Max Life Insurance Company Limited (Max Life) unveiled the findings of the COVID-19 edition of its flagship survey ‘Max Life India Protection Quotient- Express’ (IPQ Express). The digitally savvy, urban respondents of East of India revealed a protection quotient of 46 during COVID-19 times, a point higher than the national average of 45. While South and North India recorded the highest life insurance ownership at 78%, East of India too demonstrated life insurance ownership of 77%, followed by the West region (ownership of 73%). The region’s life insurance knowledge index also stood at 67, higher in comparison to North (66) and West (63), and second only to South zone which had a knowledge index of 68.
The survey found that saving objectives too have witnessed a shift. Saving for COVID-19 treatment in case someone in the family gets infected with it was the topmost savings objectives for 56% respondents in East of India. This was followed by saving for critical medical emergencies which were a key priority for 51% respondents. The survey revealed dominant consumer sentiment in the times of COVID-19 on the back of how protected digitally savvy urban Indians feel with respect to financial security, savings and investments, medical preparedness, key anxieties, and new acceptance levels in an increasingly digital world.