The proportion of women opting for health insurance plan has inflated from 9 percent in F717 to 19 percent in FY19.
More women now believe in getting themselves insured under health plans says a recent study conducted by Policybazaar.com. The report reveals that the proportion of buying health plans has increased from 9 percent in FY17 to nearly 19 percent in FY19.
As per the survey, nearly 6 out of 10 women are now opting for health plans with higher sum insured in upwards of Rs 5 lakhs. The survey analysed the buying behaviour of more than 10,000 women purchasing health insurance policies across 15 states in India.
The study suggests that the share of registrations made with women as the proposers for health insurance policies have inflated by a whopping 57 percent in FY19, as compared to FY18.
Furthermore, most women are buying health plans with a higher cover, aware of the need to protect against the rising medical costs. Health plans with a sum insured of Rs 5 to 10 lakhs witnessed an increase of almost 80 percent in FY19, as compared to the previous fiscal year. On the other hand, the bookings for policies with sum insured of Rs 10 lakhs and above jumped by 61 percent for the same period.
This inflating trend of women policyholders is becoming proactive and they are establishing themselves as financial decision-makers changing social dynamics wherein insurance has now become a pivotal part of their financial planning process.
As per the age-wise segmentation among women policyholders, the findings reveal that a high number of women (nearly 2/3rd of the sample size) buying health plans are between the age of 25 to 45 years. The trend shows how women are prioritizing their protection against health issues at early stages of their career.
Commenting on the study findings, 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.