Working women in India have outpaced men in life insurance ownership, according to the results of a survey by Max Life Insurance.
79% of female respondents said that they owned life insurance plans, compared to 76% for men.
The survey found that urban India’s women demonstrate a strong commitment to safeguarding their families from life’s uncertainties, gradually eliminating the gap with men.
The financial protection gap between men and women in urban India is primarily driven by a huge disparity in life insurance awareness levels, the survey found.
Mr Prashant Tripathy, CEO and managing director of 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. However, the survey also sheds light on the enduring gender disparity in financial awareness. This requires intensive actions to empower women to assert control over their financial state”.
The “India Protection Quotient (IPQ) 6.0” report is based on a survey of 4,700 respondents across 25 Indian cities. The survey was carried out in November-December 2023.
