A survey has found that the awareness about financial security is highest in the western part of the country and the rate of taking term insurance has increased.
Survey on Term Insurance
Mumbai: A survey has found that awareness about financial security is highest in the western part of the country and the rate of taking term insurance has increased. 72 percent of the people who participated in this survey have invested in insurance policies, with a higher proportion of taking term insurance. Last year this ratio was 29 percent, it has now increased to 36 percent.
The percentage of people who believe they have enough term insurance coverage has increased to 62 percent from 53 percent last year. This information has been given in the survey report ‘Indian Protection Quotient Study’ conducted by ‘Max Life’ insurance company. 4700 people from 25 cities in western part of the country participated in this survey.
According to this survey, overall amount and features are being emphasized more than premium amount while taking insurance in urban areas. Emphasis on insurance features increased to 65 percent from 56 percent last year, while term rider increased from 35 percent to 57 percent. 66 percent people have expressed confidence about managing medical expenses. Interestingly, in today’s digital world, urban citizens are using platforms like Facebook, Twitter, LinkedIn as their first source of information about term insurance.
The people of Mumbai are seen as more prepared to deal with uncertainty, with the financial security index of Mumbai at 61 in this survey. Last year it was 58. Information index of people in Mumbai is 84. It is the highest among the metros. So it is clear that they are well aware about the usefulness of insurance for future security. Among the metros, 84 percent of people in Mumbai have insurance. Awareness about savings has increased in urban areas. Savings for vacations and travel are on the rise, up from seven percent last year to 14 percent. 23 percent of this segment prioritized the goal of early retirement and said it was an important goal behind saving. Health awareness has also increased, with one in two people in urban areas regularly doing things like walking, gym, yoga and exercise.
Important points in the survey
• Western India leads the way in insurance coverage for financial stability
• One in three people in urban areas have term insurance
• Six out of ten people in Mumbai have term insurance
• The number one source of social media information for term insurance
The increased awareness of financial security and insurance investment in the West over the last six years is significant. People are taking insurance in large numbers. The ‘India Protection Quotient’ survey has become a guide to create awareness about financial security and will also be used to provide services to people.
– Prashant Tripathi, Chief Executive Officer, Max Life Insurance
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