Working women pip men in life insurance policy ownership, says survey

They also lead in insurance ownership, homemaker women lag

Working women have surpassed men in life insurance ownership, with 79 per cent of them having life insurance plans against men’s 76 per cent, according to a survey.

The survey carried out by Max Life in collaboration with leading marketing data and analytics company Kantar and titled ‘Life’s India Protection Quotient Survey (IPQ)’ states that there has been an overall uptick in women's ownership of life insurance products, from 59 per cent in IPQ 1.0 survey to 73 per cent in IPQ 6.0.

Working women are also taking the lead in insurance ownership, closing the gender gap in term plan awareness. As per the IPQ 6.0 survey round, 35 per cent of working women now have a term insurance policy, as compared to 33 per cent of men in urban India. However, homemaker women lag with only 18 per cent having term insurance, indicating the need for targeted interventions to financially protect this underserved segment.

Prashant Tripathy, CEO and Managing Director, Max Life said, “As we celebrate International Women's Day, it is important to reflect on the financial readiness of women. The insights from the latest IPQ 6.0 survey underscore the remarkable strides women have taken in proactively securing their financial well-being through life insurance investments.”

“However, the survey also sheds light on the enduring gender disparity in financial awareness. This requires intensive actions to empower women to assert control over their financial state. Hence, the collective call to action for the industry is to support the cohort with tailored solutions that help realise the inclusive vision of ‘Insurance for All’,” he said.

The survey also notes a significant gender gap in financial preparedness with men in urban India leading in financial protection at 46 points, surpassing the overall average for urban India of 45 points.

The financial protection gap between men and women in urban India is primarily driven by a huge disparity in life insurance awareness levels, with men boasting a knowledge index of 64 points and women 54.

The survey notes the financial protection levels amongst urban Indian women have surpassed the 40-point mark for the first time, increasing from 33 to 41 points in 6 years. According to IPQ 6.0, women's financial security remains at 64 per cent, yet to recover to pre-pandemic levels of 65 per cent as per the IPQ 1.0 study.

However, the financial protection levels of homemaker women have seen a marginal dip from 38 in IPQ 5.0 to 36 in IPQ 6.0, highlighting the need for bolstering their financial well-being. In contrast, the protection quotient of working women has increased from 43 in IPQ 5.0, to 47 in IPQ 6.0.