International Women's Day: Decoding insurance buying behaviour of females

The surge in women purchasing life insurance can be attributed to several factors, according to Thakkar.

The increasing financial independence of women, with a 4.2% rise in their participation in India's workforce, has fueled a desire to secure their own and their families' futures.

"Financial literacy initiatives targeting women, along with tailored insurance plans addressing their specific needs, have also played a crucial role. Affordable premiums further make life insurance a accessible and vital financial instrument for women," Thakkar told CNBC-TV18.com.

Thakkar emphasised that the observed rise in female policyholders signifies a positive trend, showcasing women taking control of their financial security and future planning.

When asked about the speed of women in financial planning, Thakkar dispeled the notion of a uniform approach.

"While women have traditionally managed household finances with care, there exists a hesitancy in taking the lead on larger financial decisions. Societal norms, access to financial education, and individual circumstances contribute to this disparity. Comprehensive financial planning, however, equips women with the knowledge to navigate different investment vehicles," she said.

Thakkar highlighted common investment avenues chosen by women, including fixed deposits for guaranteed returns, gold for its cultural significance, mutual funds for diversification, and life insurance for financial protection and wealth creation through savings plans.

The gender-based roles assigned by society contribute to the lag in women's financial planning, according to Thakkar.

Dismantling outdated mindsets and encouraging women to break free from these limitations will empower them to make major financial decisions with confidence.

A survey by MYRE Capital revealed that only 27% of women make independent financial decisions, citing a lack of confidence or knowledge as barriers to investing.

In response to whether insurance can be considered an investment,  Thakkar asserted that life insurance offers a dual benefit of protection and savings.

This product, aligned with the increasing responsibilities of women, acts as a financial safety net for families while also providing an avenue for wealth accumulation over time.