Women-Centric Insurance Plans: Here is Why You Need Them

Posted on: Sep 14, 2022 | | Written by:

Women-Centric Insurance Plans: Here is Why You Need Them

Published on September 09, 2022. EST READ TIME: 3 minutes

Traditional gender roles are taking a backseat gradually and society is learning not to categorise products and behaviours based on gender. However, biologically, men and women are different and so are their health needs. And since our health status directs us toward the health plan we should buy, it becomes important to understand the difference, be it subtle or conspicuous. For example, men don’t need maternity cover in their health insurance plan, but they do need cover for prostate cancer. Also, the critical illnesses they suffer from are different from those of women and vice versa. Therefore, even critical illness insurancecoverage can’t be the same for both. Read on to understand what gender has to do with health insurance better.

Men Don’t Need Maternity Cover

Male and female anatomy is different, so naturally when it comes to health insurance plans, their requirements are different. One of the most important aspects of being a woman, i.e. the ability to bear children, is exclusive to women. So, they need a specially designed insurance plan called maternity insurance. A pregnant woman might or might not find support from her spouse or family. And even when support is there, maternity costs can be overwhelming.

According to a 2016 study, 46.6% of new mothers in India get pushed into poverty primarily because of the healthcare expenses related to maternity. 35% of working women have confessed that their workplace had poor provisions for maternity care. Hence, a personal insurance cover for women can help ease these differences and provide support during one of the most challenging phases of a woman’s life.

Women Have Only ‘Very Recently’ Found Financial Independence

If we look at the history of the world, women are in a very nascent stage of earning. Yes, today, women have reached top professional spots across all occupations but for the longest time, women were left out of the employment pool. A survey of household savings from 2011 by market regulator SEBI reveals that out of 67.25 million people with savings in a bank account, only 7.16% or 4.82 million were women. A similar trend was witnessed across other investment categories too—post office savings, LIC and pension schemes; the percentage of women savers was less than 10%.

So, it is imperative for women to secure their financial health and seek health insurance benefits. Women are also usually more averse to taking risks in investments, so they might end up with lesser savings and are likely to benefit more from insurance.

Women are More Prone to Unavoidable Situations and Health Emergencies

While women are increasingly becoming financially independent, they are still the primary caregivers in most Indian households, and thus, more prone to deal with professional hiatus due to family needs and situations. Not just that, certain cancers such as breast cancer, ovarian cancer and cervical cancer affect women rather than men and can seriously impact their financial health. So,critical illness insurance for women is of paramount importance.

Interestingly Though, Women Live Longer than Men

As per the last census, there are 4.05 crore women who are 65 years and over. In contrast, there were only 3.6 crore men in that age group. Moreover, the average life span in India for women is 69.8 years, while for men it is 67.3 years. So, women need more health coverage and robust savings to look after themselves and fulfil their responsibilities over the years.

Conclusion

All in all, women and men have different insurance needs owing to their biological differences and vulnerability to different diseases. Plus, in case of women, critical illness insurance can provide both security and confidence and prevent dependence on others. In any case, both genders need adequate health insurance plans to stay financially secured during emergencies and make important life decisions about career, marriage, family planning etc. with confidence.

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

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