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Urban India raises focus on savings, cuts down luxury expenses due to covid-19: Report

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NEW DELHI : Urban India has increased savings and investments, and cut down basic and luxury expenses significantly due to the outbreak of COVID-19 pandemic, according to a survey done by Max Life Insurance.

Urban India continues to grow anxious about financial security, fear of COVID-19 infection, untimely death of breadwinner, and cost of COVID-19 treatment, Max Life's India Protection Quotient (IPQ) 3.0 revealed.

Term insurance ownership registers 4 percentage point increase during Covid-19 pandemic; however, conversion to ownership of term insurance still under 50 per cent, it said.

Around 4,357 respondents were surveyed via face-to-face interviews with adequate safety measures across 25 cities comprising six metros, nine Tier I and 10.

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