A study conducted by a popular Indian insurance portal PolicyBazaar reviled that more men buy insurance policy online than women. For me this was much expect fact as more men are active in personal finance space than women in India because of the kind of financial literacy levels are low in India compared to other emerging nations.
In India a man is aware of his financial standing and how much is he prepared for the future (financially) while many women are not, though the times are now changing.
Here is an interesting insight on Indian online insurance landscape.
In the last quarter, 98.1% of the people who bought insurance online were men, while only 1.9% were women. The study also showed that metro residents were more active visitors of insurance portals than non-metros. Overall, 59% of online visitors were from metros like Mumbai, Delhi, etc, while just 19% of visitors resided in mini-metros. Another 21% of the visitors belonged to the ‘Others’ category that included small towns and cities.
Moreover, the study shows that in the metros people are more concerned about their vehicle. Among those who checked for car insurance online, 71.4% resided in the metros. Metro residents also consider health a concern, as 63% of all online visitors who checked for health insurance belonged to metros. The interesting point is people living in small towns and cities were more interested in other insurance like property, as almost 78% of the visitors inquiring for that category of insurance resided in small towns and cities, while only 18.5% of the visitors were metro residents.
People in age-group of 25-40 were the most active in buying insurance online. However, they mostly buy life and health insurance, while car insurance was preferred among the younger age group of 20-25 years. [source]
Did you know that every 18 minutes, an online term plan is bought in the country? Amazing isn’t it?
This would have been obvious as Indian male population is more financially literate than the female populations. With this I conclude that more men are involved in the financial planning process than women.
I recently bought a term insurance plan from Aviva (i-Life) and also bought a few SIP’s.