Coronavirus crisis has changed reasons for saving, increased insurance awareness: Survey
The India Protection Quotient developed by Max Life measures awareness and ownership of life insurance, level of preparedness and preference for term plans.
By ET CONTRIBUTORS | Updated:
Getty Images
The pandemic has made people realise the gaps in their financial security.
The spread of the pandemic has made Indians realise how under insured they are and increased the demand for insurance, says a study by Max Life Insurance.
India Protection Quotient shot up after Covid The quotient indicates the degree to which an individual feels protected on a scale of 0 to 100. The India Protection Quotient developed by Max Life measures awareness and ownership of life insurance, level of preparedness and preference for term plans.
Awareness about insurance has witnessed a big jump A higher percentage of people want to know about life insurance and are planning to buy policies. Though ownership level did not see a very big rise due to the lockdown, the Knowledge Index shot up by 22 points. This has boosted the overall IPQ post Covid.
Covid has changed the attitudes and concerns The pandemic has made people realise the gaps in their financial security.
Worries have increased, changed ranks Numbers will not add up to 100 because of multiple responses. People are feeling financially less secure Numbers will not add up to 100 because of multiple responses. Even reasons for saving have changed Numbers will not add up to 100 because of multiple responses. How people are fortifying themselves against the virus There is increased demand for critical illness riders and pure protection term plans. But some barriers against term insurance remain.
Financial precautions against risk of infection Reasons for buying term plans changed…
ADVERTISEMENT
Numbers will not add up to 100 because of multiple responses. … but the excuses for not buying have remained largely the same Numbers will not add up to 100 because of multiple responses. Cost of Rs 1 crore term insurance cover till the age of 65 Annual premium figures for the Online Term Plan from Max Life Insurance; premiums include GST.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Kerala remains India’s ground zero for the Nipah virus, but why?2026-06-14T05:09:16Z
