93% of the women participating in a survey believed that women-specific health insurance plans are highly relevant. A lot of women believe prompt financial help in times of need and protection against increasing incidences of lifestyle illnesses are the top 2 reasons for investing in health insurance.
The rising cost of healthcare is also a key reason for purchase of health insurance.
The ‘Insurance Awareness Among Women in India’ study by ICICI Lombard General Insurance, was carried out with 779 respondents – women aged 21 – 55 years – both insurance owners (Health & Motor Insurance) and intenders (Health Insurance) from all over India across metros and Tier 1 cities.
Sanjeev Mantri, executive director, ICICI Lombard General Insurance, said, “The survey highlights the need for more gender-sensitive insurance policies that cater to the unique needs of women. We are committed to providing women with insurance solutions that cater to their specific needs. Our goal is to create awareness, holistically educate women about insurance, and create a seamless, intelligent customer experience that maximises value for the consumer.”
Key takeaways from the study:
Life stage also influences general insurance use and beliefs.
-A higher proportion of general insurance use was found among ‘Those married with Children’ vs those single or ‘Married without Children’
– More than half of the women (54%) aged 41-55 years, believe age is a key reason for purchase (i.e., ‘I am now older, so I need to protect myself.’)
– 61% of the respondents, believe that 25-34 year is the right age to invest in a health insurance policy.
Financially Independent Women (Own Source of Income)
-Women who have their own source of income are more likely to own insurance. 60% of women who had their own source of income were found to be users of GI
-Have higher levels of overall awareness about GI, Women Centric plans, Features etc., than those dependent on other sources
-Display more independent decision-making in purchase process
Among women intenders of health insurance, purchase process/paperwork is the #1 hindrance for purchase, followed by affordability.
The decision making for purchase is not a completely independent process; only 58% of the women who own HI policy made the decision completely on their own without any help from friends/ family /spouse.
53% respondents believe that websites are the #1 source of information / advice.
Top 5 health insurance features respondents are aware of;
-The cashless facility under the insurance network
-Limit on coverage for different diseases
-Specialised coverage for critical illness
-Complimentary annual medical check-ups
-List of diseases classified as ‘exclusions’
65% of women who hold a HI policy own a women specific health insurance plan
Top 4 things valued most in a vehicle insurance
1. Easy claims process
2. Fair Pricing and cost effective
3. Simple & easy to understand
4. Benefits such Emergency Assistance for women
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