International Women’s Day 2024: Need for Women-Centric Health Policy

Posted on: Mar 7, 2024 | 3 mins | Written by: HDFC ERGO Team

International Women’s Day 2024: Need for Women-Centric Health Policy

international women day 2024: Need of Women-Centric Health Policy

Every year on 8th March the world comes together to celebrate International Women’s Day, a day marked to create awareness of gender equality, dissolve biases and encourage the participation of women in different arenas like social, economic, political and cultural sectors of the society. The United Nations has decided this year's theme as 'Invest in Women: Accelerate Progress' aimed at tackling economic disempowerment. While the theme focuses on economic disempowerment, it doesn’t hurt to take a pause and reflect on how as an industry we have fared while treating our women.

While women are considered to be an equal stakeholder with their male counterparts in all walks of life. In reality, the picture is different. Gender disparities persist, even in the insurance sector affecting access to coverage, pricing fairness, and representation in leadership roles.

Women’s health and the need for women-centric health insurance policies

Gender disparities in insurance manifest in various forms, including differences in coverage, pricing, and representation. Historically, women have faced challenges in accessing insurance coverage tailored to their specific needs, such as maternity benefits, critical illness coverage, and income protection. There are many health challenges that women face which are unbeknownst to men or taken into account when policies are designed. From puberty to menopause and beyond, a woman’s needs and challenges about health keep changing. This is why they need more specific health insurance packages to deal with their ordeals and stay secure during a medical crisis. At times, gender-based pricing practices have resulted in women paying higher premiums for certain insurance products, despite having similar risk profiles as men.

On a different note, but worth mentioning women continue to be underrepresented in leadership positions within the insurance industry, highlighting the need for greater gender diversity and inclusion. However, at HDFC ERGO, we are committed to closing the gender gap and fostering a culture of equality and inclusion within our organization and the broader insurance industry. While we encourage inclusivity and equality in the workplace, with our products we ensure that this sentiment is extended to women far and wide. Our my:health Women Suraksha Insurance, ensures comprehensive coverage which is inclusive of cancer cover and other major illnesses depending on the plan you choose. Read here to learn more about our women's inclusivity plan.

How We Can Promote Gender Equality In Insurance And Ensure Wider Coverage For Women Of All Walks

At HDFC ERGO, we recognize the importance of promoting gender equality in insurance and are committed to taking proactive steps to address gender disparities. However, as a community, industry we can do much better to improve the penetration of women in insurance. The government initiatives taken to promote women’s health and improve penetration of women should rightly focus on:

1. Tailored Products and Services

Women should be able to pick and choose products catered to address the unique needs and challenges faced by them. These products include maternity insurance, critical illness coverage, and women-centric savings and investment plans. By offering comprehensive coverage options, we can ensure that women have access to the protection they need to safeguard their health and financial well-being. According to reports, the maternity mortality rate in India has reduced substantially in the last 2 decades from over 500 per lack to 97 per lakh. The common causes of maternal death in India are haemorrhage, infection, hypertensive disorders, ruptured uterus, hepatitis, and anaemia. Having access to better medical facilities and comprehensive maternity coverage can help one deal with these problems better. Also, expanding insurance coverage that includes reproductive health services such as contraception, fertility treatments, and reproductive surgeries can empower women to make informed decisions about their health and family planning.

2. Gender-Neutral Pricing

Promoting fairness and equality in insurance pricing by adopting gender-neutral pricing practices can do women a whole lot of good. This means that insurance premiums should be based on factors such as age, health status, and coverage requirements, rather than gender. By eliminating gender-based pricing disparities, we can ensure that insurance remains accessible and affordable for all individuals, regardless of gender. This will also encourage women to get health insurance for themselves separately rather than being dependent on the sum insured for the entire family. For women, who have a family history of cancer or other major illnesses, live an independent life, affordable premiums will help them invest in critical illness plans or cancer insurance without much hesitation.

3. Diversity and Inclusion Initiatives

The latest Periodic Labour Force Survey for 2021-22 highlights that the Female labour force participation (FLFPR) rate in India for the working age group (15 years & above) has increased considerably to 32.8%, still well below the global average of 47 percent for several years. Fostering a culture of diversity and inclusion within the organization and the broader insurance industry can help us improve this equation. Actively promoting gender diversity in leadership roles and encouraging the participation of women in decision-making processes and leadership development programs should be on the cards to support the professional growth and advancement of women in the insurance sector.

The Take Home Message

Complying with the United Nations’s theme 'Invest in Women: Accelerate Progress’ we can create a more inclusive and equitable society where all individuals have access to the protection and opportunities they need to thrive. At HDFC ERGO, we remain committed to advancing gender equality and driving positive change within the insurance industry, one step at a time. We believe that empowering women with the security of health insurance is one crucial way to help women fly without wings.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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