Financial Security of the Indian LGBTQIA+ Community Lags Regardless of High Financial Security Awareness - Axis Max Life India Protection Quotient 7.0
LGBTQIA+ Community Falls Behind in Financial Protection
The latest India Protection Quotient (IPQ) study, conducted by Axis Max Life in partnership with Kantar, reveals that the LGBTQIA+ community is lagging significantly behind in financial protection.
Key Insights:
- Protection Quotient: The LGBTQIA+ populace scored a dismal 35 on the Protection Quotient, a full 20 points under the digital urban average of 56.
- Knowledge Index: Compared to 74 for Digitally Savvy Urban Indians (DSUI), the LGBTQIA+ community's Knowledge Index stands at 61.
- Term Insurance Ownership: Only 66% of LGBTQIA+ individuals own term insurance, contrasting with 82% among DSUI.
- Financial Security: A drop in perceived financial security occurred, falling from 60 (IPQ 6.0) to 57 (IPQ 7.0).
- Major Concerns: The study evoked growing anxieties around medical expenses, loss of a breadwinner, and budgeting strains.
- Shift in Financial Planning: The data signaled a move away from proactive financial planning.
Prashant Tripathy, CEO & Managing Director of Axis Max Life, spoke regarding the pressing need for industry-wide efforts:
As India evolves towards financial security, we must acknowledge the diverse realities influencing peoples' protection needs. The disappointing IPQ 7.0 findings echo that marginalized communities like the LGBTQIA+ still struggle with structural and emotional hindrances towards financial preparedness.
Implications and Path Forward:
Data championed the importance of inclusive financial education, adaptable product design, and empathetic advisory ecosystems catering to identity-diverse segments. The call to action is in place for the insurance industry to bridge the structural gaps and extend equitable protection to every individual, without discrimination.
India Protection Quotient:
Since 2019, India Protection Quotient is an annual survey by Axis Max Life in collaboration with Kantar, aiming to gauge the pulse of urban Indians in regards to financial protection and unveil the current financial security levels, changing savings and investment patterns, and crucial financial protection triggers.
In-depth information can be found at - https://www.axismaxlife.com/maxlife-ipq
Important Notes:
- The study was conducted in top 25 urban metros, Tier 1, and Tier 2 cities, making its findings representative of these specific locations only.
- For any significant findings, a minimum sample of 270 is required with an error margin of +- 5.964%.
- The information gathered through this survey serves as general guidance; Axis Max Life disclaims any liability for consequences arising from its use.
About Axis Max Life Insurance Limited:
Axis Max Life Insurance Limited, previously known as Max Life Insurance Company Ltd., is a joint venture between Max Financial Services Limited (MFSL) and Axis Bank Limited. It offers end-to-end protection and long-term savings life insurance solutions through multiple channels, including agency and third-party distribution partners. With an annual audited financial of INR 33,223 Cr, Axis Max Life has established a strong foundation over two decades by focusing on a need-based sales approach and providing personalized customer service.
About Kantar:
Kantar is the world's preeminent marketing data and analytics company, providing vital insights to top global corporations. They blend deep expertise and advanced analytics with meaningful attitudinal and behavioral data to understand consumers' thoughts and actions, empowering clients to shape their future marketing strategies.
- The insurance industry must prioritize inclusive financial education and adaptable product design to cater to the unique needs of the LGBTQIA+ community, as the latest India Protection Quotient study shows a significant lag in financial protection among this group.
- The study findings emphasize the need for empathetic advisory ecosystems that can address the structural and emotional hindrances faced by marginalized communities, such as the LGBTQIA+ population, towards financial preparedness.
- To extend equitable protection to every individual, without discrimination, the insurance industry must take a proactive approach by bridging the structural gaps and focusing on the financial literacy of diverse segments, including the LGBTQIA+ community.
