According to the India Protection Quotient 7.0 survey by Axis Max Life and Kantar, life insurance ownership in urban India has reached an unprecedented 78%, highlighting a significant shift toward greater financial awareness and preparedness among urban Indians, reported Businessworld India.
The survey reported that the protection quotient for urban India has risen to 48 from 35 in 2019.
The study revealed that financial security in urban India has rebounded to 68%, exceeding the pre-pandemic level of 66% and recovering from a pandemic low of 57%.
Additionally, the Knowledge Index has risen to 63, marking a two-point improvement since the last edition.
The survey also showed that coverage has surpassed premium cost as the top priority when selecting term insurance, with 75% of respondents placing greater importance on sufficient protection than on affordability.