Term insurance ownership among women rises to 12% — Here's a look at policies available now

Term insurance is gaining popularity among women with ownership rising to 12 percent in 2023 from 9 percent in 2019, data compiled by Policybazaar showed. In the first quarter of FY24, the share of policies bought by women in the age group 31-50 years stood at 57 percent (highest), whereas the share for women in the age bracket of 18-30 years was found to be 41 percent, the data said.

This implies that women are becoming more conscious about investing in a term plan as soon as they have financial stability.

As per the data, at least 75 percent housewives took Rs 25-50 lakh cover while at the same time, 2 out 5 working women invested in Rs 50 lakh to Rs 1 crore cover and 1 out of every 4 chose more than 1 crore cover. As more women become financially independent, there is an increasing need for their inclusion in term insurance products to secure the future of their families, Policybazaar said.