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    Here's how women bought insurance policies in FY21

    Here's how women bought insurance policies in FY21

    Here's how women bought insurance policies in FY21
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    By Anshul   IST (Published)

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    The share of health insurance policies bought by women in the age-group 31-50 years stands at 46 percent.

    The share of health insurance policies bought by women in the age-group of 31-50 years stands at 46 percent, whereas the share for women in the age bracket of 18-30 years was found to be 38 percent, according to data compiled by Policybazaar for FY20-21.
    "This shows that awareness around health insurance has gained traction as more women have started to invest in health insurance for themselves to remain financially protected against unforeseen medical emergencies,” said Amit Chhabra, Head-Health Insurance, Policybazaar.
    As per data, the most commonly bought sum insured by women is Rs 5-10 lakh with a share of 14 percent, while the second most preferred choice was the Rs 1 crore cover with a share of 11 percent. On average, 38 percent of women invested in Rs 5 lakh individual cover for themselves, while only 11 percent chose to invest in Rs 1 crore.
    This clearly shows, as per Chhabra, that the penetration of policies bought with higher sum insured is extremely low.
    “Keeping in mind higher rate of medical inflation, women must also understand the importance of higher cover for an advance treatment at their choice of hospital,” he added.
    The share of women buying health insurance with PED (Diabetes and Hypertension) is 9 percent and for Non-PED the share is 91 percent, Policybazaar said.
    While 64 percent are investing in individual health insurance policies, the remaining 36 percent invested in a family floater plan, the survey said. Ninty-six percent of women chose to buy health insurance on a yearly premium basis, while only 4 percent choose the monthly payment option.
    "This data shows that women are financially stable and realising the importance of having a health insurance plan," Chhabra said.
    The report further mentioned that around 20 percent of the claims made by women are for infections, while 14 percent belong to abnormal findings and 5 percent are of malignant Neoplasms. However, for pregnancy, the claims share stands at only 3 percent. The average claim amount initiated by women for cardiovascular disease is around 59,000, and for digestive system problems, it is around 33,000, which accounts to 5 percent and 10 percent of the claims made by women.
    Talking about life insurance, Santosh Agarwal, CBO - Life Insurance at Policybazaar, said in the year 2020, out of all the female customers coming onto their website, 52 percent of women invested in a term life cover with a sum assured of Rs 50 lakh and above, while the remaining 40 percent invested in a cover of Rs 1 crore and above.
    "The term life policies bought by women of age-group 31-40 years was 50 percent in FY20-21, whereas the share for the age bracket of 41-50 years was 18 percent. Sixty-nine percent of women chose to buy term life insurance on a monthly premium basis, while 27 percent went for a yearly premium payment option," he mentioned.
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