Bajaj Allianz Life Women Term Survey highlights a significant shift in financial priorities – with children’s future, education expenses, and health surfacing as top concerns. Term insurance emerged as the preferred financial product for women to secure their child’s future
Bajaj Allianz Life insurance, a major private sector life insurer, unveiled insightful findings from its latest study, Bajaj Allianz Life Women Term Survey in collaboration with Pixis Global and Quals.AI.
The survey highlights a significant shift in financial priorities – with children’s future, education expenses, and health surfacing as top concerns. Term insurance emerged as the preferred financial product for women to secure their child’s future.
53% women expressed concern about unexpected health expenses impacting their family’s savings, showing growing awareness around health-related risks.
Reflecting this, 87% found Critical Illness cover highly appealing, and 50% considered built-in Health Management Services an essential feature in their term plan.
Additionally, women also consider child education benefits as an essential part in a term plan.
These insights underline how financially independent women today are looking for insurance that not only protects life but also supports long-term health and family wellbeing.
Tarun Chugh, MD & CEO, Bajaj Allianz Life insurance, said, “The survey findings highlights that women view term insurance as more than just a life cover. They see it as a comprehensive financial solution that aligns with their well-defined financial priorities.”
Key Findings:
Children’s Financial Future is a Top Financial Priority:
-61% mothers consider ensuring their child’s financial stability in case of unforeseen events as their primary concern.
– Income stability (61%), health expenses (53%), retirement planning (54%), and child’s
education (57%) emerged amongst the top financial priorities.
-Term Insurance Emerges as the Preferred Choice for Child’s Financial Security
– 46% of women prefer investing in term insurance to secure their child’s financial future, making it the most preferred financial product for this goal.
-Women worry about unexpected health and medical expenses impacting savings
– 87% women find ‘Critical Illness Coverage’ features in term insurance highly appealing.
– 57% women consider “Built in HMS and Health/CI cover” as an essential feature in a term plan
High Interest in Child Income Protection Feature in Term
– 93% mothers find the ‘Child Income Security’ feature in a term plan as highly appealing
-Other Features Women Want in Term Insurance
– 51% want flexibility and maturity benefits—with the ability to increase coverage as life events unfold.
– 33% mothers consider financial benefits for child’s education to be essential in term plans.
– 28% women want term plans with high Life Cover
Perceived Gaps in Current Term Plans
-Women noted lack of flexibility to adjust coverage, absence of maturity benefits, and
complex claim processes as major deterrents.
-Affordable premiums and health/CI coverage riders were highly desired enhancements.
The survey underscores the need for tailored term insurance solutions that align with women’s evolving financial aspirations. By addressing existing gaps and enhancing term plans with the features women seek, Bajaj Allianz Life aims to empower them with financial confidence and financial security for their families.
The survey deployed a combination of qualitative and quantitative methodologies covering over 1,000 salaried and self-employed women across metro, tier 1, and tier 2 cities. It assessed their top financial priorities, preparedness for emergencies, and approach to long-term financial security.