Women's Growing Role in Health Insurance Decision Making Remains a Work in Progress

Women's Health Insurance Participation Surges in India

Key Figures:

• 21%: Women account for new retail health insurance policies where they are the primary policyholder
• 10 million: Women covered under Star Health plans in 2023
• 40%: Women account for policyholders under Star Health plans
• 25%: Women policy buyers under the age of 30
• 28-30%: Women account for proposers in Care Health Insurance's individual health insurance portfolio

Trend Analysis

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Data from Star Health and Allied Insurance reveals a growing trend of women taking charge of their health protection in India. With women accounting for 21% of new retail health insurance policies, where they are the primary policyholder, this marks a significant shift in the traditionally male-dominated health insurance sector.

Industry Data

A recent report by Care Health Insurance shows that women account for 28-30% of proposers in its individual health insurance portfolio, with a steady increase over the past few years.

Economic Participation

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Women's employment rate in India has nearly doubled, from 22% in 2017-18 to about 40.3% in 2023-24, with 1.56 crore women entering formal jobs over the past seven years.

Preventive Healthcare Awareness

Preventive health check-ups among women have risen 127% year-on-year, while uptake among women aged 40 and above increased 143%. This points to growing awareness around early diagnosis and routine health monitoring.

Insurance Coverage

The average sum insured purchased by women has increased from Rs 5.5 lakh five years ago to about Rs 10.5 lakh today. Coverage levels among women policyholders are gradually increasing.

Policy Considerations

When choosing a health insurance policy, factors such as family size, location, and potential healthcare needs should be considered. A minimum cover of around Rs 10 lakh has become necessary, whether living in a smaller town or a large city. Industry experts recommend evaluating factors such as maternity benefits, outpatient care, and access to nearby hospitals when selecting a policy.