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Express Tribune
05-08-2025
- Politics
- Express Tribune
Unseeing warning signs: choosing fatal outcomes?
The writer is a chemical engineer with interest in Society, Politics & Economy. Contact him at: Listen to article Jinnah saw a macabre future for his founded refuge for some Muslims of India; not only has it come to pass, worse still lies ahead. No words can describe the suffering dumped on Pakistan not by outsiders but by choosing of her own people under the cover of messianic mantra "country is saved, better days ahead" — authors of past failures claiming to fix it. This noble idea began in 1948; undeterred by adverse outcomes, still the same creed of authors pretending this time problem will go away. There are no mere coincidences in this world. Predicting outcomes of choices is not rocket science; even in infants cause-and-effect reasoning emerges by age of 27 weeks (Leslie et al., 1987), yet complex forecasting demands deliberate analysis (Salcedo et al., 2008). Human actions, once created carve their own paths of consequences (intended or unintended), and can neither be recreated because past cannot be undone, nor can it be erased. Outcomes, however, can be immediate or delayed — always preceded by warning signs. If created reality is to be remedied, then it demands new actions that enact new outcomes. Thus, cycle continues until death ends our existence on this planet. At individual level, we can trace our decisions' trajectories and warning signs until consequences strike. At national level, stakes multiply exponentially. Legislation and policy choices demand debate, negotiation and compromise, with consequences lasting generations for country and its citizens. This parallel becomes profound as PakRaj nexus (British Loyalist Feudal-Military-Bureaucracy) unjustifiably captured Pakistan after Jinnah's death. Reality behind their smokescreen has been pushing country deeper into bund-gali, marked with decades of institutional and governance failures, incompetence, corruption and a very weak judiciary, unable to uphold constitution or safeguard rights. Our devastating story can be quantified through global rankings, and these brutal metrics are purposely and brazenly rejected – not in an exercise of logic but an aura of power. Socio-developmental indicators signal a crisis leaning towards collapse: Bottom-tier placement, in Knowledge, Development, Sustainable Goals and Gender Gap Index. Nearly half the population lives in poverty, and multidimensional poverty grips a third. Pakistan's global brand and passport outlook is pitiful. Ironically, our current mantra to prosperity via digital/IT sector, is through pitfalls, as we are labeled "weak performer" due to crippling gaps in education, innovation, ICT and research (Knowledge Index: 120/141). Huawei's Digitization Index (68/77) brands us a "starter". With education spending below 2% of GDP, this "better days ahead" story will crumble. Most alarming for Pakistan is the status evaluated by Fragile States Index (FSI). Since 2006, FSI has tracked stability using 12 indicators (1 = stable, 10 = unstable) across 4 dimensions. Our 2024 placement (27/179) reveals interlocking vulnerabilities: Cohesion Dimension: Security Apparatus 7.9: Precarious security, evident in daily terrorist attacks (Balochistan and KP). Factionalised Elites 9.3: Wealth concentrated in elite hands, citizens left impoverished. Group Grievance 9.0: Marginalised communities — Baloch, Saraiki, Shia, Mohajirs — fueling grievances and wearing down cohesion. Economic Dimension: Economic Decline 8.0: Low GDP growth rates, population expansion (2.7%), youth unemployment, investment dwindles, debt reaches Rs7.6 trillion (BTI-2024 rank 112/137, very weak country). Uneven Development 5.0: Resources are monopolised by PakRaj while public lacks basic health, education and economic opportunities. Brain Drain 5.5: Elite controls gainful employment, middle classes stagnate, masses stuck in menial jobs while skilled manpower leaves country. Political Dimension: State Legitimacy 8.0: Severely eroded by disputed elections, contradictory court rulings and rushed legislation. Public Services 7.6: Crumbling infrastructure, strained public services, limited social safety net. Human Rights 7.8: Marked by enforced disappearances, media suppression, judicial decay. (BTI labels Pakistan "hardline autocracy" – Political Transformation Index at 99/137). Social Dimension: Demographic Pressure 7.8: Unchecked population growth (2.7%, region's