India life insurance ownership hits record 78% in latest IPQ survey

Three in four urban respondents now prioritise coverage over cost.

India’s life insurance ownership has reached an all-time high of 78%, whilst financial security levels climbed to 68%, surpassing pre-COVID levels, revealed Axis Max Life Insurance.

Axis Max Life Insurance, in partnership with KANTAR, reported that urban India’s Protection Quotient (IPQ) has risen to 48 in its latest India Protection Quotient 7.0 survey, up from 35 in 2019.

The survey, covering 6,360 households across 25 cities, highlights stronger awareness, with the Knowledge Index increasing to 63. 

Metros and Tier-1 cities showed improvements across ownership, awareness, and security metrics. 

South and West India led in term plan adoption, whilst the East continued to lag despite better awareness.

Three in four urban respondents now prioritise coverage over cost when buying term insurance. 

Awareness rose to 74% and ownership to 34%, though affordability remains a barrier for 25%. Online term insurance purchases increased from 18% to 22%

Amongst demographics, working men reported higher protection levels than women, while Gen Z showed strong life insurance ownership and mid-term financial planning. 

Salaried individuals continued to lead in preparedness, with the self-employed showing moderate gains but continued financial stress.

The findings were released under Axis Max Life’s “Bharosa Talks” initiative, aimed at tracking India’s evolving financial protection outlook.