Mr.S.Sridharan, Founder, https://www.walletwealth.co.in/
Term Life Insurance: Women purchases surge 80%..!
There has been about an 80% rise in the number of women term life insurance buyers over the past 2 years, says PolicyBazaar Analysis.
The number of women buying term insurance plans in India has surged by 80% by numbers over the past 2 years, according to PolicyBazaar's latest data released. This rise reflects increased awareness and financial inclusion among women.
The analysis also highlights a growing preference for higher life coverage plans, with women opting for policies exceeding ₹2 crore. The data also indicated an uptick in the growing trend in smaller cities.
120% rise..!
Over the past two years, high-value term life insurance plans, offering coverage of up to ₹2 crore, have grown popular among women. The number of women buying high-cover plans saw a 120% increase since 2022.
Term life insurance plans for homemakers have quickly gained popularity. The data reflects that nearly 40% of policies purchased in the last 2years were bought by housewives. Most buyers fall into the 20 to 30 year old age group.
It is encouraging to see women taking charge of their financial planning by purchasing term life insurance policies. We also recommend that, along with an adequate cover 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 riders to include breast cancer, ovarian cancer, and cervical cancer.
Smaller cities are seeing a surge in term life insurance purchases by women.
For more details and Policy taking
Mr.S.Sridharan, Founder, https://www.walletwealth.co.in/
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Read articles written by Mr. S. Sridharan in Nanayam Vikatan, a leading personal financial management magazine.
https://www.vikatan.com/author/855-sridharan-s
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