Woman health insurance policyholder base rises 40% in FY24: Policybazaar
Insurance aggregator Policybazaar says there has been a 40 per cent jump in the number of women covered under health insurance in FY24 compared to FY23. The aggregator says that it is visible not only in the considerable rise (from 15 per cent to 24 per cent) in women choosing coverage higher than Rs 25 lakh but also from a visible 7 per cent dip in the number of women choosing sum insured less than Rs 25 lakh.
In what can be seen as growing awareness for health among women, insurance aggregator Policybazaar said that the current financial year (FY24) saw a 40 per cent increase in woman health insurance. While the standalone coverage for women went up by 43 per cent from last year, there's been an increase of up to 10.50 per cent in the share of woman policyholders from Tier- 2 & 3 cities. As high as 24 per cent woman policyholders are choosing coverage higher than Rs 25 lakh. These are the findings by Policybazaar in a recent survey of 23,000 respondents, which was aimed at gauging trends around women’s health insurance in India.
Here is what Policybazaar survey says-
- There has been a 40 per cent jump in the number of women covered under health insurance in FY24 compared to FY23.
The survey indicates a positive shift in terms of awareness among women as well as improved healthcare access.
- The number of women buying standalone coverage for themselves has gone up by 43 per cent from last year.
"Women have traditionally been known to put their needs last; it is a heartening change to witness where women are taking charge and planning to secure their health. This signals a move towards financial independence and proactive health management," says Policybazaar.
- When it comes to sum insured, more women are choosing higher coverage.
It is visible not only in the considerable rise (from 15 per cent to 24 per cent) in women choosing coverage higher than Rs 25 lakh but also from a visible 7 per cent dip in the number of women choosing sum insured less than Rs 25 lakh.
This points to a growing recognition of the importance of comprehensive coverage and financial preparedness against health uncertainties, said the aggregator.
- Though marginal, there's been an increase in the share of woman policyholders hailing from Tier-2 and 3 cities.
There’s been a 10.5 per cent surge in the number of policyholders from Tier-2 cities, while the growth is 4.3 per cent for Tier-3 cities.
The rise in policyholders from Tier-2 and Tier-3 cities suggests a democratisation of healthcare access, breaking urban-centric barriers, and extending insurance benefits to women in previously underserved areas.
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