BENGALURU: According to a survey released by Max Life Insurance and Kantar, Bengaluru has topped the charts as the most financially protected city in India. The survey, titled ‘The India Protection Quotient 4.0’, had 5,729 respondents from 25 cities in India.
Bengaluru had a protection quotient of 56 per cent, the same as Delhi. Compared to other metropolitan and Tier-1 cities, Bengaluru has the highest percentage of life insurance ownership, at 91 per cent. However, the city ranked lowest in terms of financial security, with 53 per cent.
“The study shows that Bengaluru has outperformed other cities in India by achieving the highest life insurance uptake. However, there is ground to be covered on security levels, where the city has ranked lowest among other metros. This gap can be bridged by encouraging more proactive planning and enabling Bengaluru to realise the vital role of life insurance in protecting our loved ones,” said V Viswanand, said deputy managing director for Max Life.
The survey also provided insights into the financial anxieties and priorities exhibited by Bengalureans. Interestingly, the survey found that mental health and wellbeing is a major priority for the city’s citizens, followed by financial independence post-retirement and children’s education.