Insurance ownership among women increases

Women in urban India registered a sharp increase in life insurance ownership and awareness over the last 12 months, according to Max Life Insurance's India Protection Quotient 2.0 (IPQ 2.0) survey released in conjunction with Mother's Day which fell yesterday.

This has led to an increase in the overall protection quotient, which is higher at 35 for women this year as compared to 33 in last year's IPQ 1.0 survey, reported the news agency ANI citing the findings of the new survey.

Max Life India Protection Quotient 2.0 surveyed a total of 7,014 respondents across 25 cities comprising of six metros, nine Tier 1 and 10 Tier 2 cities.

However, there are still 19% working women in metros, 9% working women in Tier 1 and 15% working women in Tier 2 cities that do not consider themselves the family's breadwinner and cite that as a reason for not buying term insurance.

IPQ 2.0 shows other notable differences as well in the savings and investment mindset of women across metros, Tier 1 and Tier 2 cities of India. Women in metros are more concerned about finances for their children's education and marriage as compared to women in Tier 1 and 2 cities.

While finances for children's education is a key cause of anxiety for 62% women in metros, 56% women in Tier 1 and 54% women in Tier 2 cities are anxious about the same.

Source: Asia Insurance Review