Mumbai:
Though women comprise roughly 49 per cent of the total population in India and their contribution to the economic activity of the country is significant and is increasing every year, life insuranace policies bought by them have fallen in 2019-20. .
A brief analysis was made on the share of women in life insurance business by the insurance regulator IRDAI. Only number of policies and first year premium of individual new business for the year 2019-20 have been considered for the purpose.The total number of policies sold in the year 2019-20 stood at 2.88 crore, with a first year premium (FYP) of Rs 1.02 lakh crore.
The share of women in the year 2019-20 has decreased to 32 per cent in number of policies and 34 per cent in First Year Premium compared to 36 per cent and 37 per cent respectively in the year 2018-19.
Out of 93 lakh policies bought by women, nearly one-third policies have come from three States, Maharashtra (11.98 per cent), West Bengal (10.60 per cent) and Uttar Pradesh (9.87 per cent);
Similarly, out of Rs 34,737 crore FYP contributed by women, slightly more than one-third have come from three States, namely, Maharashtra (17.05 per cent), West Bengal (9.66 per cent) and Uttar Pradesh (8.66 per cent).
The proportion of women policies in case of private life insurers was 27 per cent and that of LIC was 34 per cent
In 18 States/UTs(union territories), the share in number of policies bought by women to the total policies sold was higher than the all-India average of 32%.
Participation of Women in Life Insurance Marketing
6,15,609 women are working as agents in the life insurance industry, making it 27 per cent of the total individual agency force as at March 31, 2020.
Of these, the proportion of private life insurers was 55 per cent and LIC was 45 per cent .
Among the private life insurers, IDBI Federal Life Co. and Max Life Insurance Co. has the highest percentage of women agents, at 45 per cent respectively followed by Star Union Diachi Life Insurance Co. and Tata AIA Life Insurance Co. at 37 per cent respectively