Life Insurance Ownership Hits Record 78%: Max Life IPQ 7.0
New Delhi, May 5, 2025: Axis Max Life Insurance Ltd. {formerly known as Max Life Insurance Company Ltd.} (“Axis Max Life”/ “Company”), has unveiled the findings of the seventh edition of its flagship survey – India Protection Quotient survey (IPQ) conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. Tapping 6,360 households across 25 Indian cities, the survey has been uncovering urban India’s pulse on financial protection.
Axis Max Life is launching the India Protection Quotient 7.0 under the unified narrative of ‘Bharosa Talks’ that will spotlight India’s evolving financial and protection mindset. Through this platform, Axis Max Life aims to amplify real voices across demographics—urban, rural, salaried, gig workers, and retirees—offering authentic insights into how India views protection, planning, and long-term security. As financial anxieties shift over time and aspirations evolve, Bharosa Talks will serve as a critical pulse for industry, regulators, and policymakers to understand emerging consumer priorities.
As per IPQ 7.0, urban India’s Protection Quotient has climbed to 48, up from 35 in 2019, marking continued progress in the country’s financial preparedness. Life insurance ownership has reached an all–time high, with 78% of urban Indians owning one or more products, while the Knowledge Index has improved to 63 up by two points, indicating increased awareness and understanding of life insurance.
In a post-pandemic recovery milestone, urban India’s financial security has hit 68%, surpassing the pre-pandemic peak of 66% (IPQ 1.0), and rebounding strongly from a pandemic low of 57%. For the first time in seven editions, ‘Cover’ has overtaken ‘Premium’ as the key consideration in term life insurance purchase, with 3 in 4 urban respondents prioritizing coverage over cost.
In IPQ 7.0, Metros have seen a 3-point jump in the Protection Index on the back of increased ownership of life insurance (from 83% in IPQ 6.0 to 86% in IPQ 7.0) and improved sense of financial security (from 69% in IPQ 6.0 to 71% in IPQ 7.0). Tier-1 cities have also seen a significant improvement across parameters like Knowledge Index (from 58 in IPQ 6.0 to 62 in IPQ 7.0), Life Insurance Ownership (up from 73% in IPQ 6.0 to 77% in IPQ 7.0), and Security Levels (from 63% in IPQ 6.0 to 67% in IPQ 7.0).
Prashant Tripathy, CEO and Managing Director, Axis Max Life Insurance said, “India Protection Quotient, as part of ‘Bharosa Talks’ has evolved into a powerful barometer of India’s financial resilience, acting as a catalyst for driving India’s protection narrative forward. This year’s record Protection Quotient, alongside all–time high life insurance ownership, reflects a decisive shift in consumer priorities — from cost sensitivity to genuine protection needs. Yet, the widening gender gap in financial security calls for deeper, more inclusive interventions. At Axis Max Life, we remain committed to strengthening this momentum, driving awareness, and building a more comprehensively protected India.”