Latest news with #IndiaProtectionQuotient
Business Standard
2 days ago
- Business
- Business Standard
Widening Gender Gap in India's Financial Protection Levels - Axis Max Life India Protection Quotient 7.0
NewsVoir New Delhi [India], June 19: Axis Max Life Insurance Ltd. ("Axis Max Life"/ "Company"), formerly known as Max Life Insurance Company Ltd, in partnership with KANTAR, the world's leading marketing data and analytics company, has released gender-specific findings from the seventh edition of its India Protection Quotient (IPQ) study. Under the Company's 'Bharosa Talks' initiative, IPQ 7.0 highlights a widening gap in financial preparedness between working men and women in urban India. According to the study, working men's Protection Quotient score rose to 50 (from 47 in IPQ 6.0), while working women's score remained stagnant at 48 indicating a break in last year's parity. 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. Additionally, women expressed higher levels of concern around inflation, medical emergencies, and loss of a breadwinner, further amplifying the need for gender-responsive financial planning and support frameworks. Prashant Tripathy, CEO & Managing Director, Axis Max Life, 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." Implications & Path Forward The study underscores the need to embed gender-sensitivity across insurance design, advisory models, and education programs. 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. Instituted in 2019, India Protection Quotient 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. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ("MFSL") and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information: Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
The Wire
2 days ago
- Business
- The Wire
Widening Gender Gap in India's Financial Protection Levels - Axis Max Life India Protection Quotient 7.0
New Delhi, Delhi, India (NewsVoir) Key Findings: • Working women's Protection Quotient score remains at 48; working men's rises to 50 • Women feel less financially secure across life goals like retirement, education, and marriage • Higher concern among women about inflation, healthcare costs, and loss of a breadwinner Axis Max Life Insurance Ltd. ('Axis Max Life'/ 'Company'), formerly known as Max Life Insurance Company Ltd, in partnership with KANTAR, the world's leading marketing data and analytics company, has released gender-specific findings from the seventh edition of its India Protection Quotient (IPQ) study. Under the Company's 'Bharosa Talks' initiative, IPQ 7.0 highlights a widening gap in financial preparedness between working men and women in urban India. According to the study, working men's Protection Quotient score rose to 50 (from 47 in IPQ 6.0), while working women's score remained stagnant at 48 indicating a break in last year's parity. 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. Additionally, women expressed higher levels of concern around inflation, medical emergencies, and loss of a breadwinner, further amplifying the need for gender-responsive financial planning and support frameworks. Prashant Tripathy, CEO & Managing Director, Axis Max Life, 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.' Implications & Path Forward The study underscores the need to embed gender-sensitivity across insurance design, advisory models, and education programs. 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. About India Protection Quotient Instituted in 2019, India Protection Quotient 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. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at - Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. • 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 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] • The minimum sample to conclude any findings of the study is 270 with an error margin of -5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information: About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). This is an auto-published feed from PTI with no editorial input from The Wire.
Fashion Value Chain
3 days ago
- Business
- Fashion Value Chain
Widening Gender Gap in India's Financial Protection Levels – Axis Max Life India Protection Quotient 7.0
Key Findings: Working women's Protection Quotient score remains at 48; working men's rises to 50 Women feel less financially secure across life goals like retirement, education, and marriage Higher concern among women about inflation, healthcare costs, and loss of a breadwinner Axis Max Life InsuranceLtd. ('Axis Max Life'/ 'Company'), formerly known as Max Life Insurance Company Ltd, in partnership with KANTAR, the world's leading marketing data and analytics company, has released gender-specific findings from the seventh edition of its India Protection Quotient (IPQ) study. Under the Company's 'Bharosa Talks' initiative, IPQ 7.0 highlights a widening gap in financial preparedness between working men and women in urban India. Widening Gender Gap in India's Financial Protection Levels – Axis Max Life India Protection Quotient 7.0 According to the study, working men's Protection Quotient score rose to 50 (from 47 in IPQ 6.0), while working women's score remained stagnant at 48 indicating a break in last year's parity. 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. Additionally, women expressed higher levels of concern around inflation, medical emergencies, and loss of a breadwinner, further amplifying the need for gender-responsive financial planning and support frameworks. Prashant Tripathy, CEO & Managing Director, Axis Max Life, 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.' Implications & Path Forward The study underscores the need to embed gender-sensitivity across insurance design, advisory models, and education programs. 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. About India Protection Quotient Instituted in 2019, India Protection Quotient 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. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at – Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. 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 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information: About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
Fashion Value Chain
5 days ago
- Business
- Fashion Value Chain
Indian LGBTQIA+ Community's Financial Protection Lags Despite High Intent – Axis Max Life India Protection Quotient 7.0
