Steady Increase in IPQ Seen in Last 6 Years
Disclaimer: IPQ 4.0 was conducted during COVID under a different methodology
What does IPQ stand for?
- India Protection QuotientThe degree to which Indians feel protected from future uncertainties, on a scale of 0-100.Based on attitudes and preparedness for future, uncertainties and awareness / ownership of life insurance products.
- Knowledge IndexThe degree to which Indians are aware of life insurance products, on a scale of 0-100.Derived from awareness across life insurance product categories (Term, Endowment and ULIP).
- Ownership Level (%)The degree to which Indians feel protected from future uncertainties, on a scale of 0-100.It is basis ownership of financial instruments (Term, Endowment and ULIP).
- Security LevelThe degree to which Indians feel financially secure and prepared on a scale of 0-100Derived from consumer attitudes across a battery of 10 financial facets.
What is the IPQ 6.0 score?
India significantly feeling more financially secure on the back of
increasing Life Insurance Knowledge and Ownership levels
Key findings from IPQ 6.0
South continues to lead in Indian Protection Quotient
Significant increase seen in IPQ scores for the West Zone on the back of them feeling significantly more secure
Did you know?
- Medical expenses & financing family’s aspirations are urban India’s top anxieties
- Saving for children’s future needs continue to dominate as an objective for Savings
|Physical & Digital
IPQ is an yearly financial study for Urban India undertaken by Max Life Insurance in collaboration with KANTAR. It is a primary research survey covering 3000+ respondents, across 25 cities, covering different segments of the population, across the length and breadth of the country. The aim of undertaking this survey is to gauge and chart the progress made by average urban Indians with respect to their financial protection, in the context of adopting life insurance for safeguarding their future in case of any unforeseeable situation.
IPQ is a primary research that is undertaken in 2 modules: physically-administered survey (giving us the IPQ score) and digitally-administered survey (giving us IPQ Digital score). The entire field work spans more than a month and is administered and supervised by KANTAR.
IPQ 6.0 reached out to 4700 households across 25 cities (6 metros, 9 Tier I, 10 Tier 2 cities), covering males and females, both from the salaried and self-employed cohorts. Demographics include: NCCS AB and ages 25-55.
The IPQ score is calculated based on responses by respondents to a battery of questions that indicate their levels of awareness and ownership in the life insurance category along with their levels of security/anxiety with respect to their financial protection against unforeseeable risks. Questions are classified into Knowledge Index, Ownership Level, and Security Level and these get combined to creative the India Protection Quotient.
IPQ score has seen a rise of 2 points from 43 to 45. Significant increase in Knowledge Levels seen as they climb from 57 to 61. Ownership and Security Levels increase from 73 to 75 and Security Level rises to 65 from 63 from l