More Indian women find health insurance “highly relevant” as awareness grows, a study on insurance awareness among women by ICICI Lombard said on Tuesday.
The report said 65 percent of the respondents would opt for women-specific health insurance plans, and 93 percent believed health insurance is highly relevant.
The “Insurance Awareness Among Women in India” study looked at the awareness levels, confidence, and purchasing habits of women towards health and general insurance.
The research “presents a distinctive perspective on insurance by including both female general insurance policyholders and intenders in its analysis,” it said.
It highlights the misconceptions surrounding insurance that hinder women from getting insured. In addition, the survey quantifies the awareness of general insurance among women on aspects like health insurance providers, relevance towards women-centric health insurance plans, decision-making ability, and their involvement during the purchasing of health and motor insurance plans.
The study covered 779 women respondents aged 21-55 years–for both insurance owners (health & motor insurance) and intenders (Health Insurance) from metros and Tier 1 cities across India.
Furthermore, the report also highlights that many women believe prompt financial help in times of need against increasing lifestyle illnesses are the top two reasons for investing in health insurance, besides rising healthcare costs.
Sanjeev Mantri, executive director of 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 highlights the need for more gender-sensitive insurance policies that cater to the unique needs of women.”
Key takeaways from the study:
- Life stage influences general insurance use and beliefs.
- The proportion of general insurance holders was higher for married women with children compared to single or married women without children.
- More than half of the women (54%) aged 41-55 years believe age is a key reason for purchase.
- 61 percent of the respondents believe that 25-34 years is the right age to invest in a health insurance policy.
- Women who have their own source of income are more likely to own insurance.
- Among women intenders of health insurance, the purchase process/paperwork is the key hindrance to purchasing, followed by affordability.
- The decision-making for purchase is not a completely independent process.
- 53% of respondents believe that websites are the number one source of information and advice.