9 in 10 Indian LGBTQIA+ community prioritize savings over spending

Mumbai, May 31: The flagship study of Max Life Insurance Company Limited (Max Life), the India Protection Quotient Survey (IPQ), in partnership with KANTAR, has revealed insights into the financial preparedness of the LGBTQIA+ community in India from the perspective of life insurance. This pioneering initiative, conducted in partnership with Pride Circle, one of India's premier Diversity and Inclusion Advisory firms, represents a significant step forward in understanding and addressing the specific financial needs of the diverse community.

Under the vision of ‘One India-Protection for All’, the PAN-India survey includes the LGBTQIA+ community for the first time to understand their financial preparedness. With a population estimated to be around 135 million people, or around 10% of India's 1.4 billion population, the LGBTQIA+ community represents a significant segment whose financial preferences and challenges cannot be overlooked.

With a Protection Quotient of 37 points, the LGBTQIA+ community exhibited a 17-point difference in financial preparedness, as compared to the digitally-savvy urban Indian at 54 points. In contrast, the LGBTQIA+ community has displayed a commendable level of awareness, understanding, and proactive engagement in financial planning, with 99% individuals aware of life insurance products. Despite high awareness, ownership of life insurance in the community stands at 68%, as opposed to 80% ownership in the digital cohort.

Prashant Tripathy, CEO and Managing Director, Max Life said, “As India advances towards a more inclusive and sustainable future, the need to create comprehensive financial solutions for all is more critical than ever. At the heart of this mission is our flagship India Protection Quotient survey, which not only measures awareness levels of life insurance but also strives to achieve a deeper, more unbiased understanding of financial protection. This year, with the inclusion of the LGBTQIA+ community, the India Protection Quotient reaffirms our commitment to diversity, inclusion, and equitable access to financial security for all Indians. We are dedicated to ensuring that everyone has the protection they deserve, driving forward a vision where every life is valued and safeguarded.”

Ramkrishna Sinha, Co-Founder, Pride Circle said, “The inclusion of the LGBTQIA+ community in Max Life’s India Protection Quotient study is an important step to uncovering the gaps and challenges faced. We are optimistic that this will lead to enhanced attention, addressing the needs of this community, and a deeper understanding of the importance of life insurance. We at Pride Circle remain committed to working for the enablement of the LGBTQIA+ community, and this is a step toward financial wellbeing.”