highest), rapid urban migration, especially into Karachi, threatening civic breakdown. IDPs and Refugees 7.3: Refugees still burden state, while flood-affected citizens remain unsettled. External Intervention 8.4: After last year shocking violence, it worsened this year; so far 502 strikes leaving 737 dead and 991 injured (PICSS 2025), while in June alone, there were 78 incidents – 100 killed and 189 wounded. Unfortunately, grievances are climbing "escalation ladder" toward broader armed conflict in restive provinces — fertile ground for exploitation by India and others. Once again, existential threat comes from within, not outside, weirdly reminiscent of East Pakistan (1971). Why? Because State (Legislature, Government, Judiciary) is once more failing its people, particularly in troubled regions, where security operations persist. Relabeling and empowerment of existing security apparatus, apparently, is an admission that use of force isn't working. Yet, it has been made clear that restive areas will be coerced into submission. Gaza — a grim reminder of where such policies lead. What's needed are methodical efforts by state to remedy root causes through establishment of national commissions for healing past wounds and charting a new future for Jinnah's Pakistan — based on Truth, Justice, Equity and Reconciliation (as done in South Africa, Brazil, Canada, Morocco). Sadly, state remains unresponsive. GoP's commission on disappearances formed under pressure of court in March 2011, remained ineffective. PakRaj rule cannot be questioned for now! They borrowed legitimacy from Jinnah (only his words and portrait remain) having rejected his 1948 reforms: feudal dismantling, military restraint, meritocracy in bureaucracy, and visions for education, industrialisation, poverty alleviation and empowerment of middle classes. Still valid today! Meanwhile, country's poor ranking in governance and corruption never becomes a core national issue — neither for the nexus nor for political parties. Why? No one self-incriminates. It pains me to cite FSI, but decades of misrule have branded Pakistan a global "fragile state", like a warning on a cigarette pack. Signs are clear; data is unequivocal. Still, future choices remain ours. Without course correction, slow-burn fatal breakdowns loom — further ruin of Iqbal's dream and Jinnah's Pakistan. Our perils, as individuals or a nation, are captured in an axiom: Jaisa karoge, waisa bharoge. Is any other outcome possible?
Fashion Value Chain
16-07-2025
- Business
- Fashion Value Chain
Axis Max Life's IPQ 7.0 Reveals Rising Awareness But Persistent Protection Gap in Rural India
Key Findings: Rural India's Protection Quotient rises to 16, up from 12 in IPQ 5.0 – but urban-rural gap stands at 32 points Life insurance ownership remains significantly lower, despite awareness gains Rural women lag rural men in all protection indices – Protection Quotient at 14 vs. 17 West leads rural protection index; East lowest with just 2% ownership in Savings Plan 43% believe life insurance benefits only the family, not the individual Digital usage surges – financial transactions double; 88% use mobile for social media Axis Max Life Insurance Limited. ('Axis Max Life' / 'Company'), formerly known as Max Life Insurance Company Limited, has unveiled the rural India findings of the seventh edition of its flagship survey – India Protection Quotient (IPQ), conducted in partnership with KANTAR, one of the leading marketing data and analytics company across the world. Capturing insights from over 155 villages across India, the survey delves into the aspirations, anxieties, and evolving protection needs of India's rural population in their journey toward financial security. As per IPQ 7.0, rural India's Protection Quotient rose to 16, from 12 in IPQ 5.0. The Knowledge Index recorded a 7-point gain, yet this improvement has not translated to ownership, which remains one-third of urban India's levels. Axis Max Life's IPQ 7.0 reveals rising awareness but persistent protection gap in Rural India Prashant Tripathy, CEO and Managing Director, Axis Max Life said, 'The IPQ 7.0 Rural Edition signals a defining shift – a rise in awareness and aspiration among rural Indians to secure their financial futures. However, the persistent protection gap is a clear call to action. As we collectively strive toward IRDAI's vision of 'Insurance for All by 2047,' the onus is on the industry to reimagine how we serve Bharat – through simplified products, inclusive advisory networks, and technology-led delivery