'For the first time, working women have displayed higher awareness of term insurance than working men, and were comparatively more perceptive of the ability of their term insurance cover to ensure complete financial protection'
The covid-19 pandemic may have increased financial vulnerabilities of individuals, but urban Indian working women emerged more financially resilient than men.
While a lesser number of working women, 69%, owned life insurance as opposed to 73% working men, the former was found to be more attitudinally secure during the covid-19 pandemic in Max Life Insurance Company Limited’s third edition of Max Life India Protection Quotient (IPQ) 3.0 survey.
About 59% working women were found to be financially secure compared to 57% men.
“For the first time, working women have displayed higher awareness of term insurance than working men, and were comparatively more perceptive of the ability of their term insurance cover to ensure complete financial protection," said Aalok Bhan, director and chief marketing officer, Max Life Insurance Company Ltd.
Both awareness and ownership of life and term insurance increased amongst working women over the last year. While working women’s knowledge index (degree to which they are aware about life insurance products) stood at 55 in comparison to 57 for working men, it improved by 11 points in comparison to last year.
Working women’s term insurance awareness was also at a higher 64% as compared to working men who displayed lesser term awareness at 62%.
According to the survey, amid total or partial job losses, reduced income levels and medical expenses, urban Indian working women’s anxiety levels stood at 61% in the backdrop of covid-19.