According to a survey conducted by Max Life Insurance in partnership with KANTAR- India Protection Quotient Survey (IPQ) the knowledge index in rural India stands at 27 per cent, even as a high sense of financial security (38 per cent) prevails. While saving for children’s education and marriage has emerged as the top objective, there are also concerns about saving and spending for the future. In the survey, three out of four participants expressed concern over a reduction in savings over the next 10 years, while one in four was unsure about the savings corpus required for the future.
Prashant Tripathi, MD & CEO, Max Life, said, “India is taking positive steps towards more inclusive growth, and it is becoming more imperative to focus on building the rural economy. We have extended our established IPQ study across 113 villages to taken to understand how rural India plans its finances. While life insurance penetration in India is low, this study has helped identify gaps and opportunities for the life insurance ecosystem, and collectively to work towards creating a systematic, scalable, multi-pronged approach that can empower rural people to achieve their financial aspirations.”