India’s residents feel more financially secure in 2024

Insurance ownership increased to 31% from 30%.

India’s protection quotient (IPQ) climbed two points to 45, as urban residents go back to the prepandemic era.

However, 65% stated they have chosen to prioritise their family’s desires or aspirations over their own, according to survey results by Max Life Insurance.

Four aspects measured for the IPQ include protection index, knowledge index, security level, and life insurance ownership.

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Significantly, life insurance ownership went up two points to 75 – the highest-scoring segment. This was followed by security level (65) and knowledge index (61).

Insurance awareness and ownership also rose in the recent IPQ survey versus the 2023 edition. Awareness of coverage reached 70%, higher than the 64% in 2023. Likewise, insurance ownership also inched up 31%.

The survey reached out to 4,700 urban Indians throughout its six editions, gauging the perceptions and preparedness of Indians across 25 cities.