Max Life Insurance Co. Ltd. ('Max Life'/'Company'), one of India's fastest growing life insurance companies, today announced the launch of a unique proprietary tool, 'My Protection Quotient' (MyPQ) further fortifying its commitment to ensure financial protection in the country.
MyPQ is a smart tool designed to gauge the level of individual's financial protection and to promote awareness and importance of term plans in protecting the financial future of families.
In order to help customers, choose the most suitable option basis their current financial situation and life goals, the tool will post a set of diverse questions to seek inputs on their level of preparedness for all possible financial responsibilities, their awareness & ownership of life insurance products and the existing life insurance cover.
The tool will help consumers gauge their preparedness for their life stage goals and protection against unplanned eventualities of life. The final output will be a quotient reflected on a scale of 100, with score of 0-25 indicating extremely poor financial protection, 25-50 being a poor score, 50-75 being moderate and 75-100 being a reasonable quotient.
"At Max Life we are committed to drive the agenda of financial protection in India. After the successful launch of the 'India Protection Quotient' survey, we are taking another a step further with the launch of 'My Protection Quotient'. This one-of-its-kind initiative is built to encourage all Indians to engage with protection need more closely. By offering an estimate of an individual's Protection Quotients, the tool will aim to help customers understand various aspects of financial planning, elements that are missing or require an upgrade to ensure that they have the right amount of life cover and an ideal mix of life insurance plan in place to help them achieve their life goals with risk protection", said Aalok Bhan, Director & Chief Marketing Officer, Max Life.
"By launching MyPQ on the first-month anniversary of having dedicated 6th of every month as 'Protection Day', we continue to override our efforts in this space", he added.
Max Life's 'India Protection Quotient' survey conducted in association with Kantar IMRB was a nationwide study that endeavoured to understand where India stands with regards to life and term insurance ownership. The Company is among the market leaders in online sales of pure protection products and has an independent digital protection portfolio to further persevere in this direction.
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