Rising trend: 34% of life insurance policies issued to women in FY23

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 The number of life insurance policies issued to women accounted for 34.20 perc ent of total policies at 97.38 lakhs in the year 2022-23 out of a total 2.84 crore policies.. 

According to the latest data of the Insurance Regulatory and Development Authority of India (IRDAI), this concerns individual new business data – number of policies and first-year premium for the year.

Women comprise roughly 49 per cent of the total population in India. Their contribution to the country’s economic activity is significant and is increasing every year. 

“Life insurers are rising to the occasion by catering to the growing demands of the women population, and are offering suitable product solutions to provide adequate life insurance coverage,’‘ the insurance regulator said. In 2021-22, the share of women in total policies was 34.7 pc. Karnataka tops the list of states with the highest share for policies of women at 44.23 per cent followed by Kerala at 43.96 per cent and Mizoram at 42.97 per cent. With a 23 per cent share of women in total policies, Ladakh is at the bottom.

MARKETING

In marketing, about 7.45 lakh women work as agents in the life insurance industry, making it 28.35 per cent of the total individual agency force as at March 31, 2023. 

Private life insurers are ahead of public companies in deploying women as agents. Out of the total number of women agents in the industry, the share of private life insurers was 57.33 per cent, and the public sector was 42.67 per cent.