Women rank term insurance as top choice to secure child's future: Survey

Women prefer term insurance plans with child income security, according to Bajaj Allianz Life

A majority of working women in India consider their children’s financial stability in unforeseen events a priority in financial planning, according to a survey by Bajaj Allianz Life Insurance.

 

As many as 57 per cent of them regard funding education as another priority. managing health expenses (53 per cent) and retirement planning (54 per cent) are some other items in their planning. As many as 61 per cent of women have planned for their children’s financial stability, said the survey, conducted in collaboration with Pixis Global and Quals.AI. It questioned more than 1,000 salaried and self-employed women in metro, Tier-I and Tier-II cities.

 

“The findings show that women today view term insurance as more than just life cover. Their financial priorities are clear, from their child’s education to critical health protection, and they expect term plans to cater to these needs,” said Tarun Chugh, managing director & chief executive officer of Bajaj Allianz Life Insurance.

 

Why women prefer term insurance

 

• 46 per cent of respondents said they prefer term insurance for their children more than any other financial product 
• 93 per cent found the child income security feature appealing. 
• 87 per cent liked term plans that offered critical illness coverage. 
• 57 per cent viewed health management services as a must-have in a term plan. 
• 33 per cent of women valued educational benefits built into the plan, and 28 per cent said high life cover was important.

 

Gaps in current offerings

 

Many respondents said they think term insurance products lacked flexibility and did not offer maturity benefits. Complex claim processes and limited health riders were also cited as pain points.

 

“Our survey insights will help us design more inclusive products that meet the evolving needs of women policyholders,” said Chugh.