Insights from Axis Max Life India Protection Quotient 7.0:
- West Zone records a Protection Quotient higher than the national urban average
- Term insurance awareness and ownership rise significantly in the zone
- Mumbai leads among metros in Protection Quotient; Shares top position in Knowledge Index with Bengaluru
- 1 in 3 respondents cite financial constraints as a key barrier to term plan purchase
- Insurance coverage now overtakes premium as the top factor in term insurance purchase
- Citizens from the West Zone increasingly invest with intent – child’s education, marriage, and old age security top priorities
PUNE: Axis Max Life Insurance Limited. (“Axis Max Life” / “Company”), formerly known as Max Life Insurance Company Limited, has unveiled the West Zone findings of the seventh edition of its flagship survey – India Protection Quotient (IPQ), conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. The findings from the West Zone reveal a steady improvement in protection sentiment, led by rising awareness of term insurance and growing intent to use life insurance as a tool for long-term financial planning.
Axis Max Life is launching the India Protection Quotient 7.0 under the unified narrative of ‘Bharosa Talks’ that will spotlight India’s evolving financial and protection mindset. Through this platform, Axis Max Life aims to amplify real voices across demographics – urban, rural, salaried, gig workers, and retirees, offering authentic insights into how India views protection, planning, and long-term security. As financial anxieties shift over time and aspirations evolve, Bharosa Talks will serve as a critical pulse for industry, regulators, and policymakers to understand emerging consumer priorities.
As per IPQ 7.0, the Protection Quotient in the West Zone has maintained a score one point higher than the national urban average, reaffirming the region’s consistent progress in life insurance awareness and confidence. While security and ownership levels remain stable, a significant uptick in term plan awareness and adoption has contributed to the zone’s strong standing.
Sumit Madan, Chief Distribution Officer, Axis Max Life, said, “The West Zone’s sustained progress in the Protection Quotient reflects a clear shift in consumer mindset. IPQ 7.0 points to a maturing market, especially among the salaried class and metro residents in cities like Mumbai, where people are moving beyond basic insurance ownership toward more purpose-driven financial planning. More consumers are now prioritizing adequate term coverage over low premiums, with long-term family goals at the center of their decisions. This signals a deeper understanding of life insurance as a key pillar of financial security. While this progress is encouraging, affordability remains a barrier, particularly for the self-employed. This presents a clear opportunity for the Indian life insurance industry to innovate with more flexible, inclusive solutions and to strengthen advisory outreach. Doing so will not only expand access but also play a vital role in building a more resilient and financially protected India.”
The IPQ 7.0 study continues to shine a light on evolving consumer behaviour across India, with the West Zone’s performance offering both insights and inspiration for other regions seeking to strengthen financial protection and awareness.
West Zone Outpaces National Average in Protection Preparedness: IPQ 7.0
The West Zone has outperformed the national urban average in the latest India Protection Quotient (IPQ) 7.0, underscoring a growing shift toward protection-led financial planning. With a Protection Quotient (PQ) one point higher than the national urban average, the region demonstrates rising awareness and an evolving approach to life insurance, despite lingering financial barriers.
Protection Quotient and Knowledge Index on the Rise
The findings highlight a notable uptick in the Knowledge Index among West Zone respondents, indicating improved understanding of insurance products and financial planning. While life insurance ownership and perceived financial security have remained stable, the overall Protection Quotient growth signals increasing intent toward safeguarding future financial well-being.
Term Insurance: Coverage Now Trumps Cost
For the first time, West Zone citizens have shown a clear preference for coverage over premium when buying term insurance. This represents a fundamental behavioural shift, aligning with a broader national trend that favours adequate protection over affordability alone. The zone has seen a marked increase in both awareness and ownership of term plans, cementing its position as a growing hub of insurance-conscious consumers.
Investment Motivated by Family-Centric Goals
The report also reveals a more values-driven approach to investing, with over 40% of West Zone respondents citing goal-based investing as their strategy. Key financial priorities include children’s education, marriage, retirement planning, and purchasing assets such as homes and cars — all pointing toward a more holistic and purpose-led financial mindset.
Persistent Financial Constraints Remain a Challenge
Despite this progress, financial constraints continue to hinder broader adoption. One in three respondents in the West Zone cite premium affordability as a major barrier, particularly among self-employed individuals and first-time insurance buyers. This underlines the need for flexible, accessible insurance products and greater financial literacy efforts to close the protection gap.
Salaried Individuals Drive Regional Growth
The PQ surge in the West is largely driven by salaried professionals, who have shown significant improvement in their Knowledge Index. In contrast, self-employed individuals have exhibited stagnant performance across key indicators, suggesting the need for targeted advisory services and more inclusive product outreach.
Mumbai Leads Among Metros
Among major metropolitan areas, Mumbai has emerged as the top performer in Protection Quotient within the West Zone, and shares the top rank in the Knowledge Index with Bengaluru. The city reflects high engagement with insurance products and a strong sense of financial preparedness, positioning it as a model for urban financial resilience.