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Ownership of life, term insurance lower among women compared to men: Survey

Press Trust of India  |  Chandigarh 

The number of women with life and term policies is lower as compared to men in urban India, according to a survey.

The 'Protection Quotient' survey, conducted by and Kantar IMRB, said while about 59 per cent of women as against 68 per cent men in urban own life policies, only 19 per cent women are term owners in comparison to 22 per cent men.

The survey covered around 4,500 respondents across the country's 15 top cities having with an average income of Rs 2 lakh per annum and an age group of 25-55 years.

Only about 44 per cent of the youth are aware of and just 17 per cent own it, added the survey.

It gave cities ratings between 0 and 100 based on the awareness and ownership of life insurance, level of preparedness for future uncertainties and the degree of preference for pure protection plans, among other things.

Among the cities surveyed, nearly 43 per cent people in Ludhiana, Punjab, own life insurance, it said.

As per the survey, the industrial city of stood at the bottom with a protection quotient of 21, far lower than the national average of 35 for urban

The Protection Quotient of 21 of ranks the city lowest on the scale in comparison to other cities such as Lucknow, Patna, Bhopal, Jaipur, he said.

Additionally, with a low knowledge index score of only 8, majority of the citizens of were unaware of insurance as a category than the country as a whole (knowledge index score of 39), as per the survey.

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

First Published: Thu, April 11 2019. 19:05 IST