A recent analysis by PolicyBazaar has shattered the common misconception that women predominantly rely on family members for financial planning. Surprisingly, the data reveals a growing trend of women taking charge of their financial future by independently embracing term life insurance.
Notably, even homemakers, who lack a fixed income source, are actively participating in the decision-making process when it comes to purchasing term insurance, with 45 per cent of them making joint decisions alongside their spouses.
Moreover, employed women are increasingly making autonomous financial decisions, with 81 per cent of salaried women and 66 per cent of self-employed women jointly deciding to invest in term life insurance. Women with a formal education background are more likely to make independent choices.
Additionally, the data spotlights the proactive approach of women in Western India when making independent decisions about term life insurance. In tier-1 and tier-2 cities of Western India, 36 per cent of women exhibit independent decision-making, surpassing the national average of 27 per cent. The primary driving force behind these choices is securing the financial future of their children.
The rising number of female term insurance policyholders reflects their commitment to sharing the financial responsibility for their family's future alongside their male counterparts. While securing the children's future remains a primary motivator for married women with or without children, the research unveils the popularity of term insurance policies among married women without children and single women.
The data reveals that 39 per cent of married women without children opt for term plans for this very reason. Additionally, 16 per cent of single women proactively purchase term plans to secure their potential future children. Notably, within this category, 69 per cent of women invest in term insurance to provide for their ageing parents.