Key Findings: Protection Quotient score at 35-over 20 points below the digital urban average (56) Knowledge Index score at 61 vs. 74 for DSUI; term insurance ownership at 66% vs. 82% Financial security drops from 60 (IPQ 6.0) to 57 (IPQ 7.0) Growing concerns around breadwinner loss, medical costs, and budgeting strain Shift observed away from proactive saving and financial planning Axis Max Life InsuranceLtd. ('Axis Max Life'/ 'Company'), formerly known as Max Life Insurance Company Ltd, in partnership with KANTAR, the world's leading marketing data and analytics company, has released key insights from the seventh edition of its India Protection Quotient (IPQ) study, with a dedicated focus on the LGBTQIA+ community. As part of the Company's 'Bharosa Talks' platform, this year's study uncovers widening protection gaps that continue to affect identity-diverse segments. Indian LGBTQIA+ Community's Financial Protection Lags Despite High Intent – Axis Max Life India Protection Quotient 7.0 With a Protection Quotient score of 35, the LGBTQIA+ cohort lags significantly behind the digital urban average of 56. The community also reports a Knowledge Index score of 61 compared to 74 for Digitally Savvy Urban Indians (DSUI), indicating a noticeable gap in awareness. While 66% of respondents report owning a term insurance plan (vs. 82% among DSUI), the community has also seen a 3-point decline in perceived financial security-dropping from 60 in IPQ 6.0 to 57 in IPQ 7.0. This decline is accompanied by increasing concerns about medical expenses, loss of a breadwinner, and daily budgeting struggles. The data signals a shift away from proactive financial planning, calling attention to the urgent need for identity-sensitive financial literacy and inclusive insurance offerings. Prashant Tripathy, CEO & Managing Director, Axis Max Life, 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 segments like the LGBTQIA+ community 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.' Implications & Path Forward The findings highlight the need for inclusive financial education, flexible product design, and advisory ecosystems that serve identity-diverse segments. For the insurance industry, this data is a call to action to bridge structural gaps and bring equitable protection to every Indian, irrespective of their identity. About India Protection Quotient Instituted in 2019, India Protection Quotient 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. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at – Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. 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 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited ( Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
Fashion Value Chain
04-06-2025
- Business
- Fashion Value Chain
Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0
Axis Max Life Insurance Ltd. formerly known as Max Life Insurance Company Ltd ('Axis Max Life'/ 'Company'), in collaboration with Kantar, the world's leading marketing data and analytics company, has announced findings from the seventh edition of its India Protection Quotient (IPQ 7.0) survey, spotlighting a significant protection gap among gig workers compared to urban India. Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0 Unveiling a stark contrast, the findings highlight that while urban India's Protection Quotient has reached an all-time high of 48, gig workers continue to trail with a score of 41. This reflects significant gaps in knowledge, security levels, and insurance ownership of the working community. As per IPQ 7.0, only 69% of gig workers own life insurance, considerably lower than the national urban average of 78%. This is despite 89% of them having strong family-oriented financial goals, surpassing the 81% urban India average, and a higher likelihood of adhering to healthy lifestyle practices. Prashant Tripathy, CEO & Managing Director, Axis Max Life Insurance, commented on the findings, stating, 'The findings from IPQ 7.0 uncover a critical insight: while nearly 90% of gig workers place high importance on securing their family's financial future, only 3 in 10 currently own term insurance. This highlights a significant protection gap within a rapidly expanding segment of India's workforce. As an industry, we must move beyond traditional distribution models and reimagine how protection is delivered – through deeper collaboration with digital platforms, policymakers, and ecosystem enablers. At Axis Max Life, we remain committed to shaping an inclusive insurance landscape that reflects the realities of modern work and ensures no segment is left behind.' Lower Financial Preparedness and Reactiveness in Planning The findings reveal that while gig workers are marginally more inclined to save upon receiving income, they are notably less proactive in financial planning, with nearly 40% admitting to not taking active steps towards securing their financial future. In comparison, less than 30% of urban Indians report such financial inertia. This limited reactiveness, coupled with relatively low life insurance ownership, leaves a large section of the gig workforce financially vulnerable. High Family Focus, Yet Inadequate Protection Despite their lower financial protection, gig workers exhibit a strong intent to provide for their families. However, one in three gig workers believe their family would have no financial support in the event of their untimely demise, 10 percentage points higher than the urban average. Though two in three gig workers acknowledge the importance of term insurance, only a third currently own one, and even among term insurance owners, less than half feel adequately protected. Call for Inclusive Protection Solutions These insights reflect a need for more inclusive and accessible protection solutions tailored to the gig economy, a sector that continues to expand rapidly yet remains outside the fold of traditional financial safety nets. As the nature of work evolves, so must the industry's approach to financial inclusion and long-term protection. About India Protection Quotient Instituted in 2019, India Protection Quotient 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. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at – Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. 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 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information, please visit About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
