A recent survey has revealed that 86 per cent of Chennai’s population owns life insurance, making it the most insured city in the country. As per the ‘India Protection Quotient’ survey conducted by Max Life and Kantar IMRB, Chennai stands at a protection quotient of 42 out of 100, greater than the national average of 35 for urban India.
This three-dimensional survey determined policyholders’ level of financial preparedness to face future uncertainties, by studying their life and term insurance awareness, ownership and primary fears, preferences and triggers when purchasing policies. ‘By virtue of Chennai being one of India’s most rapidly burgeoning cities, it ranks higher on life insurance protection and knowledge index scale of ‘India Protection Quotient’ survey. While in comparison to other leading cities, Chennai has the lead in the number of life insurance owners.’
While the protection quotient (the degree to which one feels protected and mentally prepared for future uncertainties on a scale of 0-100) for urban India stands at a modest 35, protection quotient of south India stands at a relatively higher 38. Chennai’s protection quotient of 42 ranks the city higher on the scale in comparison to other leading cities such as Ahmedabad, Bengaluru, Mumbai, Lucknow, Visakhapatnam, Kolkata, etc. Additionally, with a knowledge index score of 47, people of Chennai were found to be more aware of insurance as a category than the country as a whole (knowledge index score of 39). From time immemorial, Chennai had set an example to the entire country on various fronts and the latest findings are, no doubt, a feather in its cap.