90% of LGBTQIA+ individuals in India prefer to save over spending for financial security: Survey

The India Protection Quotient Survey (IPQ), conducted by Max Life Insurance Company Limited (Max Life) in collaboration with KANTAR, recently shed light on the financial goals and preparedness of the Indian LGBTQIA+ community in the realm of life insurance.\r

With approximately 135 million individuals, constituting about 10% of India's population, the LGBTQIA+ community represents a significant segment whose financial preferences and challenges cannot be overlooked. Despite a commendable level of awareness and understanding of life insurance products, ownership stands at 68%, lower than the national average. \r

High premiums and a preference for health insurance remain primary barriers to adoption. The survey emphasizes the need for focused education and outreach efforts to bridge the gap in ownership and awareness of life insurance products within the LGBTQIA+ community.