More women increasingly make their own decisions while purchasing term insurance policy: Report
life insurance by themselves, according to a recent data analysis by PolicyBazaar. Term life insurance is gaining popularity among homemakers, despite the fact that they don't have any fixed source of income. The data found that 45% of homemakers are actively involved in the decision-making process with their husbands when purchasing term insurance for themselves.
“Housewives traditionally had a problem in terms of getting term insurance. It was only a year and a half that insurance companies understood the standalone that a housewife adds to the overall household. Valuing their contribution, companies started providing standalone term insurance plans for homemakers," said Rishabh Garg, Head of Term Insurance, PolicyBazaar.
“It was because of the opening of the supply that led to more and more households buying the term plan," he added. Not just homemakers, salaried women are also making their own decisions related to financial planning. According to the data, 81% of salaried and 66% of self-employed women make a joint decision when it comes to purchasing term life insurance.
Women with formal education are much more likely to make the purchase decision independently. The data also indicates that women in Western India are more active in making their independent decisions related to term life insurance. Women in Western India rank the highest in independent decision-making (36%) across tier-1 & 2 cities than the 27% of India average Securing children’s future main reason behind purchases, says the research data.
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