The number of women buying term insurance plans in India has increased by 80 percent in the last two years, according to PoliticsBazaaThe latest data from R was released on Tuesday. This increase reflects greater financial awareness and inclusion among women.
The analysis also highlights a growing preference for plans with greater coverage, with women opting for policies that exceed ₹2 crore rupees, according to PoliticsBazaar data.
PolicyBazaar data also indicated an uptick in the growing trend in smaller cities. Guntur in Andhra Pradesh ranked among the top five cities where women shopped the most. term insurance policies.
120% increase in the number of women purchasing high-value life insurance
In the last two years, High Value Term Insurance Plansoffering coverage of up to ₹2 crore, have become popular among women. The number of women purchasing high coverage plans has seen a 120 percent increase since 2022, PolicyBazaar analysis revealed.
Growing participation of housewives
Despite being introduced just a few years ago, term insurance plans for homemakers have rapidly gained popularity. PB data shows that nearly 40 per cent of the policies purchased in the last two years were purchased by homemakers. Most of the buyers are in the age group of 20 to 30 years.
“It is heartening to see women taking charge of their financial planning by purchasing term insurance policies. We also recommend that along with an adequate cover amount, women opt for riders like critical illness rider. With the increasing incidence of women-specific cancers, insurers have expanded their critical illness rider coverage to include breast cancer, ovarian cancer and cervical cancer,” said Rishabh Garg, Head – Term Insurance at Policybazaar.
Most of the women who buy term plans are from Delhi, Mumbai and Bangalore.
Most of the women who have been purchasing term insurance plans for the last two years are from metropolitan cities, with DelhiMumbai and Bangalore lead the way.
According to the data, 8-10 per cent of the women buyers were from Delhi, while 6-7 per cent of the buyers belonged to Hyderabad and BangaloreMumbai was also among the top four cities with the highest volume of life insurance purchases by women.
Term insurance plans are popular among women in smaller cities
Smaller towns are seeing an increase in term insurance purchases by women. Guntur in Andhra Pradesh ranks fifth in terms of the highest volume of term insurance purchases by women, with nearly 4-5 per cent being female buyers.
Other smaller cities such as Bangalkote, Karur, Goalpara, Lucknow and Gorakhpur also saw a 1 to 3 per cent increase in the number of women buying life insurance.
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