models. The future of life insurance in India will not only be shaped by innovation, but by our ability to respond to the evolving needs and ambitions of rural India with empathy and intent.' Notes to Editior: The following findings reveal insights that highlight rural India's shift in attitude and approach towards financial preparedness studied by India Protection Quotient 7.0: Financial preparedness in rural India Rural India's Protection Quotient improved to 16 (from 12 in IPQ 5.0), driven by a 7-point rise in awareness. However, life insurance ownership remains far below urban levels. Despite increased familiarity with products especially term insurance (awareness up from 32% to 40%) adoption lags due to affordability concerns, poor service experience (41%), and the perception that life insurance only benefits the family (43%). 40% of rural respondents cited lack of funds as a barrier to purchasing insurance – notably higher than 31% in urban India. Gender gap: women behind on all protection indices Women from rural India report a Protection Quotient of 14, compared to 17 among men. They also lag in awareness, ownership, and financial confidence. Many still depend on male family members for financial decision-making, and few independently navigate insurance products. However, female-led households and Self-Help Groups (SHG)-affiliated women show higher engagement, and younger women (aged 25-35), especially in the South and West, are more digitally curious and financially aspirational. This opens a pathway for inclusive, gender-sensitive communication and community-based outreach. Zonal insights: West India leads, East India lags West India leads the rural Protection Quotient, closely followed by the South. These zones report higher awareness and ownership of life insurance. The East zone, however, remains the least financially protected with term plan awareness at just around 32% and term ownership as low as 3%. The urban-rural divide is most severe in this region, with a 52% gap in life insurance ownership highlighting the critical need for regional intervention and targeted education. Financial anxiety high despite growing awareness of life insurance One in four rural Indians now believe that their savings may not last even a year, although optimism is rising among the financially aware. In IPQ 7.0, 39% of rural respondents expect their savings to last more than five years up from 20% in IPQ 5.0. Still, basic expenses and debt repayments leave little room for long-term financial planning, especially in households with irregular incomes. Key drivers of Life Insurance adoption in Rural India Rural Indians buy insurance primarily to secure family goals – 41% cite old age security, 35% children's education, and 34% children's marriage. Insurance is seen as a safe and dual-benefit investment by 41% of respondents. However, many still view it emotionally, with 43% believing it only helps their family, not themselves. Public schemes remain cornerstone of rural investment More than 60% of rural Indians rely on government-backed financial products or loans through SHGs/cooperatives which are considered as accessible and trustworthy. Market-linked instruments like mutual funds have seen marginal awareness growth but still remain under-utilised. Health insurance ownership has also grown, indicating improved awareness around medical preparedness. Digital adoption surges across rural markets Digital behaviour has transformed since the last rural survey. Around 88% of rural respondents use mobile phones to use social media; around 78% of them to enjoy video/music. Online financial transactions like mobile banking, money transfer, online payments through UPI have more than doubled from 17% to 40%. Nearly half of rural India population now use digital platforms for service requests and complaint resolutions, indicating rising digital readiness for financial inclusion. Read more at – Disclaimer: The study is conducted in over 155 different villages spread over around 25 cities in India. A total sample size of around 1,620 respondents within the age group of 22 to 55 years were interviewed for the survey. The interviewees were picked from Rural Social Economic Classification (SEC) R1 and R2 households with an annual household income of INR 50,000 and above. 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 Limited, is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life 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
16-06-2025
- 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.
