A recent survey conducted by Goodreturns has revealed that women in India prefer term insurance as the top solution to secure their child’s future. The survey aimed to understand the financial priorities and preferences of women when it comes to planning for their children’s future. The results show that term insurance has emerged as the most popular choice among women, followed by savings plans and mutual funds.
The survey found that 71% of women respondents considered term insurance as the best way to secure their child’s future, citing its affordability and comprehensive coverage. Term insurance provides a death benefit to the nominee in the event of the policyholder’s death, ensuring that the child’s education and other expenses are taken care of. Women respondents also appreciated the flexibility of term insurance plans, which allow them to customize the coverage and premium payments according to their needs.
The survey also revealed that women are becoming increasingly financially independent and are taking charge of planning for their children’s future. 62% of women respondents said that they are the sole decision-makers when it comes to financial planning for their children, while 31% said that they make joint decisions with their spouses.
When it comes to the reasons for choosing term insurance, 83% of women respondents said that they want to ensure that their child’s education expenses are covered, while 67% said that they want to secure their child’s marriage expenses. 56% of respondents also said that they want to leave a legacy for their child.
The survey also found that women are increasingly aware of the importance of insurance and are seeking advice from financial experts to make informed decisions. 71% of women respondents said that they consult a financial advisor or insurance expert before making a decision, while 45% said that they research online to understand the various insurance options available.
Overall, the survey highlights the growing awareness among women about the importance of financial planning and the role of term insurance in securing their child’s future. With more women taking charge of financial decision-making, the demand for term insurance is likely to increase, driven by their desire to provide a secure and stable future for their children. As the survey suggests, term insurance has emerged as a top solution for women to achieve their financial goals and secure their child’s future.