Women as key decision-makers opt for higher insurance coverage: PolicyBazaar survey

Education plays a pivotal role in determining the independence of purchase decisions. A striking 58 percent of women who buy term insurance independently are graduates or possess higher degrees. Salaried women, in particular, stand out, with 50 percent making independent decisions, as per the survey.

Regionally, Western India leads the pack in independent decision-making among women, with 36 percent of women in Tier-1 and -2 cities making autonomous choices, surpassing the national average of 27 percent.

The motivation behind purchasing term insurance for married women with children is securing their offspring's future. Surprisingly, 39 percent of married women without children also opt for term plans with this foresight in mind. Additionally, 16 percent of single women purchase term plans to secure their potential children. Within this category, 69 percent of women buy term insurance to provide for their aging parents, the survey said.

When it comes to awareness, word of mouth reigns supreme, with more than 35 percent of respondents citing family and friends as their primary source of information about women's term insurance plans.

"Social media follows closely behind, with 25 percent of respondents turning to these platforms for information. In the higher income bracket of Rs 10 lakh and above, insurance agents play a significant role in spreading awareness," Policybazaar said.

Forty-four percent of women opt for coverage of Rs 1 crore or above, whether as primary or co-decision-makers. In contrast, only 13 percent of men purchase such high coverage for their wives, irrespective of their employment status.

When husbands take the lead in decision-making, 76 percent of them invest in coverage ranging from Rs 20-50 lakh. Interestingly, over 50 percent of salaried term insurance buyers choose Rs 1 crore cover, while 87 percent of homemakers opt for coverage ranging from Rs 20-50 lakh.

Regional variations continue, with a higher proportion of respondents in the West (34 percent) and South (30 percent) choosing coverage of 1 crore and above.