India’s awareness towards life assurance grew considerably over the last 2 years because of COVID, and therefore the want for money security has gained priority among people, consistent with easy lay Life’s annual flagship survey. Launching the fourth edition of the Asian country Protection Quotient(IPQ) survey on Wednesday, the life underwriter aforementioned the ‘Protection Quotient’ of urban India has emotional up three points to 50, witnessing a gradual rise from previous IPQ editions.
The survey was conducted online from December 10, 2021, to January 14, 2022, with as several as 5,729 respondents across twenty-five Indian cities. Even as COVID-induced associatexieties have reduced, prosperity has become a key concern, as per the IPQ, and therefore the rising security levels across all zones have a light-emitting diode to an overall increase in Protection Quotient.
The survey indicates a marginal increase in urban India’s information index from sixty-eight to 69, whereas the safety index enlarged by five points to 56. The survey conducted by easy lay Life in partnership with Kantar, during a method could be a compass to point out how policyholders are behaving.
This year, the survey disclosed that the notice towards life assurance has gone up compared to the previous year, Prashant Tripathy, director associated CEO, easy lay life assurance aforementioned in an interaction. As per the survey, metros, additionally as tier one and a pair of cities witnessed a rise within the protection index.
Tier 2 saw a big rise in life insurance awareness from sixty-one to 68. This means a robust potential in tier 2 markets always insurance adoption. However, he also pointed towards challenges for the industry, as 1 in four urban Indians associate term plans with high premiums. “Despite the positive movement, the survey also indicates key challenges for the trade that require to be addressed.
Whereas Asian country has realized the important worth of term insurance, existing barriers are limiting efforts to drive enlarged awareness and adoption until the last mile. “The IPQ study can facilitate the United States create customer-centric measures to resolve these issues while enabling collective responsibility to create the next level of trust with customers,” he added.
“People are currently giving priority to the add assured instead of to premium or the frequency of premium outgo,” Tripathy said. The survey conjointly noted that millennials were at par with non-millennials in terms of insurance buying, and conjointly girls were at par with men in the protection index, as there has been a big increase among women in security levels.
“With IPQ 4. 0, we’ve got administered a whole digital survey across a sturdy sample that has given the United States distinctive insights on however urban Asian country has money evolved. The one key outcome that emerges from the survey, is the significant increase in security levels of the urban milieu. Despite the unexampled impact of Covid-19, this is often a crucial indication of the growing financial consciousness within the country,” Mohanty said.