Bhubaneswar: Bhubaneswar is one of the most ‘insured’ cities in the country, according to a report published by Max Life Insurance. The private life insurer, in its report released Friday has stated that about 78 per cent of residents here own life insurance. The ‘India Protection Quotient’ survey conducted by Max Life and Kantar IMRB, showed that the city had a Protection Quotient of 36 out of 100, at par with the national average of 35 for urban India.
The ‘three-dimensional’ survey determined the level of financial preparedness of policyholders to face future uncertainties, by studying their life and term insurance awareness, ownership and primary fears, preferences and triggers when purchasing policies.
V Viswanand, Deputy Managing Director, Max Life Insurance, said: “By virtue of Bhubaneswar being an emerging IT and education hub, the city ranks at par on the life insurance protection and knowledge index of our ‘India Protection Survey’. This rapidly developing city has outperformed other leading cities such as Delhi, Mumbai, Bangalore and others, in life insurance uptake. Surprisingly, 50 per cent of those insurance owners have term insurance, which is the highest compared with any other city in the country.”
MORE FINDINGS
# 64: The percentage of life insurance holders in east India whose bought policies out of their biggest fear of financial security in the eventuality of death of the breadwinner
# 62: The percentage of policyholders who bought life insurance for fear of inadequacy of funds in case of critical illness of self or a family member.
# 54: The percentage of surveyed Bhubaneswar residents who believed their savings would last less than a year in case of a critical illness
# 46: The percentage of residents who feared their savings would last less than a year in case of death.
# 16: The percentage of respondents who felt they had no one to support them case of a critical illness
# 22: The percentage of people who felt no one would support them in the eventuality of death.
# 43: The percentage of millennials not caring for protection of themselves or their family
# 44: The percentage of youth aware of term insurance
# 17: The percentage of youth who own term insurance.
# 22: The percentage of urban Indian youth who do not bother with life insurance owing to other investments they have
# 67: The percentage of youth who invest in life insurance to provide for family in case of medical emergencies or death of the breadwinner (49% and 41%, respectively)
# 50: The percentage of millennials in East India aware of term insurance
# 22: the percentage of millennials in East India who own term insurance.
The city also performed well on life insurance protection quotient and knowledge index. The survey findings show that the Protection Quotient for urban India “stands at a modest 35, while the protection quotient of eastern India stands at 33”. “However, Bhubaneswar’s protection quotient of 36 is more aligned with the national average and ranks the city superior on the scale in comparison to other cities such as Bangalore, Jaipur, Kolkata and Pune,” the report says.
Against the national average of 65 per cent life insurance ownership, the survey revealed that east India owns fewer life and term insurance (72 per cent and 24 per cent, respectively).
