06 May 2025
Axis Max Life Insurance Ltd. has released findings from the seventh edition of its flagship India Protection Quotient (IPQ) survey, conducted in partnership with KANTAR. With insights drawn from 6,360 urban households across 25 cities, the latest edition marks a milestone in India’s evolving financial protection landscape.
Launched under the new narrative of Bharosa Talks, Axis Max Life aims to surface authentic consumer voices on protection, planning, and financial priorities across segments—from salaried professionals to gig workers and retirees. The initiative positions IPQ as a key reference for policymakers and industry leaders tracking shifts in financial attitudes.
According to IPQ 7.0, urban India’s Protection Quotient has reached a record high of 48—up from 35 in 2019—indicating greater financial preparedness. Life insurance ownership stands at an all-time high of 78%, while the Knowledge Index has improved to 63, reflecting growing awareness. Urban India’s financial security has also rebounded to 68%, surpassing the pre-COVID peak of 66%.
This year marks a critical shift in consumer priorities: 3 in 4 urban Indians now prioritize insurance cover over premium cost, signaling deeper engagement with protection goals. Metro cities have seen a rise in Protection Index (from 83% to 86% in life insurance ownership), with a parallel increase in financial security (from 69% to 71%). Tier-1 and Tier-2 cities followed suit, showing consistent growth in insurance ownership and awareness.
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,” Tripathy said.
South India retained its lead in preparedness, with term insurance ownership rising from 33% to 37%. West India recorded its highest-ever term plan ownership at 41%, while the North improved modestly. The East remained behind, despite rising awareness. Tier-2 cities showed progress, with life insurance ownership up from 62% to 66%.
Top financial goals continue to center around children’s education (61%) and marriage (44%), followed by retirement (37%) and home ownership (36%). Meanwhile, term insurance awareness rose to 74%, and ownership climbed to 34%. However, cost remains a barrier for 1 in 4 urban Indians, with financial constraints cited by 25%.
Online channels are emerging as key enablers, with digital purchases rising from 18% to 22%, driven by ease of comparison, access, and affordability. Confidence in protection has grown, with 56% believing their current cover is adequate.
Demographic insights reveal that working men’s Protection Quotient rose to 50, while working women remained at 48, with women expressing more anxiety about inflation, medical costs, and long-term security.
Gen-Z leads in mid-term planning, with 2 in 3 owning life insurance. Salaried individuals recorded a Protection Quotient of 52, ahead of self-employed respondents, who gained in confidence but showed lower savings capabilities.
Axis Max Life’s IPQ 7.0 offers an in-depth view of how India is shifting from reactive financial behavior to a more protection-focused mindset—driven by knowledge, digital access, and long-term priorities.
Axis Max Life Insurance Ltd. has released findings from the seventh edition of its flagship India Protection Quotient (IPQ) survey, conducted in partnership with KANTAR. With insights drawn from 6,360 urban households across 25 cities, the latest edition marks a milestone in India’s evolving financial protection landscape.
Launched under the new narrative of Bharosa Talks, Axis Max Life aims to surface authentic consumer voices on protection, planning, and financial priorities across segments—from salaried professionals to gig workers and retirees. The initiative positions IPQ as a key reference for policymakers and industry leaders tracking shifts in financial attitudes.
According to IPQ 7.0, urban India’s Protection Quotient has reached a record high of 48—up from 35 in 2019—indicating greater financial preparedness. Life insurance ownership stands at an all-time high of 78%, while the Knowledge Index has improved to 63, reflecting growing awareness. Urban India’s financial security has also rebounded to 68%, surpassing the pre-COVID peak of 66%.
This year marks a critical shift in consumer priorities: 3 in 4 urban Indians now prioritize insurance cover over premium cost, signaling deeper engagement with protection goals. Metro cities have seen a rise in Protection Index (from 83% to 86% in life insurance ownership), with a parallel increase in financial security (from 69% to 71%). Tier-1 and Tier-2 cities followed suit, showing consistent growth in insurance ownership and awareness.
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,” Tripathy said.
South India retained its lead in preparedness, with term insurance ownership rising from 33% to 37%. West India recorded its highest-ever term plan ownership at 41%, while the North improved modestly. The East remained behind, despite rising awareness. Tier-2 cities showed progress, with life insurance ownership up from 62% to 66%.
Top financial goals continue to center around children’s education (61%) and marriage (44%), followed by retirement (37%) and home ownership (36%). Meanwhile, term insurance awareness rose to 74%, and ownership climbed to 34%. However, cost remains a barrier for 1 in 4 urban Indians, with financial constraints cited by 25%.
Online channels are emerging as key enablers, with digital purchases rising from 18% to 22%, driven by ease of comparison, access, and affordability. Confidence in protection has grown, with 56% believing their current cover is adequate.
Demographic insights reveal that working men’s Protection Quotient rose to 50, while working women remained at 48, with women expressing more anxiety about inflation, medical costs, and long-term security.
Gen-Z leads in mid-term planning, with 2 in 3 owning life insurance. Salaried individuals recorded a Protection Quotient of 52, ahead of self-employed respondents, who gained in confidence but showed lower savings capabilities.
Axis Max Life’s IPQ 7.0 offers an in-depth view of how India is shifting from reactive financial behavior to a more protection-focused mindset—driven by knowledge, digital access, and long-term priorities.
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