Bridging Financial Gaps: The LGBTQIA+ Community in Focus

The latest India Protection Quotient study by Axis Max Life highlights financial disparities faced by the LGBTQIA+ community. Key concerns include lower Protection Quotient and Knowledge Index scores compared to the digital urban average. It calls for inclusive financial products and heightened awareness to bridge these gaps.

The India Protection Quotient study, conducted by Axis Max Life in collaboration with Kantar, has spotlighted significant protection gaps for the LGBTQIA+ community. The group's Protection Quotient score lags at 35, far below the digital urban average of 56, indicating a need for urgent financial inclusivity.

Additionally, the community scores 61 on the Knowledge Index, compared to 74 for Digitally Savvy Urban Indians, highlighting a noticeable awareness deficit. This has contributed to a decline in perceived financial security and heightened concerns over medical costs and potential breadwinner loss.

Prashant Tripathy, CEO of Axis Max Life, stressed the imperative for the insurance industry to adapt and provide more inclusive products and advisory services, aligning with the evolving societal dynamics and identity diversity within India.

(With inputs from agencies.)