The COVID-19 pandemic created distinctive circumstances for people and households, but additionally steered most of us in the direction of proactive monetary planning and improved well being safety. To assess the heart beat of city Indians and their perspective in the direction of monetary safety within the backdrop of the pandemic, Max Life Insurance in partnership with KANTAR unveiled findings of the third version of its flagship survey within the type of ‘India Protection Quotient (IPQ) 3.0’. Traced from the start of the lockdown in March 2020, to the phased reopening of the sectors, up till the announcement of viable vaccines in December 2020, the survey found Urban India’s sentiment in the direction of general monetary wellbeing.
On the again of elevated consciousness and possession of life insurance coverage, city India’s safety quotient improved from 35 (throughout pre-Covid instances in IPQ 2.0) to 39 now. The data index of life insurance coverage elevated by 9 factors, whereas life insurance coverage possession throughout the nation elevated from earlier 66% (IPQ 2.0) to 71%. Moreover, time period insurance coverage consciousness too rose to 59% and consequently improved time period possession which stood at 28%.
Despite this progress, it was discovered that India continues to really feel financially insecure. In explicit, monetary anxieties associated to COVID-19 and skill of present earnings to cowl bills emerged as high issues for Urban Indians. It is attention-grabbing to notice that rising worries and lowering safety additionally pushed Urban Indians to grow to be extra proactive about monetary planning. It would not be incorrect to conclude that whereas the nation has undoubtedly made strides in relation to financially guarding oneself from future uncertainties, there’s nonetheless an extended technique to go.
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