Max Life's Survey Reveals Financial Preparedness of India's LGBTQIA+ Community

Max Life Insurance's India Protection Quotient Survey, in collaboration with KANTAR and Pride Circle, highlights the financial preparedness of India's LGBTQIA+ community. Despite high awareness (99%) of life insurance products, ownership remains at 68%. Barriers include high premiums and preference for health insurance. The survey underscores inclusive financial solutions.

Max Life Insurance, in partnership with KANTAR and Pride Circle, has conducted its India Protection Quotient Survey focusing on the LGBTQIA+ community's financial preparedness. This is a significant step towards understanding the community's financial needs and challenges.

According to the survey, 99% of LGBTQIA+ individuals are aware of life insurance products. However, ownership stands at 68%, lower than the 80% ownership rate in the digitally-savvy urban Indian demographic. High premiums and a preference for health insurance are major barriers.

Prashant Tripathy, CEO and Managing Director of Max Life, emphasized the importance of inclusive financial solutions for India's diverse population. As the community shows high financial awareness, the industry has an opportunity to focus on education and outreach to increase life insurance ownership.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)