Women And Insurance: Time To Bridge The Gap
Women constitute almost half of India’s population. And for a country where until quite recently women were not considered to be the main breadwinners of the family, the last few years have been high-impact. There’s a slow yet steady growth of women in all sectors – at work and at home. More and more women have joined the workforce, even in areas that were traditionally considered male-centric. Their contribution to the economy and to nation-building is becoming even more significant – irrespective of whether they are working or are homemakers. And an increasing number of women are asserting their right to lead a free, empowered life, have their voices heard and empower other women around them. From small-towns to larger metros, women have started taking control of their lives. These are truly exciting times to be a woman!
Yet, a recent study by IRDAI portrays a bleak picture. Just about 32% of women have bought any kind of insurance last year, in contrast to 68% of men. This is bleak, because the purchase of insurance has a direct correlation to the perceived value of a person’s life. And this is bleak, because women are the backbone of the entire societal ecosystem. So, if there is a reduced perceived value to their lives, then have we really progressed as much as we think?
Why should Women buy Insurance?
Actually, the question should be ‘Why not’. Women are the chief caregivers of any family. The family balance tilts when they fall sick, even for a day. They do everything men do, and more. So when 68% of men are buying insurance products, why is the number so low for women?
The last decade has seen a slow yet steady progress in the insurance industry, as far as gender dynamics are concerned There has been an increasing focus on insurance targeted at women – be it housewives or professionally working women. Insurance companies have started to realize the importance of women customers and have devised either women-centric insurance plans or targeted marketing plans to attract women. Still, considering the low number of policies bought for women last year, obviously a lot more needs to be done to make women aware of why they need insurance and help them choose the right ones.
Buying the right Insurance
Ideally there should be no difference in the policy women can or should buy depending on their personal/ professional status. But the fact is insurance offers financial protection from liabilities that can arise out of certain kinds of mishaps. So, the product to be bought varies based on a woman’s lifestage and working status, though of course there are some products that are common to all. Moreover, the premium is generally lower for women – all the more reason for women to stay insured!
Professionally Working Women
Mothers and Would-be Mothers
Insurance Plans which are common across life stages –
So, this International Women’s Day, while the world is striving to #BalanceForBetter, it might be a great time for women to buy an insurance for themselves. To make their future more secure.
