International Women's Day: Life insurance shields over 70% of urban Indian women, survey reveals

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life insurance ownership, with 79% now holding life insurance plans. According to the survey, financial protection levels among urban Indian women have achieved a milestone by surpassing the 40-point mark for the first time. This marks an increase from 33 to 41 points over the past six years.

However, the financial protection levels of homemakers have experienced a slight decline, decreasing from 38 in IPQ 5.0 to 36 in IPQ 6.0, underscoring the importance of enhancing their financial well-being. Conversely, the protection quotient of working women has risen from 43 in IPQ 5.0 to 47 in IPQ 6.0. Despite a positive shift in life insurance ownership, a considerable gender gap in financial preparedness remains.

Men in urban India lead in financial protection with a score of 46 points, surpassing the overall urban India average of 45 points. The disparity in financial protection between men and women in urban India is largely attributed to a significant difference in life insurance awareness levels. Men exhibit a Knowledge Index of 64, while women trail behind at 54 points.

According to IPQ 6.0, women's financial security stands at 64%, yet to rebound to pre-pandemic levels of 65%, as observed in the IPQ 1.0 study. Prashant Tripathy, CEO and Managing Director, Max Life said, “As we celebrate International Women’s Day, it is important to reflect on the financial readiness of women. The insights from the latest IPQ 6.0 survey underscore the remarkable strides women have taken in proactively securing their financial well-being through life insurance investments.