Hindustan Times
12-05-2025
- Business
- Hindustan Times
Life insurance ownership at an all-time high of 78% - Axis Max Life India Protection Quotient 7.0
New Delhi, May 12, 2025: Axis Max Life Insurance Ltd., formerly known as Max Life Insurance Company Ltd. has unveiled the findings of the seventh edition of its flagship survey - India Protection Quotient survey (IPQ) conducted in partnership with KANTAR, the world's leading marketing data and analytics company. Tapping 6,360 households across 25 Indian cities, the survey has been uncovering urban India's pulse on financial protection. Axis Max Life is launching the India Protection Quotient 7.0 under the unified narrative of 'Bharosa Talks' that will spotlight India's evolving financial and protection mindset. Through this platform, Axis Max Life aims to amplify real voices across demographics—urban, rural, salaried, gig workers, and retirees—offering authentic insights into how India views protection, planning, and long-term security. As financial anxieties shift over time and aspirations evolve, Bharosa Talks will serve as a critical pulse for industry, regulators, and policymakers to understand emerging consumer priorities. As per IPQ 7.0, urban India's Protection Quotient has climbed to 48, up from 35 in 2019, marking continued progress in the country's financial preparedness. Life insurance ownership has reached an all-time high, with 78% of urban Indians owning one or more products, while the Knowledge Index has improved to 63 up by two points, indicating increased awareness and understanding of life insurance. In a post-pandemic recovery milestone, urban India's financial security has hit 68%, surpassing the pre-pandemic peak of 66% (IPQ 1.0), and rebounding strongly from a pandemic low of 57%. For the first time in seven editions, 'Cover' has overtaken 'Premium' as the key consideration in term life insurance purchase, with 3 in 4 urban respondents prioritizing coverage over cost. In IPQ 7.0, Metros have seen a 3-point jump in the Protection Index on the back of increased ownership of life insurance (from 83% in IPQ 6.0 to 86% in IPQ 7.0) and improved sense of financial security (from 69% in IPQ 6.0 to 71% in IPQ 7.0). Tier-1 cities have also seen a significant improvement across parameters like Knowledge Index (from 58 in IPQ 6.0 to 62 in IPQ 7.0), Life Insurance Ownership (up from 73% in IPQ 6.0 to 77% in IPQ 7.0), and Security Levels (from 63% in IPQ 6.0 to 67% in IPQ 7.0). Prashant Tripathy, CEO and Managing Director, Axis Max Life Insurance said, 'India Protection Quotient, as part of 'Bharosa Talks' has evolved into a powerful barometer of India's financial resilience, acting as a catalyst for driving India's protection narrative forward. This year's record Protection Quotient, alongside all-time high life insurance ownership, reflects a decisive shift in consumer priorities — from cost sensitivity to genuine protection needs. Yet, the widening gender gap in financial security calls for deeper, more inclusive interventions. At Axis Max Life, we remain committed to strengthening this momentum, driving awareness, and building a more comprehensively protected India.' NOTES TO THE EDITOR: The following findings reveal insights that highlight urban India's shift in attitude and approach towards financial preparedness studied by India Protection Quotient 7.0: 1. FINANCIAL PREPAREDNESS OF URBAN INDIANS Urban India's Protection Quotient Climbs to 48; Life Insurance Ownership Peaks at 78% Urban India continues its upward journey in financial preparedness, with the Protection Quotient rising from 35 in IPQ 1.0 to 48 in IPQ 7.0. Life insurance ownership has reached a new high of 78%, reflecting growing adoption and trust in life insurance products. The Knowledge Index has also shown sustained progress, climbing from 39 in IPQ 1.0 to 63 in the latest edition—indicating deeper awareness and understanding among consumers. In a significant post-pandemic recovery milestone, Security Levels have now surpassed pre-COVID figures, reaching 68%, a notable improvement from the dip to 57% during the pandemic. These trends reflect not just recovery, but a renewed focus on long-term financial protection across urban India. Significant Increase in Financial Protection across town-classes; South Zone Remains Most Financially Prepared South India retains its seven-year lead, driven by increased term insurance (33% to 37%) and savings product ownership (42% to 46%). West India has significantly closed the gap, achieving the highest term plan ownership ever recorded in IPQ history (41%). The North also improved its Protection Quotient through better term plan