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Women’s Day special | Importance of insurance for women

Studies show the society at large is still reluctant when it comes to buying insurance for women

Rakesh Goyal | New Delhi |

In today’s modern age, there is phenomenal participation of women in every walks of life may be it managing the home or/and pursuing a career.
While balancing varied roles, it is seen that both working women and housewives tend to remain ignorant about important decisions like her health and appear to lag in the financial planning for themselves. She might be the primary breadwinner or an active contributor to the family’s income, an executive in the corporate world or a single parent with 9-to-5 job, a mom who loves to stay at home and look after her kids or single women, it is essential for each woman to have some or the other financial back up.

As per a survey conducted by the National Council of Applied Economic Research, it was seen that the proportion of male insurance policyholder of all types of insurance was much higher as compared to the female policyholder (both urban and rural setting). The ratio of the female-male ratio for life insurance policy is 21:79 whereas the proportion is slightly high when it comes to health insurance.

As per the IRDAI Annual Report, the table shown below illustrates the Male-Female proportion analysis of population and individual Life Insurance New Business for the year 2017-2018.

Insurance for women, Insurance, income tax act 1961, insurance policy, insurance plan, Section 80D, health insurance, IRDAI Annual Report


This ratios and statistics show that it is an irony that the society at large is still reluctant when it comes to buying insurance for women.

How does insurance help women?

Buying an insurance plan can benefit women in many different ways. It could provide her family with the funds to pay off the debts (if any) in case of her premature death or disability.

For single women, an optimum plan could help to supplement retirement income or provide support to dependents in her absence.

Moreover, women can leave behind enough money for quality education of their children or their classy wedding which she desired for. She could also use it as a saving for travelling the world which she always dreamt of. For females who aspire to give back to the society can leave behind sizeable donations for charitable organizations.

In short, opting for the best insurance plan is as long term savings and investments.

Importance of Insurance for women’s health

Women have to go through a lot to keep a balance between her professional and personal life. Women should not be treated differently since they constitute a major fraction of the working force. Moreover, women are more vulnerable to various illness post 40 years of age. There is a greater chance of women to be susceptible to ailments like irregular blood pressure, arthritis, diabetes, bone-related diseases and breast cancer. In addition to this, women have to undergo pregnancy-related disorders in many cases. Considering these facts, it is clear that women need an optimum insurance plan that can assure a financial backup in case of a medical contingency.

Catering to the health insurance needs of the women, there are also many women-specific plans which are specially designed with an intention to cover various illnesses that women are more prone to acquire during her entire life.

Role of Life Insurance in women’s life

A Life Insurance plan can provide a Financial Security for Retirement and help one to enjoy the wonderful retirement they have always dreamt of.


Females are offered preferential rates as compared to that of the males when it comes to life insurance. The reason behind this is that the life expectancy of a woman is more than that of a man and insuring female is less risky for insurance companies. This makes life insurance more attractive and at the same time cost effective owing to its benefits, life coverage and financial savings.

Tax benefits

One of the other benefits of having a health insurance plan is that it offers you the perks of tax-saving as per Section 80D of the Income Tax Act, 1961. Under this act, women under the age of 65 years can claim a tax deduction of up to Rs. 30,000.

Whereas for a life insurance policy, tax deduction under Section 80C of the Income Tax Act, 1961, allows exemption up to Rs.1.5 lakh per annum.


Some of the best policies for women include TATA AIG Wellsurance Women Plan, SBI Life Smart Women Advantage Plan, HDFC Life Smart Women ULIP and Shriram New ShriVivah Plan.

Bottom line

It is very vital that women need to focus on themselves before the alarm bell rings because they are the supporting pillar to the family in a number of ways. Women health issues are different as compared to men and need special attention and hence it is highly advisable to take the right call at the right time.

As it is rightly said that, “She who nurtures you and protects you, needs protection too”. This Women Day show some love to your mother who is your world, your sweet sister, your loving wife or your darling daughter by gifting her insurance plan and secure her with the best she deserves.

(Rakesh Goyal, Director, Probus Insurance)