More Indian Women Taking Health Insurance Coverage Is Hopeful Shift

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An encouraging trend is emerging in the realm of women’s healthcare and financial planning, where more women in India are adopting health insurance. According to a recent study by the private insurance company Policy Bazaar, women showed a 40% rise in health insurance coverage in the Financial year 2024 compared to FY’23. Moreover, the study shows a 43% boost in women opting for standalone coverage for themselves. While women often put others before themselves or ignore their own health, the growing recognition of the importance of health insurance is a positive sign.

Today, the world is slowly paying more attention to women’s healthcare needs and financial independence, pushing to close the gender gap in all aspects. It is becoming increasingly vital to educate women and raise more awareness about planning for the future— be it insurance, investments, or savings.

Positive Attitude Towards Health Insurance: Study

The report titled Women’s Health Insurance Trends FY’23 Vs FY’24 traced trends in women’s attitudes towards health insurance coverage. The study showed an optimistic result, revealing a 40% surge in women’s health insurance coverage. Out of this, 43% of women have adopted standalone health insurance for themselves.

Further, the study showed that the amount of women opting for insurance higher than ₹25 lakh shot up from 15% to 24% in one financial year. Moreover, the number of women opting for lesser sums decreased by 7%. This marks a significant milestone in women’s financial decision-making journeys.

The study also showcases that this upward trend is not urban-restricted, but prevalent in Tier-2 and Tier-3 Indian cities as well. The study reveals a 10.5% surge in policyholders from Tier-2 cities and a 4.3% growth from Tier-3 cities. Delving into the age of the policyholders, the study shows that those under 40 years old now outnumber those older, showing an increase from 47% in FY’23 to 52% in FY’24.

Types Of Insurance Preferred

The study shows that most women opted for maternity insurance and critical illness coverage, with 31% and 20% surges respectively. The report draws attention to the importance of specialised care and personalised coverage, as the rate of claims filed by women has increased by 25%, with fibroids, breast cancer, and cervical cancer being the most common reasons.

On a positive note, the study also showed an increase in women getting insurance for preventative healthcare, rising from 10% of all policyholders in FY’23 to 20% in FY’24. This shows the growing awareness among women towards regular checkups and early detection, which not only dismantles health risks but also cuts down on potential financial burdens in the future.

What These Numbers Show

While women in India are climbing the ladder to better healthcare and independent financial growth, the importance of planning and prioritising the long run is also becoming increasingly crucial. As the study shows, women in India are slowly getting there, reflecting an inclination towards independently making big financial decisions for their health.

The surge in health insurance coverage reveals a notable departure from traditional beliefs and a move towards greater financial empowerment and security. The result that women are prioritising healthcare planning from a young age shows a heightened awareness of the importance of risk management and prioritising health.

Healthcare is not limited to exercising, eating healthy, or popping pills when sick. It is a vast, multifaceted landscape encompassing future planning, setting aside finances, taking preventative measures, and more. Healthcare is hard work. Thus, the increase in women putting a big chunk of their earnings into health insurance and the inclination towards coverage for preventative care is a remarkable step.

By prioritizing comprehensive coverage and planning, women are not only safeguarding their own finances or well-being but also driving positive change within the society at large. As we continue to strive for greater gender equality and financial inclusion, we must celebrate and support the progress of women in making informed decisions to protect their health and secure their futures.

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