uptake (28% to 31%). The East, however, remains behind with stagnant ownership despite growing awareness (53% to 57%). Encouragingly, a significant increase in life insurance ownership has been seen across town-classes including Metros, Tier 1, and Tier 2 cities, with Tier 2 cities showing notable progress (62% to 66% in life insurance ownership), marking a steady rise in penetration beyond urban cores. Children's Future Drives Financial Planning Saving for a child's education (61%) and marriage expenses (44%) continues to top urban India's list of financial priorities. These long-term goals have seen a noticeable rise compared to IPQ 6.0, underlining a growing commitment to family-oriented financial planning. Retirement planning (37%) and buying a house (36%) follow as the next big objectives. This shift signals a sharper focus on long-term stability over short-term or discretionary spending. 2. URBAN OUTLOOK TOWARDS TERM INSURANCE Term Insurance Awareness Rises to 74%, But 1 in 4 cite cost concerns Despite a notable rise in awareness and ownership of term insurance, from 70% to 74% and 31% to 34% respectively, high premiums continue to deter many from adoption. For nearly 1 in 4 individuals, term insurance affordability remains a significant hurdle, with an increase in those citing lack of funds as a barrier (21% to 25%). While saving and ULIP products also witnessed a modest uptick in awareness and ownership, the data suggests that improving accessibility and addressing financial constraints is key to driving wider term plan adoption. Online Purchase Channels Gain Ground on the Back of Affordability and Ease Online platforms are steadily emerging as a preferred mode for term insurance purchase, with adoption rising from 18% in IPQ 6.0 to 22% in IPQ 7.0. The digital channel's appeal lies in its cost-effectiveness, access to comprehensive policy information, and quicker, more convenient transactions. With ease of comparison and seamless access to support, online purchase is fast becoming a go-to option for today's digitally savvy insurance buyers. 3 in 4 prioritize cover over cost, with 56% confident in their protection For the first time in seven editions, cover has surpassed premium as the primary consideration for term life insurance purchase, with 3 out of 4 individuals now prioritizing cover over cost. Additionally, 56% of respondents believe their current term plan offers adequate protection for their family's future. 3. DEMOGRAPHIC INSIGHTS MEN & WOMEN: Working Men's IPQ Rises Sharply, While Working Women Show Modest Growth Amid Higher Financial Anxieties This year marks a divergence in protection levels among working men and women. While men saw their Protection Quotient rise to 50 (from 47), working women's Protection Quotient remained at 48. Women reported lower financial security for key life milestones such as retirement, children's education, and marriage. Their heightened concerns about inflation, medical expenses, and the loss of a breadwinner emphasize the need for more gender-sensitive financial strategies. GEN-Z & NON MILLENIALS: Gen-Z leads with strong mid-term financial planning; 2 in 3 own life insurance Gen-Z has emerged as a standout cohort, boasting a Protection Quotient of 41, with two-thirds owning life insurance products. They surpass non-millennials in purposeful planning, showing strong intent toward mid-term goals such as buying a house, a car, or planning vacations. Their disciplined saving behavior and willingness to invest reflect a growing sense of financial independence and a modern approach to balancing lifestyle and security. SALARIED VS SELF-EMPLOYED: Salaried Class Leads in Protection Quotient; Self-Employed Show Security Gains but Lag in Insurance Ownership Salaried individuals continue to lead with a Protection Quotient of 52, driven by gains across knowledge, ownership, and security. Term insurance ownership for the Self-Employed rose by 2 points, bolstered by improved financial confidence and adoption of market-linked products. However, savings capabilities dipped, with a 3-point drop in the ability to save from household budgets, highlighting ongoing financial stress in this segment. Read more at - 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). 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. 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 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 the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 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. Note to the Reader: This article is part of Hindustan Times' paid consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently.
