For the first time, working women have surpassed men in life insurance ownership, says survey

New Delhi, March 7: For the first time, working women have surpassed men in life insurance ownership, with 79 per cent now owning life insurance plans, as per a survey.

While men's life insurance ownership stands at 76 per cent, the upward trajectory of women's ownership at 79 per cent signifies a shift in gender dynamics concerning financial preparedness and responsibility, says a survey by Max Life.

Despite a positive trend in life insurance ownership, a significant gender gap in financial preparedness persists.

Urban India’s men take the lead 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, the survey found.

The survey found that urban India’s women demonstrate a strong commitment to safeguarding their families from life’s uncertainties, gradually closing the gap with men, whose life insurance ownership is at 76 per cent, vs 73 per cent for women.

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”.