- The protection quotient of working men increased from 47 in IPQ 6.0 to 50
- The protection quotient for women stayed at 48
- Research indicates that men and women have different levels of financial security
According to Axis Max Life Insurance's seventh edition of the India Protection Quotient (IPQ 7.0) study, the protection quotient for working men in India has increased to 50 (from 47 in IPQ 6.0), while the score for working women is unchanged at 48.
According to the study, which was carried out as part of the "Bharosa Talks" campaign in partnership with data analytics company KANTAR, women are becoming increasingly insecure about their financial futures with regard to important life goals like marriage, retirement, education, and medical emergencies. Additionally, it shows that women are more worried than men about inflation, growing medical expenses, and the possibility of losing a breadwinner.
The data indicates a growing disparity in working men's and women's financial readiness, despite general improvements in urban Indians' financial protection. The results indicate that gender-inclusive financial planning and support systems are still needed.
Axis Max Life Insurance's CEO and MD, Prashant Tripathy, underlined the significance of resolving these disparities: "We must recognize the various issues that influence people's protection needs as India moves closer to greater financial security. The results of IPQ 7.0 emphasize the emotional and structural obstacles that women encounter when trying to become financially prepared. This necessitates greater industry awareness and a concerted effort to develop more inclusive, approachable, and pertinent protection solutions".
According to the report, financial education programs, advisory services, and insurance product design should all incorporate gender sensitivity. It emphasizes how urgent it is for the industry to offer customized resources and direction that enable women to feel secure and confident about their financial future.
The India Protection Quotient (IPQ) was created in 2019 and is an annual survey that Axis Max Life Insurance and KANTAR jointly conduct to gauge consumer sentiment regarding financial protection.
