The LGBTQIA+ community scored 35 on the Protection Quotient, over 20 points below the digitally-savvy urban Indian average of 56. Life insurance ownership in this group stands at 66%, compared to 82% among other respondents. Term insurance coverage is also lower at 27% versus 48% for the broader group.
The study notes a decline in the community’s financial security index, which fell from 42 in IPQ 6.0 to 39 in the latest edition.
Concerns around the loss of the breadwinner, rising medical expenses, and household budgeting were identified as key stressors.
Among working women, the Protection Quotient remained unchanged at 48, while the score for working men rose to 50 from 47 in the previous edition.
The survey indicates that working women continue to face higher financial anxieties related to inflation, healthcare costs, and income loss.
Confidence levels regarding financial goals such as retirement planning and children’s education also remain lower.
Prashant Tripathy, Managing Director and CEO of Axis Max Life Insurance, said, “The IPQ 7.0 findings bring to light a clear disparity in financial protection among underserved segments. To bridge this gap, the industry must focus on trust-building, targeted awareness, and accessibility.”
The India Protection Quotient is an annual survey launched in 2019 to assess urban India’s financial preparedness through parameters such as awareness, ownership, and mental readiness regarding life insurance. IPQ 7.0 surveyed 6,360 individuals across 25 metro, Tier 1, and Tier 2 cities.
The findings point to the need for more inclusive financial education, flexible insurance products, and improved access to advisory services, particularly for identity- and gender-diverse groups.
First Published: Jun 12, 2025 4:57 PM IST
