The number of women in India buying health insurance policies for themselves has risen significantly over the last two years. In FY2017 only 9 percent women bought health security for themselves but it rose to nearly 19 percent in FY19, a study by insurance marketplace Policybazaar has revealed.
Of the women buying policies, nearly six out of ten are opting for a sum upwards of Rs 5 lakh.
The survey saw 10,000 participants and was conducted in 15 Indian states.
The study further showed that the share of bookings made with women as the proposers for health insurance policies has grown by 57 percent in FY19, as compared to FY18.
“The findings indicate most women are purchasing health plans with a bigger cover, aware of the need to protect against the rising medical costs. Health plans with sum insured of Rs 5 to 10 lakhs witnessed a growth of almost 80 percent in FY19, compared to last fiscal year. On the other hand, the bookings for policies with sum insured of Rs 10 lacs and above saw a jump of 61 percent for the same period,” said Policybazaar in a release.
“This upward trend of women policyholders becoming proactive financial decision-makers establishes changing social dynamics wherein insurance has now become an integral part of their financial planning process,” it added.
Of the policy buyers, nearly 75 percent fall in the 25 to 45 years age category, indicating the tendency for the women to insure health early in their careers.
Commenting on the findings of the study, Amit Chhabra, head of health insurance, Policybazaar.com said: “The average lifespan for women in India is 69 years, which clearly tells us why it’s crucial for women to be adequately covered by an apt health insurance plan early in their lives. A health plan is important to women across all age groups, young girls can opt for health insurance with their parents while working or married women must opt for an individual policy.”
“Cases of cardiovascular diseases, diabetes, thyroid, infertility and breast cancer among women are increasing each year. The data mentioned above is indicative of the changing trend of women investing in health plans that benefit them in more ways than one and provides financial protection against such emergencies in life,” he added.