Hyderabad: An increasing number of women in India are buying life insurance coverage, says the Insurance Regulatory and Development Authority of India (IRDAI). While women comprise close to 48 percent of India's total population, their contribution to the number of policies bought and first-year premium was 32 percent, the 2017-18 annual report of the IRDAI said. "Women comprise roughly 48% of the total population in India. Their contribution to the economic activity of the country is significant and is increasing every year."
"Out of 90 lakh policies bought by women in the year 2017-18 in India, almost one-third have come from three states, Maharashtra (12 percent), West Bengal (10.3 percent), and UP (9.4 percent)," the report, which had a section titled 'Participation of women in life insurance,' added.
IRDAI chairman Subhash C Khuntia said, "There is a need to involve more women as, by their very nature, women are protective towards their children and family and insurance is a form of financial protection. With a rise in women employment and increasing participation of women in decision-making at various levels, it would be very desirable for insurance companies to focus on this."
The report also notes that 210 people purchased a life insurance policy for every 10,000 population. When broken up in terms of male and female, the report notes that 277 males have purchased life insurance policies for every 10,000 males, while 139 women have purchased life insurance policies for every 10,000 females.