According to the number of women buying insurance schemes in India, according to 80 percent in the last two years, PolicybazaaThe latest data of R released on Tuesday. This growth reflects awareness and financial inclusion among women.
Analysis also highlights an increasing preference for high coverage schemes, in which women opt for women more than policies. 2 crores according to Policy market india data.
Policybazaar’s data also indicated an increase in increasing trend in small towns. Guntur in Andhra Pradesh finished in the top five cities, where women bought the most insurance policy.
120% increase in women purchasing higher price insurance insurance
In the last two years, high-value insurance schemes, above coverage offered 2 crores have become popular among women. The number of women purchasing high-wave schemes saw a 120 percent increase since 2022, showing from the analysis of the policy market.
Housewife’s increasing participation
Despite being introduced a few years ago, the term insurance plan for homemakers has gained popularity quickly. PB data shows that about 40 percent of the policies purchased in the last two years were purchased by housewives. Most buyers fall into the 20 to 30 -year age group.
“It is encouraging women to take charge of their financial planning by purchasing insurance policies. We also recommend that, with an adequate cover amount, women go for riders like serious illness. With increasing incidence of specific cancer for women, insurance providers have expanded their coverage in their coverage in breast cancer, ovarian cancer, and Cervical Canceraza.”
Most women’s term plan buyers are from Delhi, Mumbai and Bangalore
Most of the women who are buying a term insurance plan in the last two years are from metro cities, in which Delhi, Mumbai and Bangalore are the pioneers.
According to the data, 8 percent to 10 percent of women buyers were from Delhi, while 6 percent to 7 percent buyers were from Hyderabad and Bangalore. Mumbai was also among the top four cities with the highest amount of insurance purchases by women.
Term insurance plans are popular among women in small cities
Small towns are watching a bounce in term insurance purchases by women. Guntur of Andhra Pradesh was fifth in terms of highest amount of insurance purchases by women, with about 4 percent to 5 percent of women buyers.
Other small cities, such as Bengalkot, Karur, Golpara, Lucknow, Gorakhpur, also saw an increase of 1 percent to 3 percent in women’s word insurance buyers.
