Bridging the Gaps: Financial Protection for India's LGBTQIA+ Community and Women
June 19, 2025, 12:16 pm
Location: India, Haryana, Gurugram
Employees: 5001-10000
Founded date: 2000
In the vast landscape of India’s financial sector, two groups stand at the crossroads of opportunity and vulnerability: the LGBTQIA+ community and working women. Recent findings from the India Protection Quotient (IPQ) study, conducted by Axis Max Life Insurance in collaboration with Kantar, reveal stark disparities in financial protection levels. The numbers tell a story of intent overshadowed by barriers.
The LGBTQIA+ community's Protection Quotient score sits at a mere 35, significantly trailing the digital urban average of 56. This gap is not just a statistic; it reflects a broader societal issue. The community's Knowledge Index score of 61, compared to 74 for digitally savvy urban Indians, underscores a critical lack of awareness and understanding of financial products. While 66% of LGBTQIA+ respondents own term insurance, this figure pales in comparison to the 82% ownership among their digitally savvy counterparts.
The decline in perceived financial security—from 60 in the previous IPQ to 57—paints a troubling picture. Concerns about medical expenses, loss of a breadwinner, and daily budgeting struggles loom large. The shift away from proactive saving and financial planning signals a need for urgent intervention.
Similarly, the gender gap in financial protection is widening. Working women’s Protection Quotient remains stagnant at 48, while working men’s score has risen to 50. This disparity is more than a number; it represents the unique anxieties women face regarding retirement, education, and healthcare costs. Women express heightened concerns about inflation and the potential loss of a breadwinner, amplifying the need for gender-responsive financial planning.
The findings from the IPQ study highlight a pressing need for inclusive financial education. Both the LGBTQIA+ community and women require tailored financial products and advisory services that acknowledge their unique challenges. The insurance industry must rise to the occasion, crafting solutions that resonate with these diverse segments.
Financial literacy is the bedrock of security. Yet, the current landscape reveals a gap in understanding. Many in the LGBTQIA+ community and among working women feel unprepared for future uncertainties. This lack of preparedness can lead to dire consequences, especially in times of crisis.
The call to action is clear. Financial institutions must prioritize inclusivity. This means developing products that cater specifically to the needs of marginalized groups. It also means creating educational programs that empower individuals with the knowledge they need to make informed decisions.
The insurance industry must embrace flexibility in product design. Customization is key. One-size-fits-all solutions will not suffice. Instead, products should be adaptable, allowing individuals to choose options that align with their life circumstances and goals.
Moreover, the role of financial advisors cannot be overstated. Advisors must be trained to understand the unique challenges faced by the LGBTQIA+ community and women. They should be equipped to provide guidance that is sensitive to these realities. This approach will foster trust and encourage individuals to seek the protection they need.
The IPQ study serves as a wake-up call. It highlights the urgent need for collective action across the financial sector. The time for change is now. As India progresses toward greater financial security, it is vital to recognize the diverse realities shaping people’s protection needs.
The implications of these findings extend beyond mere statistics. They speak to the heart of societal values. Financial protection should not be a privilege reserved for a select few. It must be accessible to all, regardless of identity or gender.
In conclusion, the journey toward financial inclusivity is fraught with challenges. However, it is a journey worth undertaking. By addressing the gaps in financial protection for the LGBTQIA+ community and women, India can move closer to a future where everyone feels secure and empowered. The road ahead may be long, but with concerted effort and commitment, it is a road that can lead to a more equitable society.
The stakes are high. Financial security is not just about numbers; it’s about lives. It’s about ensuring that every individual, regardless of their identity, has the tools and knowledge to navigate the complexities of financial planning. The time for action is now. Let’s bridge the gaps and build a future where everyone can thrive.
The LGBTQIA+ community's Protection Quotient score sits at a mere 35, significantly trailing the digital urban average of 56. This gap is not just a statistic; it reflects a broader societal issue. The community's Knowledge Index score of 61, compared to 74 for digitally savvy urban Indians, underscores a critical lack of awareness and understanding of financial products. While 66% of LGBTQIA+ respondents own term insurance, this figure pales in comparison to the 82% ownership among their digitally savvy counterparts.
The decline in perceived financial security—from 60 in the previous IPQ to 57—paints a troubling picture. Concerns about medical expenses, loss of a breadwinner, and daily budgeting struggles loom large. The shift away from proactive saving and financial planning signals a need for urgent intervention.
Similarly, the gender gap in financial protection is widening. Working women’s Protection Quotient remains stagnant at 48, while working men’s score has risen to 50. This disparity is more than a number; it represents the unique anxieties women face regarding retirement, education, and healthcare costs. Women express heightened concerns about inflation and the potential loss of a breadwinner, amplifying the need for gender-responsive financial planning.
The findings from the IPQ study highlight a pressing need for inclusive financial education. Both the LGBTQIA+ community and women require tailored financial products and advisory services that acknowledge their unique challenges. The insurance industry must rise to the occasion, crafting solutions that resonate with these diverse segments.
Financial literacy is the bedrock of security. Yet, the current landscape reveals a gap in understanding. Many in the LGBTQIA+ community and among working women feel unprepared for future uncertainties. This lack of preparedness can lead to dire consequences, especially in times of crisis.
The call to action is clear. Financial institutions must prioritize inclusivity. This means developing products that cater specifically to the needs of marginalized groups. It also means creating educational programs that empower individuals with the knowledge they need to make informed decisions.
The insurance industry must embrace flexibility in product design. Customization is key. One-size-fits-all solutions will not suffice. Instead, products should be adaptable, allowing individuals to choose options that align with their life circumstances and goals.
Moreover, the role of financial advisors cannot be overstated. Advisors must be trained to understand the unique challenges faced by the LGBTQIA+ community and women. They should be equipped to provide guidance that is sensitive to these realities. This approach will foster trust and encourage individuals to seek the protection they need.
The IPQ study serves as a wake-up call. It highlights the urgent need for collective action across the financial sector. The time for change is now. As India progresses toward greater financial security, it is vital to recognize the diverse realities shaping people’s protection needs.
The implications of these findings extend beyond mere statistics. They speak to the heart of societal values. Financial protection should not be a privilege reserved for a select few. It must be accessible to all, regardless of identity or gender.
In conclusion, the journey toward financial inclusivity is fraught with challenges. However, it is a journey worth undertaking. By addressing the gaps in financial protection for the LGBTQIA+ community and women, India can move closer to a future where everyone feels secure and empowered. The road ahead may be long, but with concerted effort and commitment, it is a road that can lead to a more equitable society.
The stakes are high. Financial security is not just about numbers; it’s about lives. It’s about ensuring that every individual, regardless of their identity, has the tools and knowledge to navigate the complexities of financial planning. The time for action is now. Let’s bridge the gaps and build a future where everyone can thrive.