Sanjeev Mantri, executive director, ICICI Lombard General Insurance said, “As data shows only a small percentage of women in India consider general insurance a priority. This highlights the need for more awareness and education on general insurance among women in India. The survey conducted by ICICI Lombard highlights the need for more gender-sensitive insurance policies that cater to the unique needs of women.”
ICICI Lombard General Insurance, the second largest general insurer, has published the findings of its ‘Insurance Awareness Among Women in India’ report a one-of-a-kind report that aims to understand not just the awareness and purchasing habits of women towards general insurance,
The report also finds out decision-making process among women when it comes to buying general insurance for themselves.
The latest study was carried out with 779 respondents – women aged 21 – 55
years – both insurance owners (Health & Motor Insurance) and intenders (Health Insurance) from all over India across metros and Tier 1 cities.
Furthermore, the report also highlights that a lot of women believe prompt financial help in times of need & protection against increasing incidences of lifestyle illnesses are the top 2 reasons for investing in health insurance.
The rising cost of healthcare is also a key reason for purchase of health insuarance.
Sanjeev Mantri, executive director, ICICI Lombard General Insurance said, “As data shows only a small percentage of women in India consider general insurance a priority. This highlights the need for more awareness and education on general insurance among women in India. The survey conducted by ICICI Lombard highlights the need for more gender-sensitive insurance policies that cater to the unique needs of women.”
Key takeaways from the study:
Life Stage also influences general insurance use & beliefs. A higher proportion of general insurance use was found among ‘Those married with Children’ vs those Single or ‘Married without Children’,
-More than half of the women (54%) aged 41-55 years, believe age is a key reason for purchase (i.e., ‘I am now older, so I need to protect myself.’),
-61% of the respondents, believe that 25-34 yrs. is the right age to invest in a health
insurance policy.
Financially Independent Women (Own Source of Income)
-Women who have their own source of Income are more likely to own insurance.
-60% of women who had their own source of income were found to be users of general insurance,
-Have higher levels of overall awareness about general insurance, women centric plans,features etc., than those dependent on other sources,
– Display more independent decision-making in purchase process,
– Among women intenders of health insurance, purchase process/paperwork is the #1
hindrance for purchase, followed by affordability,
-The decision making for purchase is not a completely independent process; only 58% of
the women who own health insurance policy made the decision completely on their own without any help from friends/ family /spouse,
-53% repondents believe that websites are the #1 source of Information / Advice.
The Top 5 Health insurance Features respondents are aware of
-The cashless facility under the insurance network,
– Limit on coverage for different diseases,
-Specialized coverage for critical illness,
-Complimentary annual medical check-ups,
-List of diseases classified as ‘exclusions’
-65% of Women who hold a health policy own a women specific health insurance plan
Top 4 things valued most in a Vehicle Insurance
-Easy claims process, Fair Pricing and cost effective,Simple & easy to understand four benefits such Emergency Assistance for women.
-ICICI Lombard is among Top 3 Brands, in terms of Awareness among women respondents
– ICICI Lombard ranks among the Top 3 Brands as the ‘Best’ Health Insurance Brand
amongst financially independent women.