80% Increase of Indian Women Purchasing Insurance Plans: PolicyBazaar Report

By: WE Staff | Friday, 13 September 2024

India's women are increasingly purchasing term insurance plans, with an 80% increase over the past two years, according to PolicyBazaar. This shift in financial planning is driven by rising healthcare costs, financial independence, and an understanding of insurance as a risk management tool. The insurance sector is working to create more accessible and tailored products for women to invest in their financial well-being.

The report mentions that over the past two years, high-cover plans have witnessed a 120 per cent increase in purchases, with an 80 per cent increase in women purchasing term plans. Working women, including salaried and self-employed individuals, account for 55-60 per cent of term insurance purchases. Housewives contributed around 40 per cent, demonstrating that financial planning is now more accessible to those earning income. Working women's coverage amounts have nearly doubled since 2022.

As per the report, the adoption of term insurance has increased significantly, particularly among women in less prominent regions. Major cities like Delhi, Hyderabad, and Bangalore have seen the most significant growth, while smaller cities like Guntur also experienced a significant increase. The majority of buyers are women aged between 25-34, reflecting a growing focus on financial planning as women settle into their careers and family life.

Rishabh Garg, Head of Team Insurance, Policybazar mentioned, "It is encouraging to see women taking charge of their financial planning by purchasing term insurance policies. We also recommend that, along with an adequate coverage amount, women go for riders like critical illness, With the rising incidence of cancers specific to women, insurance providers have expanded their coverage in critical illness rider to include breast cancer, ovarian cancer, and cervical cancer."