Women often prioritise the well-being of others over their own, sometimes neglecting their own health needs. However, it's imperative for women of all walks of life, whether single, stay-at-home mothers, married or employed, to ensure they have adequate insurance coverage. This not only safeguards their health but also provides financial security and peace of mind. Fortunately, there's been a noticeable shift in recent times, with more women recognising the importance of prioritising their health and securing proper insurance coverage.
According to a report by Policy Bazaar, there has been a significant 40 per cent increase in health insurance coverage among women in FY'24 compared to FY'23. The report, titled "Women's Health Insurance Trends FY'23 Vs FY'24," highlights several key findings:
- Standalone coverage for women has surged by 43 per cent, indicating a growing awareness and demand for individualised insurance policies.
- There's been a notable rise, from 15 per cent to 24 per cent, in women opting for coverage exceeding Rs 25 lakh, while there's been a corresponding 7 per cent decrease in those selecting lower sums.
- Healthcare accessibility is becoming more inclusive, with a 10.5 per cent increase in policyholders from Tier-2 cities and a 4.3 per cent growth from Tier-3 cities, breaking down previous urban-centric barriers and extending benefits to underserved regions.
- Younger women under 40 constitute a larger proportion of policyholders, rising from 47 per cent to 52 per cent, indicating a generational shift towards proactive health management.
- This trend is consistent across all age groups below 50, although there's been a slight decrease in coverage among older age demographics.
- Maternity insurance and critical illness coverage have witnessed significant upticks of 31 per cent and 20 per cent, respectively, reflecting the growing recognition of the need for comprehensive coverage.
- The rate of claims filed by women has increased by 25 per cent, with common reasons including fibroids, breast cancer and cervical cancer, underscoring the importance of tailored coverage and specialised care.
- There's been a notable rise in women opting for preventive care services, increasing from 10 per cent to 20 per cent, highlighting a shift towards proactive health management and the importance of early detection and prevention measures.
Overall, these trends indicate a positive trajectory towards women taking charge of their health and well-being, emphasizing the importance of adequate insurance coverage and proactive healthcare practices.