Women Embracing Term Insurance: The percentage of women with term insurance will increase from 9 percent in 2019 to 12 percent in 2023, according to data compiled by Policybazaar. In the first quarter of FY24, the proportion of policies purchased by women between the ages of 31 and 50 was 57% (the highest), while the proportion for women between the ages of 18 and 30 was 41%, according to the data.
This suggests that women are becoming more aware of the importance of purchasing term insurance as soon as they achieve financial stability.
Women Embracing Term Insurance: Ownership Rises to 12% and Growing
According to the data, at least 75% of housewives purchased a policy for Rs 25-50 lakh, while 2 out of 5 working women purchased a policy for Rs 50 lakh to Rs 1 crore and 1 out of 4 chose a policy for more than Rs 1 crore. Policybazaar stated that as more women gain financial independence, there is a growing need for their inclusion in term insurance products to safeguard the future of their families.
There is parity (40-45 percent) between housewives and salaried women who purchase term insurance. Most frequently purchased enhancements by women are critical illness coverage, cancer coverage, and critical illness premium waiver. Delhi NCR women (15 percent) purchase the most term insurance products, followed by women in Mumbai, Bangalore, and Pune, according to the insurance aggregator.
Notably, female term insurance premiums are up to 30% less expensive than male premiums. On average, female term prices are approximately 15% less expensive than male term prices.
