SIGNING UP: Women over 40 favour a high-value health cover
| Photo Credit:
lakshmiprasad S
Health insurance is no longer an afterthought for women, who are increasingly recognising its importance amid rising cost of healthcare. Instead of deferring the decision or relying on male family members, women are increasingly playing an active role in securing adequate coverage. This growing awareness is reflected in the rising number of women choosing high-sum insured plans, to ensure they are well-prepared for health contingencies.
There is a surge in interest among women for higher coverage, according to Policybazaar’s recent insights. The share of women as policy proposers has grown from 15 per cent (FY23) to 22 per cent (FY25). This reflects greater awareness and more proactive decision-making among women. A growing preference for comprehensive coverage is also evident, with 70-75 per cent of women opting for policies with a sum insured of ₹10 lakh or above. The rising cost of medical care weighs heavily on household finances, and women are increasingly taking this into account while choosing their health insurance.
The affinity towards high-value policy was also observed among women aged 40 and above, with several opting for ₹1 crore coverage. The use of a super top-up option is gaining traction, making coverage accessible and affordable. This approach ensures improved financial protection against critical illnesses and major medical expenses without an overwhelming financial burden.
Age-wise cover
Metro cities lead in health insurance adoption, but purchases are not concentrated in urban areas. Delhi, Mumbai, Bengaluru and Hyderabad account for a bulk of the demand for health insurance. About 46 per cent of health insurance purchases comes from tier-1 cities, while tier-2 cities account for 34 per cent and tier-3 stands at 20 per cent The change is gradual but evident — women buyers in underserved regions want to be equipped against the financial strain caused by a medical emergency.
Women’s health insurance needs are also evolving with age. In their 20s and 30s, more women consumers lean towards maternity benefits and wellness programmes that focus on reproductive health and preventive care. In the 40s and 50s, higher hospitalisation costs drive them toward ₹25-plus lakh coverage. Over 50 years, there has been a shift towards comprehensive plans with critical illness riders and shorter waiting periods for pre-existing conditions.
As more women continue to break barriers, the industry is also evolving to meet their growing demands. Maternity plans with lowest waiting periods, women-specific critical illness plans, and inclusion of preventive health check-ups are a few examples of product innovation. With women taking charge of their health, the industry has an opportunity to set new benchmarks in innovation and inclusivity.
(The writer is Chief Business Officer, Policybazaar-General Insurance. Views are personal)
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Published on April 6, 2025
