Urban women in India emerged financially more resilient than men in the backdrop of the pandemic. Max Life Insurance’s ‘India Protection Quotient (IPQ) 3.0 in association with KANTAR revealed that 67% of urban Indian women embraced life insurance to protect themselves against increasing insecurities. In a welcome change, the survey this year has reflected a superior uptake in women’s life and term insurance ownership and awareness, marking progress in a positive direction.
It is also worth noting that while a lesser 69% working women owned life insurance as opposed to 73% working men, the former was found to be more attitudinally secure during Covid-19; 59% working women compared to 57% working men were found to be financially secure.
Notably, their perception of term insurance as a protection plan was also higher among working women, while 72% working women were aware that term insurance ensure family’s future is financially protected in case of untimely death of breadwinner, a lesser 69% working men were aware of it.
Growing insecurities caused by the pandemic also compelled 69% of urban Indians to become more proactive about financial planning. The increase in self-awareness pushed 71% of those surveyed to actively pay attention to heal their lifestyles, while 72% now look for products that can improve their immunity.
Note: IPQ 3.0 comparison with IPQ 2.0 is for 25 cities only (6 metros and 9 Tier 1 and 10 Tier 2 towns)
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