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9 in 10 from the Indian LGBTQIA+ community prioritize savings over spending to secure their financial future: Max Life’s IPQ 6.0

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Key findings

The overall financial protection score stands at 37 points, against the digitally-savvy urban Indians’ score of 54 pointsThe LGBTQIA+ community demonstrates near-universal awareness at 99%; however, life insurance ownership is at 68%, compared to 80% ownership in the digitally-savvy urban Indian cohort

NEW DELHI, May 31, 2024 /PRNewswire/ — The flagship study of Max Life Insurance Company Limited (Max Life), 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. This pioneering initiative, conducted in partnership with Pride Circle, one of India’s premier Diversity and Inclusion Advisory firms, represents a significant step forward in understanding and addressing the specific financial needs of the diverse community.

Under the vision of ‘One India-Protection for All’, the PAN-India survey includes the LGBTQIA+ community for the first time to understand their financial preparedness. With a population estimated to be around 135 million people, or around 10% of India’s 1.4 billion population, the LGBTQIA+ community represents a significant segment whose financial preferences and challenges cannot be overlooked.1, 2

With a Protection Quotient of 37 points, the LGBTQIA+ community exhibited a 17-point difference in financial preparedness, as compared to the digitally-savvy urban Indian at 54 points. In contrast, the LGBTQIA+ community has displayed a commendable level of awareness, understanding, and proactive engagement in financial planning, with 99% individuals aware of life insurance products. Despite high awareness, ownership of life insurance in the community stands at 68%, as opposed to 80% ownership in the digital cohort.

Prashant Tripathy, CEO and Managing Director, Max Life said, “As India advances towards a more inclusive and sustainable future, the need to create comprehensive financial solutions for all is more critical than ever. At the heart of this mission is our flagship India Protection Quotient survey, which not only measures awareness levels of life insurance but also strives to achieve a deeper, more unbiased understanding of financial protection. This year, with the inclusion of the LGBTQIA+ community, the India Protection Quotient reaffirms our commitment to diversity, inclusion, and equitable access to financial security for all Indians. We are dedicated to ensuring that everyone has the protection they deserve, driving forward a vision where every life is valued and safeguarded.”

Ramkrishna Sinha, Co-Founder, Pride Circle said, “The inclusion of the LGBTQIA+ community in Max Life’s India Protection Quotient study is an important step to uncovering the gaps and challenges faced. We are optimistic that this will lead to enhanced attention, addressing the needs of this community, and a deeper understanding of the importance of life insurance. We at Pride Circle remain committed to working for the enablement of the LGBTQIA+ community, and this is a step toward financial wellbeing.”

Awareness, Ownership and Barriers of the Indian LGBTQIA+ Community

The LGBTQIA+ community demonstrates exceptional levels of awareness regarding life insurance products, with 82% awareness of Term Life Insurance, and 88% awareness of Savings Life Insurance products. These figures surpass the slightly lower awareness levels (81% and 79% for Term Life Insurance and Savings Life Insurance products, respectively) observed in the digital segment.

However, high premiums (35%) and a higher inclination towards health insurance (48%) remain the top barriers for the community to adopt life insurance offerings. Additionally, more than 80% of the respondents have made parents nominees in their life insurance policies, in stark contrast to overall India, where 15%-25% of respondents have parents as nominees.

Overall, the cohort remains acutely aware of Term products but lags in ownership compared to the digital audience. Further, ownership and awareness of ULIPs and market-linked products remain lower within the community, presenting an opportunity for focused education and outreach efforts for the industry.

Concerns and attitude towards financial prudence

Concerns voiced by LGBTQIA+ respondents underscore their high awareness of financial vulnerabilities, particularly regarding rising medical expenses, mental health, and inflationary pressures. Despite these challenges, the community remains steadfast in their commitment to financial discipline, with 9 in 10 respondents prioritizing savings over spending, embodying a forward-thinking approach to securing their financial future. A significant portion of the community allocates a substantial portion of their income towards savings – 30% as compared to 36% by the digital respondents, albeit with higher proportions dedicated to luxury (19% vs. 14%) and basic expenses (33% vs. 28%) as compared to the digital cohort.

Preference of Life Insurance Players

The LGBTQIA+ community has a strong preference for private companies in the life insurance sector, with close to 80% expressing an inclination, while only 40% of the IPQ digital respondents favour private companies. The respondents also revealed that they are highly influenced by LGBTQIA+ support groups and forums, believing and following influencers from the community while making financial decisions.

Max Life continues to remain keenly attuned to the evolving demands of its consumers across all cohorts and social groups. Through initiatives like the India Protection Quotient survey, the company remains committed to derive valuable insights into the financial preparedness of the nation and develop tailored financial security solutions that meet the needs of modern consumers.

https://orfonline.org/expert-speak/indias-pink-economy (Kinsey scale)

2 https://kinseyinstitute.org/research/publications/kinsey-scale.php

About India Protection Quotient

Instituted in 2019, India Protection Quotient is an annual property by Max Life Insurance in association with KANTAR aimed at understanding the pulse of Indian consumers in the financial protection space. Launched with the underlying objective of increasing penetration of term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of urban Indians with regards to current financial security levels, changing savings and investment patterns, key anxieties, and triggers of financial protection in a contemporary world. The India Protection Quotient is a proprietary tool developed by Max Life in partnership with KANTAR to gauge the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (term, endowment, and ULIP).

Disclaimer:

The study is conducted in partnership with KANTAR in the top 25 Urban metros, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities in Urban India only.

Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, MumbaiTier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, PuneTier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, TiruchirappalliIPQ 6.0 vs IPQ 5.0 data comparison is amongst 25 markets only (6 metros, 9 Tier 1 and 10 Tier 2)The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964%

*Findings represented here are as per the IPQ 6.0 survey and Max Life doesn’t assume responsibility or liability for any contradictions.

**The LGBTQIA+ edition of IPQ 6.0 was administered digitally and hence the comparison with online results of the mainstream IPQ 6.0 Survey.

About Max Life Insurance

Max Life is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Max Life offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.

For more information, please visit the Company’s website at www.maxlifeinsurance.com.

About KANTAR

KANTAR is the world’s leading marketing data and analytics business and an indispensable brand partner to the world’s top companies. We combine the most meaningful attitudinal and behavioral data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.

For more information, visit www.kantar.com

About Pride Circle

India’s Premier Diversity & Inclusion Advisory Consultancy with a mission of Social Equity by affirmative action for LGBTQIA+ community in India. They have partnered with over 450 companies across India to provide Executive Leadership Development, comprehensive Diversity & Inclusion Training, Sensitization, Consultation, Industry Roundtables, Research & Publications, job placements and professional networking opportunities that build safe, inclusive, and welcoming work environments. 

With their experience and growing roster of national and international partner companies, government & non-profit organizations, Pride Circle is leading the LGBT+ inclusion revolution in India. They conduct Audits & Assessments, Training & Sensitization, Industry Roundtables, Job Placement, Research & Publications.

Logo: https://mma.prnewswire.com/media/1992948/4492032/Max_Life_Insurance_Logo.jpg

 

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As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP

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Earth’s pulse monitored: a review highlights remote sensing time series progress

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As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.

GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.

The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.

Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.

Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”

The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.

References

DOI

10.34133/remotesensing.0285

Oiginal Source URL

https://doi.org/10.34133/remotesensing.0285

Funding information

This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).

About Journal of Remote Sensing

The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.

Media Contact

George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/

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SOURCE Journal of Remote Sensing

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