Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Money / Personal Finance/  9 in 10 Indian LGBTQIA+ individuals prioritise savings for financial security: Report
BackBack

9 in 10 Indian LGBTQIA+ individuals prioritise savings for financial security: Report

LGBTQIA+ community in India shows commendable awareness of life insurance products, with 99% awareness but only 68% ownership. They prioritize savings over spending and allocate a significant portion of their income towards securing their financial future

LGBTQIA+ individuals remain steadfast in their commitment to financial discipline, with 9 in 10 respondents prioritizing savings over spending.Premium
LGBTQIA+ individuals remain steadfast in their commitment to financial discipline, with 9 in 10 respondents prioritizing savings over spending.

New Delhi: Max Life Insurance Company Limited (Max Life) 's flagship study, 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

The 'One India-Protection for All' initiative includes the LGBTQIA+ community in a PAN-India survey for the first time to gauge their financial readiness. With an estimated population of 135 million, roughly 10% of India's total, their financial preferences and challenges are significant.

Scoring a Protection Quotient of 37 points, the LGBTQIA+ community's financial preparedness is 17 points lower than digitally-savvy urban Indians, who scored 54 points. Despite commendable awareness and proactive engagement in financial planning, only 68% of the LGBTQIA+ community owns life insurance, compared to 80% in the digital cohort.

Also Read | Post office savings: These risk-free schemes offer up to 7.5% return. Do you own any?

Prashant Tripathy, CEO and Managing Director of Max Life, emphasized the importance of inclusive financial solutions as India progresses towards a more sustainable future. The India Protection Quotient survey, now inclusive of the LGBTQIA+ community, aims to deepen understanding of financial protection and ensure equitable access to security for all Indians. Ramkrishna Sinha, Co-Founder of Pride Circle, welcomed this inclusion, noting its significance in identifying and addressing the challenges faced by the LGBTQIA+ community. Both affirm their commitment to enhancing financial well-being and inclusivity.

Awareness, Ownership and Barriers of the Indian LGBTQIA+ Community

The LGBTQIA+ community shows strong awareness of life insurance, with 82% aware of Term Life Insurance and 88% of Savings Life Insurance. Despite this, high premiums (35%) and a preference for health insurance (48%) are significant barriers to adoption. Over 80% nominate parents in their policies, contrasting with the national average of 15%-25%. While awareness of Term products is high, ownership lags behind the digital audience. There's room for improvement in educating about ULIPs and market-linked products.

Also Read: Pope Francis Apologizes Following Firestorm Over LGBTQ Slur

Concerns and attitude towards financial prudence

LGBTQIA+ respondents show a keen awareness of financial challenges like medical expenses and inflation. Despite this, 9 in 10 prioritize saving over spending, displaying a forward-thinking attitude towards financial security. They allocate 30% of their income to savings, slightly less than the digital respondents (36%). However, they allocate more to luxury (19% vs. 14%) and basic expenses (33% vs. 28%) than the digital cohort.

Also Read: These are the world's most dangerous countries for LGBTQ communities

Preference of Life Insurance Players

The LGBTQIA+ community overwhelmingly favours private life insurance companies, with nearly 80% expressing a preference, compared to  40% of IPQ digital respondents. They heavily rely on LGBTQIA+ support groups and influencers from the community when making financial decisions.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

 

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 30 May 2024, 12:30 PM IST
Next Story footLogo
Recommended For You