9.73m Life Insurance issued to Indian Women: IRDAI Report

By: Ayushi Dutta, Correspondent

Gender parity in financial security is gaining momentum, with more women actively shaping their financial futures, promoting equality and inclusivity in the financial sector, dispelling stereotypes, and addressing unique financial needs.

The ownership landscape of life insurance has undergone considerable and empowering change in recent years, with a significant rise in the proportion of policies held by women. The life insurance enterprise, which has historically been dominated by men, is changing as more women realize how important it is to safeguard their loved ones and secure their financial future.

The rise in women's life insurance adoption is a result of societal evolution, as gender roles shift and women become more prominent in the workforce, education, and leadership. This shift is a sign of a new era of financial stability and protection.

The number of life insurance policies issued to women was approximately 9.73 million, or 34.20 per cent of the total, according to the Insurance Regulatory and Development Authority's (IRDAI) annual report for 2022–2023. This indicates that women now own a notably higher percentage of life insurance policies. The trend toward gender parity in financial security and planning is encouraging.

The IRDAI report further states that in 2022–2023 a total of 28.4 million life insurance policies were sold. About 9.73 million policies, or 34.20 per cent of the total, were issued to women. From 29 per cent in 2021–2022, the proportion of women's life insurance covered by private companies increased to 30.13 per cent. But compared to the previous year, the percentage of women covered by the Life Insurance Corporation of India (LIC) decreased marginally to 35.81 per cent from 36 per cent.

To be noted, the percentage of life insurance policies sold to women decreased slightly from the previous year. Women make up 34.2 per cent of life insurance policy holders in 2022–2023; this is a slight decrease from the 34.7 per cent share in 2021–2022.

Karnataka led the state in terms of female policyholders, with 44.23 per cent, followed by 43.96 per cent in Kerala.

Women's life insurance is an essential financial tool that offers protection for their loved ones and families. It guarantees easy access to financial support in case of the policyholder's death. Life insurance is crucial for women because it acknowledges their growing roles in the workforce and society, in addition to serving as a safety net. It enables them to protect against outstanding debts, pay for school expenses, and ensure the financial future of their family. Women who embrace life insurance help to eliminate financial barriers based on gender, encourage independence, and make sure their families are strong enough to deal with life's uncertainties. Life insurance provides women the power to take control of their financial situation and safeguard the people they love most.

The increasing share of women in life insurance policies is due to their significant economic contribution, increased financial participation, and tailored insurance products. Awareness about the importance of life insurance for financial security and planning has encouraged more women to take up life insurance policies. About 7.45 lakh women work as agents in the life insurance industry.