What's Happening?
Care Health Insurance has reported that while more Indian women are entering the workforce and gaining financial independence, their participation in the health insurance market remains significantly lower than that of men. Women account for 28-30% of Care Health Insurance's
individual health insurance portfolio, a figure that has been gradually increasing. Despite this growth, the average coverage chosen by women remains moderate, typically between ₹10 lakh and ₹15 lakh. This trend is occurring as women's employment in India has nearly doubled, with 1.56 crore women entering formal jobs over the past seven years. The increase in income is slowly translating into greater financial decision-making power, including the purchase of health insurance. However, women have traditionally prioritized the health of their families over their own, which has historically led to lower levels of personal health security.
Why It's Important?
The underrepresentation of women in health insurance ownership is significant because it highlights a persistent protection gap that could have long-term implications for women's health and financial security. As healthcare costs continue to rise, the need for adequate insurance coverage becomes more critical. Women, who are increasingly taking charge of household financial and healthcare decisions, may face greater financial strain without sufficient coverage. The growing burden of lifestyle and chronic illnesses among women, such as hypertension, diabetes, and cancer, further underscores the importance of comprehensive health insurance. Addressing this gap could lead to improved health outcomes for women and reduce the financial burden on families and the healthcare system.
What's Next?
As healthcare costs continue to escalate, there is a pressing need for women to opt for higher and more comprehensive insurance coverage. Insurers are witnessing changing preferences among women buyers, who are increasingly opting for add-on riders that expand the scope of protection, such as maternity benefits and diagnostic benefits. The insurance industry may need to focus on creating more tailored products and incentives to encourage women to invest in their health security. Additionally, increasing awareness and education about the importance of health insurance could help bridge the participation gap and ensure that women are adequately protected against rising medical costs.
