59% feel they have insufficient term insurance coverage: Survey

The pandemic has not only led to an increase in the sale of term insurance and critical illness plans, but has also shifted the savings focus from children’s goals to old-age security, reveals the Max Life IPQ 3.0 survey. ET Wealth analyses the trends.

Covid raises insurance awareness, but financial insecurity high

Delhi tops in protection, Mumbai in insurance ownership

Covid-related anxieties on the rise

Covid spurs savings, cuts in discretionary expenses

Purpose of saving has shifted from kids to old-age security

Sharp rise in term awareness, but traditional plans still the favourite

59% feel they have insufficient term coverage

Self-employed have higher protection than salaried

Sharp rise in purchase of critical illness plans

Did you buy a critical illness rider with term insurance?

Term awareness among working women ri
ses

Buying life insurance: Millennials catching up with Gen X

Source: The ‘Max Life India Protection Quotient 3.0’ survey was conducted by Max Life Insurance in association with Kantar. It was conducted among 4,357 respondents across 25 cities, including six metros, nine tier 1 and 10 tier 2 cities, as opposed to the 2020 survey, which had 7,014 respondents. Figures may not add up to 100% due to multiple responses.