The number of life insurance policies issued to women in the year 2021-22 is around 1.01 crore which is 34.7 per cent of 2.91 crore total policies as against a share of 33 per cent in 2020-21
There is a need for life insurers to recognize the growing significance of women population in the economy, identify their special needs or requirements, if any, and develop suitable product solutions to provide adequate life insurance coverage.
Mumbai:
There is a need for life insurers to recognize the growing significance of women population in the economy, identify their special needs or requirements, if any, and develop suitable product solutions to provide adequate life insurance coverage, said IRDAI.
Women comprise roughly 49 per cent of the total population in India. Their contribution to the economic activity of the country is significant and is increasing every year.
In this context, a brief study is made by the insurance regulator IRDAI on the share of female lives covered in life insurance business.
Only individual new business data – number of policies and first year premium for the year 2021-22 has been considered for the purpose.
The number of policies issued to women in the year 2021-22 is around 1.01 crore which is 34.7 per cent of 2.91 crore total policies as against a share of 33 per cent in 2020-21.
In 16 States/UTs, the share in number of policies bought by women to the total
policies sold is higher than the all-India average of 34.7 per cent.
Life insurance is available to women on the same terms as that of men, subject to however their income earning capacity.
In fact, there is a positive practice of according preferential treatment to the female lives by most of the life insurers while charging the premium as their life expectancy is higher. Insurance of women segment also depends on literacy levels, financial independence and financial decision making, possible moral hazard.
Participation of women in Life Insurance Marketing
6,99,429 women are working as agents in the life insurance industry, making it 29 per cent of the total individual agency force as at March 31, 2022.
Out of the total number of women agents, the share of private life insurers is 52 per cent and LIC is 48 per cent.
Among the private life insurers, Max Life Insurance has the highest percentage of women agents at 42.5 per cent followed by Ageas Federal Life Insurance at 42.4 per cent and SUD Life Insurance at 41.7 per cent.