Women Life Insurance Policy Share is Low in Industry - Is It Changing?

The share of women buying life insurance in India is only 36%, according to the IRDAI report of 2018-19. While it has gotten better from 32% last year, the number is still low. Moreover, the same for single women and mothers is far lesser.This is changing according to the experts in the industry.No matter if you are an unmarried woman or a single mother, you deserve nothing less than a feature-packed life insurance policy that offers security and protection.

1. Financial Security for the Family

According to a 2019 report by UN Women, there are more than 13 million single mothers in India. Another report suggests that the number of women in the Indian workforce has been consistently increasing over the years.This also means single mothers and even unmarried women have dependants who they are responsible for, financially. In case of your unfortunate demise, your dependents, like children, parents, or siblings, could use the death benefit for managing their financial needs.

2. Protection Against Liabilities

According to a 2019 report by TransUnion CIBIL, the number of women taking loans has increased by 48% between 2015 and 2018. Home loans, personal loans, education loans, and vehicle loans are some of the most common types of loans taken by women.A life insurance policy can make it easier for the loved ones of the policyholder to close off the loan on their behalf in case of untimely demise.

3. Preparing for Medical Emergencies

Women are highly prone to many critical illnesses. While health insurance is a preferred choice for health protection, many women’s life insurance policies also come with medical benefits. For instance, you can now find plans that come with critical illness benefits, which offer life protection along with security against a host of medical conditions.Moreover, riders like total and permanent disability rider, protect against accidents that could result in disability, which might hinder the working capacity as well.

As women now play a more significant and bolder role in Indian society and economy, it is time that we stop believing that only men need life insurance. As can be seen above, life insurance is as important for women as it is for men.If you are an unmarried woman or a single mother, do consider purchasing a life insurance policy as it will not only help you secure the financial future of your dependents but also boost your self-confidence.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.