The Insar Holy Olga Women's Monastery was founded in the late 19th century as a dependency of the Paigarm Paraskevo-Ascension Monastery. The complex included a church, two buildings, a residential and an economic one, as well as a separate bell tower.

In the mid-1880s, Abbess Paraskeva from the Paigarm Monastery purchased a plot of land in Insar near the Bazaar Square and built a small hotel for nuns visiting for business. In the mid-1890s, college assessor Alexander Alekseevich Delfinsky, who lived nearby, offered the abbess part of his estate, but they did not expand the dependency due to a lack of funds.

Delfinsky wanted a chapel to be built next to the dependency. After 1895, the new abbess Eupraxia supported the idea and, together with Delfinsky, decided to construct a chapel-church with a permanent staff of clergy and cells for 50-60 sisters. Delfinsky took on the expenses but stipulated that the church would be consecrated in honor of Saint Olga. In 1897, he submitted a petition to Bishop Paul of Penza and made the first payment of 2000 rubles. Bishop Paul appealed to Emperor Nicholas II, as the land transfer was going through administrative channels. In May 1898, the construction of the church began. After Delfinsky's death, his wife O. P. Delfinskaya could only allocate part of the funds, with the rest provided by the Paigarm Monastery. By August 1900, the complex was ready, and on September 6, the church was consecrated. The architects planned the dependency as part of the Bazaar Square, opposite which stood the Nativity Church. The Holy Olga Church was distinguished by its style, drawing on neo-Russian motifs of the second half of the 19th century, and had 15 domes to reduce the heaviness of the facades.

In the courtyard behind the church, two buildings and a separate bell tower-chapel were constructed. The complex was enclosed in a square with decorative walls between the buildings. The dependency became a large women's community, which Abbess Eupraxia considered independent. During the consecration, two famous icons were transferred to the church: that of Martyr Paraskeva and the Mother of God "Relieve My Sorrows." In 1904, Eupraxia purchased a plot of land near Insar, where a wooden church was built. By 1907, the number of sisters exceeded 80. In 1909, the dependency was granted the status of a monastery, named Holy Olga, and nun Claudia became the abbess. The monastery existed until the revolution, after which it was closed, and the buildings were used for economic needs, with the church housing a local history museum.

The church domes were demolished, and the bell tower was dismantled. In 1995, the nuns attempted to return but were expelled. The dispute over the monastery lasted several years until it was transferred to the Saransk Diocese in 1998. Currently, the monastery, headed by Abbess Anastasia, is actively being restored. Up to 30 sisters live in the monastery.