Only 34% Indians have term plan: Here’s why less people are opting for pure term plan, per Axis Max Life Insurance Survey

People have various reasons and objectives for saving and investment. Rank the top 3 reasons you are saving for.

74% of people are aware of term plan products.
34% actually own this cover.

Which factors did you consider while purchasing term insurance

If you were earning a salary of Rs.100, how would you split it for your goals?

Is your term plan coverage sufficient to safeguard the future of your family?

How did you purchase your term plan?

The top reasons to purchase term insurance online included lower premiums, complete information on policies, less time taken in the purchase journey, quick transactions, easy contact/access, and a wide range of schemes and options to compare.

Barriers to inhibit purchase of term insurance

Key anxieties where working women are more worried than me

Working women feel less secure financially in fulfilling basic and luxury needs and about retirement, child’s education, and marriage compared to working men. As a result, they face heightened anxieties over the breadwinner’s untimely death, inflation, and rising medical expenses.

Source: Axis Max Life Insurance India Protection Quotient 7.0. The survey was conducted among 39,000 urban Indians in 25 cities. All responses do not add up to 100% due to multiple responses.