Bhubaneswar Tops The Charts In Ownership Of Term Insurance: Study
According to a recent ‘India Protection Quotient Survey’ conducted by leading private insurer Max Life, Bhubaneswar has topped the charts, beating 14 major cities, in terms of ownership of term insurance. The city of temples has also scored above the national average in terms of protection against future uncertainties.
The survey covered 4,566 respondents across six metros and nine Tier-I cities, in an aim to understand the country’s awareness and ownership of life and term insurance. Bhubaneswar boasts of the highest proportion of term insurance ownership, with 40 per cent of having taken such a plan and 64% being aware that such plans exist.
“By virtue of Bhubaneswar being an emerging IT and education hub, the city ranks at par on the life insurance protection and knowledge index of our ‘India Protection Quotient Survey’. This rapidly developing city has outperformed other leading cities such as Delhi, Mumbai, Bengaluru, etc, in life insurance offtake. Surprisingly, 50 per cent of those insurance owners have term insurance, which is the highest compared to any other city in the country”, said V Viswanand, deputy managing director, Max Life Insurance.
In the ‘Knowledge Index’, which is the degree to which Indians are aware of life insurance products, Odisha’s capital city has a score of 40, on a scale of zero to 100, exceeding the national average of 39. Delhi clocked the highest score with 58, while Ludhiana stood at the bottom of the pile, with a score of eight.
Despite the positives, Bhubaneswar is not yet immune in dealing with critical illnesses as 54 per cent of the people feel their savings would not last more than a year in case such an ailment struck.