Around 11 per cent of women who purchased health insurance policies are opting for a sum insured of Rs 1 crore, revealed the data compiled by insurance web aggregator Policybazaar for FY21.
The sum insured range of Rs 5-10 lakh emerges as the most bought with a share of 14 per cent women going for it.
The data also revealed that the share of health insurance policies bought by the age-group 31-50 years stands at 46 per cent. The women in the age bracket of 18-30 years accounted for 38 per cent share.
The share of women buying health insurance with pre-existing disease (PED) like diabetes and hypertension is 9 per cent and for non-PED the share is 91 per cent.
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In terms of premium payment, 96 per cent of women chose to buy health Insurance on a yearly premium basis, while only 4 per cent choose the monthly payment option.
Talking about claims, around 20 per cent of them were for infections while 14 per cent belonged to abnormal findings and 5 per cent are of malignant neoplasms. The average claim amount initiated by women for cardiovascular disease is around Rs 59,000, and for digestive system problems, it is around Rs 33,000, which accounts for 5 per cent and 10 per cent of the claims made by women. The share of pregnancy claims stands at 3 per cent.
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Around 64 per cent of women invested in individual health insurance policies while the remaining 36 per cent invested in a family floater plan.
On the other hand, the term life policies bought by women in the 31-40-year age group was 50 per cent in FY20-21, whereas the share for the age bracket of 41-50 years was 18 per cent.
“In 2020, out of all the female customers coming onto Policybazaar website, 52 per cent women invested in a term life cover with a sum assured of Rs 50 lakh and above, while the remaining Rs 40 per cent invested in a cover of Rs 1 crore and above,” says Santosh Agarwal, Chief Business Officer for Life Insurance at Policybazaar.com.
Around 69 per cent women chose to buy term life insurance on monthly premium basis, while 27 per cent went for yearly premium payment option.
