Indian women are bracing for emergencies with a higher health insurance cover

• More women are buying health insurance plan with sum over ₹5 lac.
• According to a survey by Policybazaar.com, the proportion of women buying health insurance plans increased from 9% in FY17 to 19% in FY19.
• And their cover is increasing too. Six out of every 10 women are buying health plan with insurance sum of over ₹500,000. Policybazaar.com surveyed 10,000 women who were purchasing health insurance policies across 15 Indian states.
  

Indian women are opting for insurance as a way to brace against increasing risk of diseases like diabetes, thyroid and cancer. According to a survey by Policybazaar.com, the proportion of women buying health insurance plans increased from 9% in FY17 to 19% in FY19.

“Cases of cardiovascular diseases, diabetes, thyroid, infertility and breast cancer among women are increasing each year. The data 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,” said Amit Chhabra, head of health insurance, Policybazaar.com.

And their cover is increasing too. Six out of every 10 women are buying health plan with insurance sum of over ₹500,000. Policybazaar.com surveyed 10,000 women who were purchasing health insurance policies across 15 Indian states.

Health plans with insurance sum between ₹5 lakh and ₹10 lakh witnessed nearly 80% growth. Policies with insurance sum of more than ₹10 lac saw a surge of 61%. According to the survey, two-thirds of the women buying health insurance plan were between the ages of 25 to 45 years.

“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,” said Chhabra.

The number of women purchasing health insurance policies on Policybazaar also increased by 57% in a year. This is a good sign for a country which does not believe in buying insurance policies.

A large proportion of the country’s population do not avail of health insurance policies. Recently, NITI Aayog recommended introduction of a mandatory health insurance coverage for everyone in India.