Business Standard
10-05-2025
- Business
- Business Standard
Life insurance ownership at an all-time high of 78% - Axis Max Life India Protection Quotient 7.0
VMPL New Delhi [India], May 10: Axis Max Life Insurance Ltd. {formerly known as Max Life Insurance Company Ltd.} ("Axis Max Life"/ "Company"), has unveiled the findings of the seventh edition of its flagship survey - India Protection Quotient survey (IPQ) conducted in partnership with KANTAR, the world's leading marketing data and analytics company. Tapping 6,360 households across 25 Indian cities, the survey has been uncovering urban India's pulse on financial protection. Axis Max Life is launching the India Protection Quotient 7.0 under the unified narrative of 'Bharosa Talks' that will spotlight India's evolving financial and protection mindset. Through this platform, Axis Max Life aims to amplify real voices across demographics--urban, rural, salaried, gig workers, and retirees--offering authentic insights into how India views protection, planning, and long-term security. As financial anxieties shift over time and aspirations evolve, Bharosa Talks will serve as a critical pulse for industry, regulators, and policymakers to understand emerging consumer priorities. As per IPQ 7.0, urban India's Protection Quotient has climbed to 48, up from 35 in 2019, marking continued progress in the country's financial preparedness. Life insurance ownership has reached an all-time high, with 78% of urban Indians owning one or more products, while the Knowledge Index has improved to 63 up by two points, indicating increased awareness and understanding of life insurance. In a post-pandemic recovery milestone, urban India's financial security has hit 68%, surpassing the pre-pandemic peak of 66% (IPQ 1.0), and rebounding strongly from a pandemic low of 57%. For the first time in seven editions, 'Cover' has overtaken 'Premium' as the key consideration in term life insurance purchase, with 3 in 4 urban respondents prioritizing coverage over cost. In IPQ 7.0, Metros have seen a 3-point jump in the Protection Index on the back of increased ownership of life insurance (from 83% in IPQ 6.0 to 86% in IPQ 7.0) and improved sense of financial security (from 69% in IPQ 6.0 to 71% in IPQ 7.0). Tier-1 cities have also seen a significant improvement across parameters like Knowledge Index (from 58 in IPQ 6.0 to 62 in IPQ 7.0), Life Insurance Ownership (up from 73% in IPQ 6.0 to 77% in IPQ 7.0), and Security Levels (from 63% in IPQ 6.0 to 67% in IPQ 7.0). Prashant Tripathy, CEO and Managing Director, Axis Max Life Insurance said, "India Protection Quotient, as part of 'Bharosa Talks' has evolved into a powerful barometer of India's financial resilience, acting as a catalyst for driving India's protection narrative forward. This year's record Protection Quotient, alongside all-time high life insurance ownership, reflects a decisive shift in consumer priorities -- from cost sensitivity to genuine protection needs. Yet, the widening gender gap in financial security calls for deeper, more inclusive interventions. At Axis Max Life, we remain committed to strengthening this momentum, driving awareness, and building a more comprehensively protected India." NOTES TO THE EDITOR: The following findings reveal insights that highlight urban India's shift in attitude and approach towards financial preparedness studied by India Protection Quotient 7.0: A. FINANCIAL PREPAREDNESS OF URBAN INDIANS Urban India's Protection Quotient Climbs to 48; Life Insurance Ownership Peaks at 78% Urban India continues its upward journey in financial preparedness, with the Protection Quotient rising from 35 in IPQ 1.0 to 48 in IPQ 7.0. Life insurance ownership has reached a new high of 78%, reflecting growing adoption and trust in life insurance products. The Knowledge Index has also shown sustained progress, climbing from 39 in IPQ 1.0 to 63 in the latest edition--indicating deeper awareness and understanding among consumers. In a significant post-pandemic recovery milestone, Security Levels have now surpassed pre-COVID figures, reaching 68%, a notable improvement from the dip to 57% during the pandemic. These trends reflect not just recovery, but a renewed focus on long-term financial protection across urban India. Significant Increase in Financial Protection across town-classes; South Zone Remains Most Financially Prepared South India retains its seven-year lead, driven by increased term insurance (33% to 37%) and savings product ownership (42% to 46%). West India has significantly closed the gap, achieving the highest term plan