Actors Boman Irani and Mandira Bedi encourage financial consciousness with the launch of India Protection Quotient 4.0

Drive importance of life insurance awareness and ownership  

7^th  March 2022, New Delhi: Actors Boman Irani and Mandira Bedi partnered with Max Life Insurance for its marquee ‘India Protection Quotient’ (IPQ) survey 4.0 to reinforce the importance of financial awareness. Conducted in association with Kantar, IPQ 4.0 was administered entirely online surveying 5,729 respondents across 25 Indian cities [between 10 December 2021 to 14 January 2022], making it one of the most comprehensive financial studies carried out during the recent wave of Covid-19.

The survey captures the financial sentiment of urban India and in its latest edition, reflects a significant increase in security levels amid a gradual return to the pre-pandemic way of life. One of the key findings from IPQ 4.0 is the decrease in Covid-induced anxieties as majority of the respondents are reprioritizing savings for children’s education and retirement planning.

Commenting on the launch of the survey, actor Boman Irani said, “The pandemic has taught us one essential point – the importance of financial protection. This is relevant for all of us, who are trying to be the difference for our loved ones in these challenging times and here is where India Protection Quotient plays a vital role. By indexing the financial preparedness, the survey serves as a barometer of how financially protected India is. The insights from IPQ should encourage us to be financially conscious and secured at all times and I am confident that such initiatives will help widen and deepen life insurance awareness across the country.”

Actor and fitness enthusiast Mandira Bedi further added, “Health and fitness is my passion and today, we are seeing greater focus being placed on the self and building wellbeing. I always look for platforms that give me an opportunity to highlight the importance of personal wellness and with IPQ there is an inherent resonance. The survey is a step forward in creating a financially fit India – one that is strong and conscious to overcome all challenges. As a fitness advocate, I look forward to encouraging consumers towards holistic financial and wellness planning.”

IPQ 4.0 also highlights changing consumer preferences with a significant 49% respondents seeking health and fitness benefits among a range of holistic services expected from insurers today. These also include tax planning, financial counselling and dedicated claims management services to ease claim settlements.

About India Protection Quotient

Instituted in 2019, India Protection Quotient is an annual property by 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 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).

About Max Life Insurance (www.maxlifeinsurance.com) 

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation.

Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.  

As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore. 

For more information, please visit the Company's website at www.maxlifeinsurance.com

About Kantar:

Kantar is the world’s leading evidence-based insights and consulting company. We have a complete, unique, and rounded understanding of how people think, feel and act; globally and locally in over 90 markets. By combining the deep expertise of our people, our data resources and benchmarks, our innovative analytics and technology, we help our clients understand people and inspire growth.