Concern for financial security: 44 per cent of women buying term insurance of one crore, wage earners at the forefront

New Delhi| Women in the country are increasingly taking responsibility for financial security. 44 per cent of women who buy term insurance are now taking cover of Rs 1 crore or more. According to Policybazaar report, women’s participation in investment policies, health insurance and term life insurance has increased significantly.

According to the report, this is part of a rapid change in financial decision making, driven by greater workforce participation and increased access to digital financial instruments. The share of women buying term insurance has increased to 18 per cent in the current financial year. In this, salaried women are at the forefront with 49 percent.

Housewives are in second place with 39 per cent. Women aged 31 to 40 are buying the most insurance, accounting for 48 per cent of total purchases. Women’s participation as policy proponents in health insurance has increased from 15 to 22 per cent in two years. More women are choosing higher coverage, with 70-75 per cent choosing 1 million or more in surance. Agency

Using super top-ups in full swing
Women over the age of 40 are looking to protect themselves against rising medical costs. Many women are taking super top-ups to make coverage of Rs 1 crore cheaper. Women’s participation in investment-related insurance schemes is also increasing. Women account for 18 per cent of the total investment in ULIPs.