% to 83% from 83% to 83%) (IPQ 7.0 in IPQ 7.0 from 6.0 to 71% IPQ 7.0 to 71% to 71%). Tier -1 cities have seen a significant improvement in the norms such as the Knowledge Index (58 to 62 in IPQ from 58 to IPQ 7.0), Life Insurance Ownership (IPQ 6.0 in IPQ 6.0 73% to 77% IPQ 7.0 in 7.0), and security level (IPQ 67% IPQ 7.0 in 67%).

Prashant Tripathi, CEO and Managing Director, Axis Max Life Insurance Said, “India has evolved as a powerful barometer of India’s financial flexibility as part of the security quotient, ‘trust talks’, which acts as a catalyst to pursue India’s protection story. This year’s record conservation quotient, with all time high life insurance ownership, shows a decisive change in consumer priorities, a decisive change in consumer priorities. Are committed to

Editor notes:

The following findings show that urban urban reveals changes in India’s approach and the attitude towards financial preparations studied by India Security Quariety 7.0:

1. Financial preparations of urban Indians

Urban India’s protection rift climbs 48; Life insurance ownership 78% peaks

Urban India has continued its upper journey in financial preparations, with an IPQ of 35 to IPQ 1.0 in IPQ 7.0 growing from 1.0 to 48 in 7.0. Life insurance ownership has reached a new level of 78%, which reflects growing adoption and confidence in life insurance products. The knowledge index has also shown continuous progress, in the latest version, climbing 39 in IPQ 1.0 to 63 – reflects deep awareness and understanding among consumers. In an important post-pandemic recovery milestone, the security levels have now crossed pre-coved figures, reaching 68%, a remarkable improvement up to 57% from dip during epidemics. These trends not only reflect recovery, but also focus on long -term financial security in urban India.

Significant increase in financial security in city classes; South region is the most economically prepared

South India retains its seven -year lead, which is inspired by the increased duration insurance (33% to 37%) and savings product ownership (42% to 46%). West India has shut down the difference, acquiring ownership of the highest period recorded in IPQ history (41%). Answer also improved its conservation quotient through better term plan uptake (28% to 31%). However, despite pre -awareness (53% to 57%), lags behind with stable ownership. Encouraged, a significant increase in life insurance ownership has been seen in city class including metros, tier 1, and tier 2 cities, which shows remarkable progress in Tier 2 cities (62% to 66% in life insurance ownership), marking the continuous increase in entry beyond urban core.

Children make future financial plans

Savings for a child’s education (61%) and marriage expenses (44%) topped the list of urban India’s financial priorities. These long-term goals have seen a noticeable increase compared to the IPQ 6.0, which outlines the increasing commitment to family-oriented financial planning. Retirement plan (37%) and buying a house (36%) follows the next major objectives. This change focuses a sharp focus on long -term stability at short -term or discretionary expenses.

2. Urban approach to term insurance

Term insurance awareness increases by 74%, but 1 out of 4 cite cost concerns

Despite a significant increase in the ownership of awareness and duration insurance, many people continue to stop adopting high premiums from 70% to 74% and 31% to 34%, respectively. For about 4 out of 1 individuals, Term Insurance Kifordability remains a significant obstacle, which has increased as a barrier (21% to 25%), citing lack of funds. While savings and ULIP products also saw a slight increase in awareness and ownership, data suggests that it is important to improve access and address financial obstacles to adopt a wider -term plan.

Online purchase channels gain land behind strength and ease

With the increase in IPQ 7.0 from 6.0 to 22% to 18%, online platforms are continuously emerging as a preferred mode for terms of term insurance. Digital channel’s appeal lies in its cost-effectiveness, access to comprehensive policy, and faster, more convenient transactions. With ease of comparison and easy access to support, online purchase is rapidly becoming a Go-Two option for today’s digital lover insurance buyers.

Cover 3 out of 3 over the cost, with 56% confidence in their safety

For the first time in seven versions, the cover has crossed the premium as the primary idea for the term life insurance purchase, now giving priority to the cover at the cost with 3 out of 4 persons. Additionally, 56% of respondents believe that their current -term plan provides adequate protection for the future of their family.

3. Demographic insight

Men and women: Working men’s IPQ increases rapidly, while working women show a slight increase amid high financial concerns

This year marks a deviation in the level of safety between working men and women. While the men saw their protection quitfall for 50 (47), the working female protection remained at 48. Women reported low financial protection for major life milestones like retirement, children’s education and marriage. Their growing concerns about inflation, medical expenses and loss of a breadwiner emphasize the need for more sex-sensitive financial strategies.

Gen-Z & Non Millenials: GEN-Z is accompanied by strong mid-term financial plan; 3 Life Insurance in 2

GEN-Z has emerged as a standout corket, with a conservation quotient of 41, which has two-thirds of life insurance products. They exceed non-motives in a purposeful plan, showing strong intentions towards mid-term goals such as buying a house, car, or planning holidays. His disciplined savings behavior and desire to invest reflect a modern attitude of growing sense of financial freedom and a modern view to balance lifestyle and safety.

Salatives vs. Self-planned show safety benefits but intervals in insurance ownership

The salaried individuals continue to lead with the patronage quotient of 52, which is inspired by benefits during knowledge, ownership and safety. Term insurance ownership for self-employed roses increased by 2 digits, better financial beliefs and motivated by adopting market-related products. However, the savings capabilities exposed the ongoing financial stress in this segment, diverting, with a 3-point fall in the ability to protect from the domestic budget.

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About India Security Quarrels

Established in 2019, India Protection Cotient, is an annual survey by Axis Max Life Insurance, which aims to understand the pulse of Indian consumers in the financial security location with the container. As the most fundamental and economical form of life insurance was started with the underlying objective to increase the penetration of term insurance, the purpose of the survey is to reveal the status of urban Indians in relation to the current financial security levels, to change the savings and investment patterns, to change the savings and investment patterns, the major concerns and triggers of financial security in a contemporary world. The India Protection Cottente is a ownership tool developed by Axis Max Life in partnership with the Kantar, which is to achieve the degree that Indians feel preserved on a scale of 0 to 100 from future uncertainties. It is based on future uncertainties, awareness and attitude about the category of life insurance products (words, intuitions and Ulip), mental preparation.

Disclaimer:

The study is conducted in top 25 urban metro, tier 1 and tier 2 cities; Therefore, its findings are only representatives of Metro, Tier 1 and Tier 2 cities of urban India.

• Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai
• Tier 1 – Lud, Japura, Lakhna, Patna, Vijag, Vijag, 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 only among only 25 markets [6 metros, 9 Tier 1 and 10 Tier]
• The minimum sample to eliminate any conclusion of the study is 270 with the error margin of +-5.964

The information collected through this survey and published results is only for general guidance and information purposes. Axis Max Life reveals any obligation for any loss, damage or decisions arising from the use of this survey or provided results.

About Axis Max Life Insurance

Axis Max Life Insurance Limited, earlier known as Max Life Insurance Company Limited, is a joint venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life Insurance provides comprehensive security and long-term savings life insurance solutions through its multi-channel distribution, including the agency and the third-party distribution partner. It has created a need-based sales process, a customer-focused approach for engagement and service distribution in two decades and its operations through trained human capital. According to the annual audited financial audit for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 CR.

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