ownership ever recorded in IPQ history (41%). The North also improved its Protection Quotient through better term plan uptake (28% to 31%). The East, however, remains behind with stagnant ownership despite growing awareness (53% to 57%). Encouragingly, a significant increase in life insurance ownership has been seen across town-classes including Metros, Tier 1, and Tier 2 cities, with Tier 2 cities showing notable progress (62% to 66% in life insurance ownership), marking a steady rise in penetration beyond urban cores. Children's Future Drives Financial Planning Saving for a child's education (61%) and marriage expenses (44%) continues to top urban India's list of financial priorities. These long-term goals have seen a noticeable rise compared to IPQ 6.0, underlining a growing commitment to family-oriented financial planning. Retirement planning (37%) and buying a house (36%) follow as the next big objectives. This shift signals a sharper focus on long-term stability over short-term or discretionary spending. B. URBAN OUTLOOK TOWARDS TERM INSURANCE Term Insurance Awareness Rises to 74%, But 1 in 4 cite cost concerns Despite a notable rise in awareness and ownership of term insurance, from 70% to 74% and 31% to 34% respectively, high premiums continue to deter many from adoption. For nearly 1 in 4 individuals, term insurance affordability remains a significant hurdle, with an increase in those citing lack of funds as a barrier (21% to 25%). While saving and ULIP products also witnessed a modest uptick in awareness and ownership, the data suggests that improving accessibility and addressing financial constraints is key to driving wider term plan adoption. Online Purchase Channels Gain Ground on the Back of Affordability and Ease Online platforms are steadily emerging as a preferred mode for term insurance purchase, with adoption rising from 18% in IPQ 6.0 to 22% in IPQ 7.0. The digital channel's appeal lies in its cost-effectiveness, access to comprehensive policy information, and quicker, more convenient transactions. With ease of comparison and seamless access to support, online purchase is fast becoming a go-to option for today's digitally savvy insurance buyers. 3 in 4 prioritize cover over cost, with 56% confident in their protection For the first time in seven editions, cover has surpassed premium as the primary consideration for term life insurance purchase, with 3 out of 4 individuals now prioritizing cover over cost. Additionally, 56% of respondents believe their current term plan offers adequate protection for their family's future. C. DEMOGRAPHIC INSIGHTS MEN & WOMEN: Working Men's IPQ Rises Sharply, While Working Women Show Modest Growth Amid Higher Financial Anxieties This year marks a divergence in protection levels among working men and women. While men saw their Protection Quotient rise to 50 (from 47), working women's Protection Quotient remained at 48. Women reported lower financial security for key life milestones such as retirement, children's education, and marriage. Their heightened concerns about inflation, medical expenses, and the loss of a breadwinner emphasize the need for more gender-sensitive financial strategies. GEN-Z & NON MILLENIALS: Gen-Z leads with strong mid-term financial planning; 2 in 3 own life insurance Gen-Z has emerged as a standout cohort, boasting a Protection Quotient of 41, with two-thirds owning life insurance products. They surpass non-millennials in purposeful planning, showing strong intent toward mid-term goals such as buying a house, a car, or planning vacations. Their disciplined saving behavior and willingness to invest reflect a growing sense of financial independence and a modern approach to balancing lifestyle and security. SALARIED VS SELF-EMPLOYED: Salaried Class Leads in Protection Quotient; Self-Employed Show Security Gains but Lag in Insurance Ownership Salaried individuals continue to lead with a Protection Quotient of 52, driven by gains across knowledge, ownership, and security. Term insurance ownership for the Self-Employed rose by 2 points, bolstered by improved financial confidence and adoption of market-linked products. However, savings capabilities dipped, with a 3-point drop in the ability to save from household budgets, highlighting ongoing financial stress in this segment. Read more at - 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). 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 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 the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 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.
