In India while working men's protection quotient has risen to 50 (from 47 in IPQ 6.0), women's protection quotient score remains at 48 according to the seventh edition (IPQ7.0) of Axis Max Life Insurance's India Protection Quotient (IPQ) study.
The study reveals that women feel less financially secure across life goals like retirement, education, medical emergencies and marriage. It found that there is higher concern among women about inflation, healthcare costs, and loss of a breadwinner.
The study conducted in partnership with data and analytics company KANTAR and under the company’s ‘Bharosa Talks’ initiative, also highlights a widening gap in financial preparedness between working men and women in urban India.
According to the study despite urban India’s overall improvement in financial protection, working women continue to face unique anxieties across key life milestones such as retirement planning, children’s education, and marriage.
The study findings further amplify the need for gender-responsive financial planning and support frameworks.
Axis Max Life CEO and MD Prashant Tripathy said, “As India progresses on its journey toward financial security, it is vital that we recognise the varied realities shaping people’s protection needs. The IPQ 7.0 findings reveal that working women continue to face structural and emotional barriers to financial preparedness. This calls for not only greater awareness, but also collective effort across the industry to make protection more inclusive, accessible, and aligned to the evolving fabric of Indian society.”
The study underscores the need to embed gender-sensitivity across insurance design, advisory models, and education programmes. From savings-led planning tools to customised advisory support, the industry must act with urgency to ensure India’s women feel secure, seen, and protected.
IPQ was instituted in 2019 and is an annual survey by Axis Max Life Insurance in association with Kantar aimed to understand the pulse of the Indian consumers in the financial protection space.