Archive · 16 Jun 2025
Indian LGBTQIA+ Community Lags in Financial Protection: Study
Imagine a study that looks at how financially safe different groups of people feel.
This study found that the LGBTQIA+ community in India doesn't feel as financially protected as other city folks.
They have less knowledge about financial matters compared to others.
The community also feels less financially secure now than they did before.
They are worried about things like losing their main earner, medical bills, and managing their money.
This means they're not planning for the future as much.
The study suggests that the insurance industry needs to make things better so that everyone, regardless of who they are, can get the financial help they need.
LGBTQIA+ community's Protection Quotient (35) lags behind the digital urban average (56).
Knowledge Index score for the community is 61 compared to 74 for digitally savvy urban Indians.
Financial security perception has declined from 60 (IPQ 6.0) to 57 (IPQ 7.0).
Growing concerns include breadwinner loss, medical costs, and budgeting difficulties.
Shift observed away from proactive financial planning within the community.
- Who
- Axis Max Life Insurance Ltd. in partnership with Kantar conducted the study.
- What
- A study revealed financial protection gaps in the Indian LGBTQIA+ community.
- When
- The study was recently conducted and the results released.
- Where
- Findings are representative of urban India, including metro and Tier 1 & 2 cities.
- Why
- To understand financial protection levels and identify areas for improvement for the LGBTQIA+ community.
LGBTQIA+ Community
Insurance Industry
Financial Preparedness
LGBTQIA+ Community
Facing structural and emotional barriers to financial preparedness.
Insurance Industry
N/A
- Protection Quotient (LGBTQIA+)
- 35
- Digital Urban Average
- 56
- Knowledge Index (LGBTQIA+)
- 61
- Knowledge Index (DSUI)
- 74
- Financial Security (IPQ 6.0)
- 60
- Financial Security (IPQ 7.0)
- 57
- Term Insurance Ownership (LGBTQIA+)
- 66%
- Term Insurance Ownership (DSUI)
- 82%