Girls time period insurance coverage purchases surge 80% in 2 years; smaller cities see rise in high-cover plans

The variety of girls shopping for time period insurance policies in India has surged by 80% over the previous two years, in line with PolicyBazaar’s newest information launched on Tuesday. This rise displays elevated consciousness and monetary inclusion amongst girls.

The evaluation additionally highlights a rising choice for increased protection plans, with girls choosing insurance policies exceeding ₹2 crore, in line with PolicyBazaar information.

Policy Bazaar’s information additionally indicated an uptick within the rising development in smaller cities. Andhra Pradesh’s Guntur ranked among the many prime 5 cities, the place girls bought essentially the most time period insurance coverage insurance policies.

120% rise in girls shopping for high-value time period insurance coverage

Over the previous two years, high-value time period insurance policies, providing protection of as much as ₹2 crore, have grown in style amongst girls. The variety of girls shopping for high-coverage plans noticed a 120% enhancement since 2022, PolicyBazaar’s evaluation revealed.

Rising participation of homemakers

Regardless of being launched only a few years in the past, time-period insurance policies for homemakers have shortly gained reputation. The PB information displays that just about 40% of insurance policies bought within the final two years have been purchased by housewives. Most consumers fall into the 20-to 30-year-old age group.

“It’s encouraging to see girls taking cost of their monetary planning by buying time period insurance coverage insurance policies. We additionally suggest that, together with a satisfactory cowl quantity, girls go for riders like important sickness. With the rising incidence of cancers particular to girls, insurance coverage suppliers have expanded their protection in important sickness riders to incorporate breast most cancers, ovarian most cancers, and cervical most cancers,” stated Rishabh Garg, head of Time period Insurance coverage at Policybazaar.

Most girls time period plan consumers are from Delhi, Mumbai and Bangalore

Nearly all of the girls who’ve been shopping for time period insurance policies over the previous two years are from metro cities, with Delhi, Mumbai, and Bangalore being the main.

In accordance with information, between 8% and 10% of ladies consumers have been from Delhi, whereas 6% to 7% of consumers belonged to Hyderabad and Bangalore. Mumbai was additionally among the many prime 4 cities with the very best quantity of time period insurance coverage purchases by girls.

Time period insurance policy are in style amongst girls in smaller cities

Smaller cities are seeing a surge in time period insurance coverage purchases by girls. Andhra Pradesh’s Guntur ranked fifth when it comes to the very best quantity of time period insurance coverage purchases by girls, with practically 4% to 5% of ladies consumers.

Different smaller cities, similar to Bangalkote, Karur, Goalpara, Lucknow, and Gorakhpur, additionally noticed a rise in girls time period insurance coverage consumers by 1% to 3%.