Low Term Insurance Coverage in India
A recent survey conducted by Axis Max Life Insurance has revealed that only 34% of Indians have a term protection plan. Despite 74% of respondents being aware of term plans, the actual ownership remains low.
Reasons for Purchasing Term Insurance Online
The survey found that people prefer buying term insurance online due to several factors:
- Lower premiums
- Complete information available on policies
- Quick and easy purchase process
- Wide range of schemes and options to compare
Financial Anxieties Among Working Women
Working women in India expressed greater financial anxieties compared to men, particularly regarding:
- Fulfilling basic and luxury needs
- Retirement planning
- Children’s education and marriage
- Impact of inflation and rising medical expenses
The survey, known as the India Protection Quotient 7.0, was conducted among 39,000 urban Indians across 25 cities. It highlights the need for better financial security measures, especially among working women.
According to the survey, the top reasons for saving and investing include securing the future of family members. However, the current term plan coverage is insufficient for many families.
The survey results emphasize the importance of financial planning and adequate insurance coverage in today’s economic environment.
