PRNewswire
Bengaluru (Karnataka) [India], March 26: Max Life Insurance coverage Firm Ltd. (‘Max Life’/ ‘Firm’) as we speak unveiled the South zone findings of the sixth version of its flagship survey, the India Safety Quotient Survey (IPQ)*, performed in partnership with KANTAR, the world’s main advertising and marketing information and analytics firm. Tapping 4,700 respondents throughout 25 Indian cities, this extensively inclusive survey uncovers city India’s pulse on monetary safety. Marking its sixth version, the IPQ stands as one of the vital complete and long-running monetary research, overlaying diversified cohorts, together with Era Z, girls, and millennials, carrying ahead the theme of ‘Safety for All’.
Additionally Learn | IPL 2024: CSK v GT Total Head-to-Head; When and The place To Watch to Free Dwell Streaming On-line.
As per the survey, South India continues to be India’s most financially protected zone with a Safety Quotient of 49, with progress made throughout all three features – Data Index at 65 factors (improve of 8 factors), Life Insurance coverage possession ranges at 80% (improve of two%), and Safety ranges at 77% (equal to IPQ 5.0). 8 in 10 city respondents personal life insurance coverage in South India, whereas 4 in 10 city respondents personal a number of financial savings merchandise.
The survey additionally revealed the diploma to which Bengaluru’s respondents are financially ready for all times’s uncertainties. Bengaluru’s safety quotient is at 59 factors in IPQ 6.0, with town’s data index all-time excessive at 85 and safety ranges at 77%. The IT hub of the nation nonetheless prefers to buy time period insurance coverage from offline channels – 63%, adopted by on-line channels – 37%.
Additionally Learn | Carlos Alcaraz Beats Gael Monfils To Sail Into Fourth Spherical of Miami Open 2024.
Prashant Tripathy, CEO and Managing Director, Max Life Insurance coverage mentioned, “South India’s city inhabitants has set an amazing instance by constantly making proactive strides in safeguarding their future by investing in life insurance coverage. Whereas the progress is mirrored within the zone’s constant management in monetary preparedness, there stay areas of enchancment necessitating initiatives that focus on underserved segments. This requires participation from all stakeholders to make insurance coverage accessible and inexpensive for all.”
South India-specific monetary priorities and anxieties:
* South India must be proactive about retirement planning
Anxiousness round prioritizing a household’s aspirations and monetary independence in retirement has seen a rise in city South India. Rising medical bills and household aspirations stand at 68 and 66, respectively, as in comparison with different areas. Financial savings for assembly the long run wants of youngsters stay key targets for the city south at 59; nevertheless, retirement planning took a backseat as in comparison with IPQ 5.0, which stood at 34.
* South India leads in Time period Consciousness, however West India overtakes in Possession
Consciousness sees an enormous spike in South India at 78%; nevertheless, possession seeps a marginal dip at 33%. For the zone, premiums aren’t an enormous barrier to purchasing time period plans, like they’re in different zones; nevertheless, present process medical exams is a way more crucial barrier for the South.
Learn extra concerning the India Safety Quotient at – https://www.maxlifeinsurance.com/maxlife-ipq
About India Safety Quotient
Instituted in 2019, India Safety Quotient is an annual property by Max Life Insurance coverage in affiliation with Kantar geared toward understanding the heart beat of Indian shoppers within the monetary safety house. Launched with the underlying goal of accelerating penetration of time period insurance coverage as essentially the most elementary and economical type of life insurance coverage, the survey goals to disclose the state of city Indians on the subject of present monetary safety ranges, altering financial savings and funding patterns, key anxieties, and triggers of monetary safety within the up to date world. The India Safety Quotient is a proprietary software developed by Max Life in partnership with Kantar to gauge the diploma to which Indians really feel protected against future uncertainties on a scale of 0 to 100. It’s based mostly on attitudes, psychological preparedness round future uncertainties, consciousness, and possession of life insurance coverage product classes (time period, endowment, and ULIP).
Disclaimer:
The examine was performed in partnership with KANTAR within the high 25 City metros, Tier 1 and Tier 2 cities; therefore, its findings are consultant of metro, Tier 1 and Tier 2 cities in City India solely.
* 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 6.0 vs IPQ 5.0 information comparability is amongst 25 markets solely [6 metros, 9 Tier 1 and 10 Tier 2]
* The minimal pattern to conclude any findings of the examine is 270 with an error margin of +-5.964%
* Findings represented listed here are as per the IPQ 6.0 survey and Max Life does not assume accountability or legal responsibility for any contradictions.
About Max Life Insurance coverage
Max Life is a Joint Enterprise between Max Monetary Companies Restricted (“MFSL”) and Axis Financial institution Restricted. Max Life affords complete safety and long-term financial savings life insurance coverage options by means of its multi-channel distribution, together with company and third-party distribution companions. Max Life has constructed its operations over 20 years by means of a need-based gross sales course of, a customer-centric method to engagement and repair supply and educated human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For extra info, please go to the corporate web site at www.maxlifeinsurance.com
About Kantar
Kantar is the world’s main advertising and marketing information and analytics enterprise and an indispensable model associate to the world’s high corporations. We mix essentially the most significant attitudinal and behavioral information with deep experience and superior analytics to uncover how individuals assume and act. We assist shoppers perceive what has occurred and why and the right way to form the advertising and marketing methods that form their future.
For extra info, go to www.kantar.com
Emblem: https://mma.prnewswire.com/media/1992948/4492032/Max_Life_Insurance_Logo.jpg
(ADVERTORIAL DISCLAIMER: The above press launch has been supplied by PRNewswire. ANI is not going to be accountable in any manner for the content material of the identical)
(That is an unedited and auto-generated story from Syndicated Information feed, LatestLY Employees might not have modified or edited the content material physique)
