IPQ is an yearly financial study for Urban India undertaken by Axis Max Life Insurance in collaboration with KANTAR. It is a primary research survey covering 3000+ respondents, across 25 cities, covering different segments of the population, across the length and breadth of the country. The aim of undertaking this survey is to gauge and chart the progress made by average urban Indians with respect to their financial protection, in the context of adopting life insurance for safeguarding their future in case of any unforeseeable situation.

How is the IPQ survey conducted?

IPQ is a primary research that is undertaken in 2 modules: physically-administered survey (giving us the IPQ score) and digitally-administered survey (giving us IPQ Digital score). The entire field work spans more than a month and is administered and supervised by KANTAR.

Who all did IPQ reach out to?

IPQ 6.0 reached out to 4700 households across 25 cities (6 metros, 9 Tier I, 10 Tier 2 cities), covering males and females, both from the salaried and self-employed cohorts. Demographics include: NCCS AB and ages 25-55.

How is the IPQ score calculated?

The IPQ score is calculated based on responses by respondents to a battery of questions that indicate their levels of awareness and ownership in the life insurance category along with their levels of security/anxiety with respect to their financial protection against unforeseeable risks. Questions are classified into Knowledge Index, Ownership Level, and Security Level and these get combined to create the India Protection Quotient.

How is the IPQ 6.0 score?

IPQ score has seen a rise of 2 points from 43 to 45. Significant increase in Knowledge Levels seen as they climb from 57 to 61. Ownership level rises from 73 to 75 and Security levels rise from 63 to 65

India Protection Quotient (IPQ) 6.0 - A Joint Survey Carried Out By Axis Max Life Insurance In Association With Kantar IMRB

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Axis Max Life IPQ

Steady Increase in IPQ Seen in Last 6 Years

Urban India gets more and more financially secure

IPQ 6.0

IPQ 5.0

IPQ 3.0

IPQ 2.0

IPQ 1.0

Disclaimer: IPQ 4.0 was conducted during COVID under a different methodology

What does IPQ stand for?

India Protection Quotient
The degree to which Indians feel protected from future uncertainties, on a scale of 0-100.
Based on attitudes and preparedness for future, uncertainties and awareness / ownership of life insurance products.
Knowledge Index
The degree to which Indians are aware of life insurance products, on a scale of 0-100.
Derived from awareness across life insurance product categories (Term, Endowment and ULIP).
Ownership Level (%)
The degree to which Indians feel protected from future uncertainties, on a scale of 0-100.
It is basis ownership of financial instruments (Term, Endowment and ULIP).
Security Level
The degree to which Indians feel financially secure and prepared on a scale of 0-100
Derived from consumer attitudes across a battery of 10 financial facets.

What is the IPQ 6.0 score?

India significantly feeling more financially secure on the back of
increasing Life Insurance Knowledge and Ownership levels

Knowledge Index

LI Ownership

73%

Security Level

63%

Knowledge Index

LI Ownership

75%

Security Level

65%

Key findings from IPQ 6.0

South continues to lead in Indian Protection Quotient

Significant increase seen in IPQ scores for the West Zone on the back of them feeling significantly more secure

Cover now almost as critical as Premium when buying Term Insurance

1st time, % of people who say Cover is sufficient exceeds % of people who say Cover is insufficient

Importance given to Term riders see a significant increase in IPQ 6.0

Awareness for Waiver of Premium, Accidental Death Benefit, and Critical Illness rider shoots up

Financial acumen shifts as working women, for the 1st time, come at par with Working Men in terms of financial protection

Nearly 8 in 10 working women own life insurance

Did you know?

Medical expenses & financing family’s aspirations are urban India’s top anxieties
Saving for children’s future needs continue to dominate as an objective for Savings

Explore Axis Max Life plans that help you protect your family’s financial future Click here

Sample Size

IPQ 6.0, with the mission to bring Protection for all, reaches out to a vast population across India, tapping into different segments to hear their financial stories.

Sample size	4700
Methodology	Physical & Digital
Cities Covered	25
Survey Period	Nov-Dec’23

Sample size	4700
Methodology	Physical & Digital
Cities Covered	25
Survey Period	Nov-Dec’23

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Indian Protection Quotient 6.0