HYDERABAD: Recognising the rising number of women buying life cover products in India, the Insurance Regulatory and Development Authority of India (IRDAI) has, for the first-time, taken note of their contribution to this industry in its latest annual report for 2017-18.
The regulator has, in a dedicated section titled ‘Participation of women in life insurance‘, pointed out that while women constitute nearly 48% of the country’s population, their contribution to the number of life policies bought and first-year premium (FYP) in 2017-18 stood at 32% of the 2.82 crore policies that were sold in the fiscal with an FYP of Rs 92,135 crore. Women accounted for 90 lakh policies with an FYP of Rs 29,801 crore as against 1.91 crore policies bought by men with an FYP of Rs 62,334 crore in 2017-18.
According to the IRDAI annual report, of the 90 lakh policies bought by women in 2017-18, Maharashtra (12%), West Bengal (10.3%) and Uttar
Pradesh (9.4%) accounted for a third of these. Similarly, of the Rs 29,800-crore FYP contributed by women, slightly more than a third came from the states of Maharashtra (18.1%), West Bengal (10%) and Tamil Nadu (7.8%).
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.”
In 2017-18, for every 10,000 population, 210 people purchased a life insurance policy in the country. The gender breakup shows that 277 males purchased life insurance policies for every 10,000 male population, whereas, 139 women purchased life insurance policies for every 10,000 female population.